Characterized by the increasing demand for vegan, particularly plant-based products, the market for meat substitutes continues its growth at a healthy pace. A new study of Future Market Insights (FMI) foresees that global meat substitutes market will reach beyond US$ 37 Bn by 2019 end, further witnessing a notable 6% rise through the next seven years.
The thriving free-from trend will continue to shape consumption patterns within the meat substitutes category. Moreover, increasing demand for natural products, frequent product launches, and high awareness about functional benefits of free-from foods would be arguing well for the growth of meat substitutes market.
Impact of meat consumption such as high carbon footprint and the adverse changes in the climatic condition are factors that influence consumers to switch to meat substitutes. Soy-based food production is thus being thoroughly examined for its carbon emissions, including tofu and tempeh production in Indonesia, to compare their sustainable advantages over meat.
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Key Takeaways – Meat Substitutes Market Study
Asia Pacific meat substitutes market offers huge potential in terms of value share. Following the success of products such as tofu as a meat/dairy substitute in Western countries, tempeh and seitan that originate in Asia, will also be favored as meat substitutes in the West.
Tofu that currently accounts for over 45% market share will remain the favored meat substitute. Tempeh is however set to exhibit a higher rate of consumption in the near future.
Manufacturers of meat substitutes are focusing on acquisitions.
For instance, Lightlife Foods, which produces vegan meat substitutes like sausages, tempeh, and burgers, was acquired by Maple Leaf Foods Inc., one of Canada’s largest meat processors, for US$ 140 million.
In 2017, food giant – Unilever Ltd. invested in Netherlands-based food project Plant Meat Matters. The project focuses on the production of all-vegan steak including meat substitutes for both restaurants and home cooks across the globe.
In 2018 Tyson Foods, which is considered as the largest meat processor in U.S., announced its investments in fake meat (meat substitutes).
To boost product sales and stand out from the breakneck competition, manufacturers must now intensify their focus on developing novel meat substitutes that closely mimic not only the taste and texture but also the savory aspects of meat.
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Flexitarians to Push Export Opportunities for Manufacturers
Australia has shown tremendous potential for the growth of meat substitutes market. Over the last few years, several small-sized companies manufacturing meat substitutes have emerged in Eastern Australian regions such as Queensland and Victoria. As country markets in a particular region tend to take market and demand cues from their neighbors, both Australia and New Zealand influence each other’s food cultures. The flexitarian trend amongst Kiwi consumers is on the rise, and consumers are increasingly demanding variants in vegan and meat substitutes. This presents an enormous opportunity for Australia to expand its export base of meat substitutes especially tempeh in New Zealand.
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Find More About Meat Substitutes Market Report
Future Market Insights, in its new offering, offers an unbiased analysis of the global Meat substitutes market, presenting historical demand data (2013-2018), and forecast statistics for the period, 2019-2026. The study divulges compelling insights on the meat substitutes market on the basis of source, product type, category, distribution channel and region. Based on product type, market is segmented as tempeh, tofu, RTC/RTE, seitan, natto and others.