Increasing Consumer’s Focus on Animal Welfare Drives Growth of Meat Substitute Market

The factors such as rising consumer preference towards vegetarian or vegan diet across the globe, rising health concerns with consumption of meat products, and various health benefits are driving the growth of global meat substitutes market. 

Meat substitutes are plant or insect based products that look and taste like meat and could potentially play a key role in stimulating dietary change. On a global basis, plant based products are of immense importance and there is growing interest in its ability to meet rising demand for protein from non-meat sources, as high level of meat consumption is increasingly being criticized due to ethical, environmental, and social reasons. Also, due to the high cost and limited availability of animal proteins in several countries, consumer concerns over health benefits of animal-based proteins, and increasing flexitarianism, there is a growing focus on reducing meat products consumption. Meat substitutes have been identified as healthy sources of protein that, in comparison to meat, offer a number of social, environmental, and health benefits, and may play a key role in reducing meat intake.

Market Insights

Drivers

1 Urbanization, population growth, and a rising middle class lead to greater meat consumption

2 Increasing options for vegetarians and vegans

3 Rising tide of challenges for industrial meat industry

4 Enticing meat eaters to consume environmentally-friendly meat without compromising on taste

Restraints

1 Ill effects of consuming meat substitutes

2 Wide availability of meat products

Opportunities

1 Growth potential in emerging economies

Challenges

1 High cost of cultured meat

2 Genetically modified plant sources

Trends

1 Advances in agriculture technology and synthetic biology are enabling high-tech meatless products

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Key Players

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 5 years (2014-2018). The key players profiled in the global meat substitute market are Archer Daniels Midland Company, Dupont, The Nisshin Oillio Group, Sonic Biochem Limited, MGP Ingredients, Garden Protein International, Beyond Meat, Amy’s Kitchen, Quorn Foods, Morningstar Farms, Meatless, Vbites, Kreca Ento-Food BV, Entomo Farms, All Things Bugs, LLC, and Bitty Foods.

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Key questions answered in the report:

Growing demand for plant-based products to drive the growth of meat substitute market

How does the demand of plant-based products differ from insect- based products?Which are the high growth market segments in terms of source, category, and regions/ countries?

The North American meat substitute market favors both larger and local manufacturers that compete in multiple segments

Who are the top competitors in this market and what strategies do they employ to gain shares?Which market segments have the high potential for revenue expansion over the forecast period?What strategies should new companies looking to enter this market use to compete effectively?What are the major drivers, restrains, opportunities, challenges, and future potential in the global meat substitute market?Who are the major players in various countries and what share of the market do they hold?What are the geographical trends and high growth regions/ countries?

Recent new product launches and upgradation, agreements and partnerships, acquisitions and mergers, and expansions have taken place in the meat substitute market

What companies have recently merged/ acquired in various countries across the globe and how will these unions affect the competitive landscape of the meat substitute market?Which companies have created partnerships and how will these partnerships promote a competitive advantage?Who are the major players in the global meat substitute market and what share of the market do they hold?Who are the local emerging players in the meat substitute market and how do they compete with the global players?

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