Analysis of Meatless Meat Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Consumers are now than ever become conscious about their preferences and diet patterns. These preferences are often considered a result of their health and environmental concerns. The plant-based food options are now more popular than that conventional treats which are fostering demand for meat substitutes. The growth in vegetarianism and flexitarians is likely to turn to meatless meat as a great protein alternative to meat.
This market is anticipated to grow at a single-digit rate where it can showcase significant growth in the forecast period due to rising multifunctionality in protein-based food. The global market for plant-based meat options is likely to cross a valuation of USD 77.8 billion by 2025. The meat substitute market in the USA was estimated at USD 10.11 billion in 2022. This anticipates the traction of growth and a plethora of market opportunities for manufacturers in the forecast period.
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A worldwide examination of the vegan population was conducted last year in 2022, where about 40% of Indians have stated they typically follow a vegan diet that does not include meat. Apart from India, Germany is sighted as another major country for veganism where about 15% of people stated they typically forgo meat consumption.
As per the survey done to discover the prompted awareness about vegan brands among Poland citizens about 49% of people gave preference to Winiary- a vegan food brand in the region. This means about 50% of people are aware of vegan food manufacturers. This is also significant to learn penetration of veganism as a trend in lifestyle.
Positive consumer shift towards social media and information technology has raised consumer awareness about how their consumption impacts the environment. Animal cruelty and health issues have more sway over the buying decisions of consumers, especially in developed regions, such as North America and Europe.
This has also recently resulted in a sudden and excessive growth in organic and natural products, such as meat alternatives. Also, there has been a growing awareness about the link between meat consumption and non-communicable diseases, directly promoting these products.
In an attempt to cut the risks of such illnesses and also for obesity, consumers are cutting off meat from their diets, which will gradually propel the market. plant-based meat is perfect for catering to the indulgent needs of these consumers.
There are other consumer attitudes, such as going against animal cruelty, reducing carbon emissions, and the conservation of water, which will culminate in the high consumption of plant-based meat in the future. Besides, a spurt in population growth is also likely to create the need for substitutes for meat.
Owing to a rise in awareness about the health benefits associated with the consumption of meatless meat, most athletes are now switching to vegan diets. A vegan diet fits well into an athlete’s training plan. The market for global sports nutrition was valued at USD 44.3 billion in 2021 while it is anticipated to grow and pass a valuation of USD 85.7 billion by end of 2030.
With dairy, fish, meat, poultry, and other animal products detached from the equation, a vegan diet tends to have a higher content of carbohydrates, the primary fuel for athletes. Good protein sources for vegan athletes include quinoa, brown rice, protein-enriched pasta, nuts, tofu, soymilk, tempeh, peanut butter, beans, and peas; hence, driving the overall meat substitute market.
Substituting Lupines with Soybeans in Tempeh Production
The demand for meat substitutes, such as tempeh and other soy food products is slowly outpacing the supply of soybeans, which is the primary raw material. Therefore, manufacturers are turning to native ingredients such as lupines to produce tempeh.
An increasing number of alternatives for meat, such as lupine tempeh and other multigrain tempeh assimilated with lupines, are developing on retail shelves. Foremost lupine processors are very passionate about the advancement of the lupin industry.
They have successfully marketed lupines produced in various countries. Tempeh consumption is mainly high in Eastern Australia, where soybean production is also high.
As lupine is a native pulse of Australia, it is gaining popularity due to the moderate demand in Western Australia. This has led to an increase in sales, which is expected to continue over the forecast period.
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The global market is dominated by some major players owing to their market share and product quality. The lab-grown meats, seafood substitutes, and insect protein are some of the prominent areas of concern for manufacturers. The recent pandemic imposed supply chain disturbances which are propelled growth in plant-based food start-ups where protein isn’t dominated by traditional sources.
Going forward the meat lines could be made more simple with the labs, places of farms, and feedlots. Despite potential growth, this industry also has to face environmental, ethical, and business challenges. In response to pressure from changing consumer behavior, these companies have started to shift to plant-based product research.
Some of the key market participants in the global market are-Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Pinnacle Foods, Inc., Amy's Kitchen Inc., Atlantic Natural Foods, LLC, Impossible Foods Inc., The Hain Celestial Group, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., Hügli Holding AG, Sweet Earth, Inc., VBites Food ltd., The Kraft Heinz Company, Schouten Europe B.V., Lightlife Foods Inc. and Taifun-Tofu GmbH, among other prominent players.
The market is dominated by North America and European countries where a vegan diet has emerged as a major trend in the recent past. The countries like Germany have the potential to gain a major shift to a vegan diet as about a major amount of people between the ages of 18 to 64 have turned their diet to vegan.
Apart from Germany countries in America have projected a positive shift from meat to meatless products in the past years where Brazil and Mexico reported high statistics. Asian markets like China and India are likely to gain major growth in the market in the forecast period owing to a rise in purchasing potential and lifestyle expenditure.
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North America and European countries are likely to gain a dominant share in the future.
The rise in awareness about the health benefits associated with the consumption of meatless meat drives market growth.
Soy-based meat generates high revenue in the market.
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