LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global meat substitutes market is expected to grow at a CAGR of close to 7% during the forecast period.
This research report titled ‘Global Meat Substitutes Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Akash Pandey, a lead analyst at Technavio for food research, “The global meat substitutes market is growing due to increasing awareness about the health benefits of meat substitutes. Many manufacturers are investing in R&D to enhance their product portfolio and launch superior-quality products, to cater the growing demand for meat substitutes.
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The market research analysis categorizes the global meat substitutes market into three major product segments. They are:
- Soy-based meat substitutes
- Mycoprotein-based meat substitutes
- Wheat-based meat substitutes
Global soy-based meat substitutes market
The market is projected to grow owing to the characteristics of soy that resemble meat such as texture, taste, and the high protein content. Soy used in meat substitutes is extracted from soya bean and it has been receiving increased attention in recent years owing to the multiple health benefits associated with it. The nutrient composition of soy protein comprises of 30% carbohydrate, 38% protein, 18% fat, and 14% moisture.
With more people embracing veganism and vegetarianism, the soy protein market will grow during the forecast period. Application of soy in the global meat substitutes market has been segmented into functional foods like burgers, patties, hot dogs, sausages, tofu, and other snacks.
Global mycoprotein-based meat substitutes market
The growing instances of soy allergies and wheat gluten intolerance across the globe are causing the mycoprotein-based meat substitutes market to grow as more consumers are switching their preferences from soy and wheat to mycoprotein. Soy allergies are common especially among babies and children. Since mycoprotein is a fermented product, it can be easily consumed by people who have soy allergies or gluten intolerance or both. Wheat allergies are a common phenomenon, with that gluten based gut inflammation afflicting a lot of people across the globe.
In addition, various factors such as a shift in eating habits of consumers, inclination toward healthy foods, and increased awareness for an active lifestyle are driving consumers to avail healthy plant-based products. Mycoprotein is rich in protein and contains all the essential amino acids and dietary fibers. It is low in fat and saturated fats and contains no cholesterol or trans fats. It is also low in sodium. Manufacturers are focusing on creating Quorn-based meat substitutes, as Quorn is a good source of protein and offers taste and texture similar to meat products.
“Manufacturers of mycoprotein-based meat substitute products, Marlow Foods' Quorn brand, offer products like meatless chicken, meatless turkey, and meatless breakfast products, whose appearance and texture closely resembles meat products. These products are a suitable alternative for those who wish to switch to a green alternative to meat products,” says Akash.
Global wheat-based meat substitutes market
The global wheat-based meat substitutes market is growing owing to factors such as a shift in the eating habits of consumers, inclination towards healthy food products, and increasing awareness of an active lifestyle. Wheat promotes various health benefits like it is rich in proteins and minerals. This property has made wheat-based meat substitutes as one of the most sought healthy food options among vegan and vegetarian consumers.
Wheat gluten is widely used for making seitan, a meat substitute popular among the Japanese vegetarians and vegans. Seiten is also called wheat meat, and it is a popular source of protein. Seitan, once cooked, is similar in texture to that of meat. Tofurky, a popular US-based meat substitute manufacturer, offers deli slices that contain seitan.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Amy’s Kitchen
- Archer Daniels Midland
- Beyond Meat
- Blue Chip Group
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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