Oregon, February 2, 2016: According to a new report published by Allied Market Research titled, “World Meat Substitute Market- Opportunities and Forecasts 2014-2020,” the global meat substitute market is expected to garner revenue of$5.2 billion by 2020, registering a CAGR of 8.4% from 2015 to 2020. Europe accounted for around 39% share of the overall market revenue in 2014, owing to increasing consumption of food and snack products prepared from mock meats. In terms of growth, Asia-Pacific is anticipated to witness the fastest CAGR during the forecast period (2015 – 2020).
The meat substitute market by type comprises products prepared from tofu, tempeh, textured vegetable protein, seitan, quorn and other plant based sources. Textured vegetable protein (TVP) based meat substitutes occupied the largest market share of 36.5% in 2014 as it is the basic ingredient in most of the soy based meat substitute products. In terms of growth, Seitan based meat substitutes would exhibit an impressive CAGR of 9.6%, owing to increasing adoption in the food service industry.
The market by source comprises soy, wheat, mycoprotein and others. Soy based meat substitutes occupied a prominent market share of 68.2% in 2014. However meat substitutes prepared from other organic and plant based sources would grow at the fastest CAGR of 10.1% from 2015 – 2020, owing to increasing demand of gluten free and soy free meat substitute products.
Most of the food and snack products, marketed as meat substitutes are either frozen, refrigerated or shelf-stable. Products offered by leading meat substitute companies such as Amy’s Kitchen, Beyond Meat and others, primarily belong to frozen category. However, shelf stable category would exhibit the fastest growth in the coming years.
KEY FINDINGS OF THE STUDY
- Europe was the largest meat substitute market in 2014, with a prominent market share of 39%
- Asia-Pacific meat substitute market would witness the fastest CAGR of 10.1% during the forecast period
- Frozen meat substitute category accounted for a prominent market share of 78% in 2014, however, the shelf stable category of meat substitutes would grow at a faster rate in the coming years
- Developed markets would witness a faster adoption of gluten free and soy free meat substitutes owing to increasing health concerns
The key players profiled in the report are Amy’s Kitchen Inc. (U.S.), Beyond Meat (U.S.), Cauldron Foods (U.K.), Garden Protein International, Inc. (Canada), Meatless B.V. (The Netherlands), Quorn Foods (U.K.), Vbites Food, Ltd. (U.K.), Morningstar Farms (U.S.), MGP Ingredients Inc. (U.S.), Sonic Biochem Extractions Limited (India). Companies such as Amy’s Kitchen offer a wide range of innovative vegan meals and snacks. Beyond Meat, a leading player in meat substitute market offers highly innovative substitutes of pork, chicken, turkey and beef.