According to the recent FMI report, the sales for meat alternatives is expected to witness a value of US$ 6,378.9 Million in 2031, rising at a CAGR of around 12.7% through the end of 2031.
Meat substitutes have been on the market for quite some time. However, it was only after the spread of veganism and flexitarianism that these products began to acquire traction. Previously, there were few meat substitutes available on the market. However, as the vegan movement has grown, new players have entered the market for meat replacements, releasing novel goods that taste exactly like meat.
Furthermore, meat alternatives have their department in retail establishments, which raises customer interest and so creates and improves sales opportunities for market participants. The global meat alternatives market is expected to account for around US$ 5,660.1 Mn in 2021.
Key Takeaways from the Meat Alternatives Market Study
- Soy, wheat, faba bean, pea, lentil, rice, and other plant-based proteins are gaining significant market share. These segments are expected to increase rapidly during the next few years. The demand for these plant-based ingredients is increasing as they are increasingly used in innovative vegan meat alternatives.
- Cultured meat is still in its early stages of development and is projected to remain so for at least a few more years. Technological developments have paved the way for cultured meat to become a viable meat substitute in the future, but not right now.
- Insect protein contains nearly the same amount of protein as beef protein and has a greater iron concentration. As a result, it is regarded as a very good source of meat alternatives. In North America, the insect protein was only introduced after the FAO released a report in 2013. The number of companies producing these items has risen dramatically.
- Meat substitutes can be found at most grocery stores and supermarkets. Meat substitutes are available at quick-service restaurants. In some supermarket stores, meat alternatives are beginning to coexist with real meat in the aisles. While meat alternatives distribution isn’t yet up to par, significant businesses are working hard to extend their networks. Carrefour, a European grocery chain, for example, entered the bug market with a line of buffalo worm pasta and granola. Eat Grub, a London-based food firm, is selling bags of roasted crickets at Sainsbury’s and Ocado.
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While the concept of meat alternatives has only recently gained popularity, it has been discussed for quite some time. Many products that were not promoted as meat replacements have been available on the market for a long time. For instance, textured soy protein has been on the market for a long time. The texture, taste and protein content have all been replicated meat, although not completely but partially. However, as the vegan and flexitarian populations have grown, the demand for meat alternatives has expanded significantly.
“Although the traditional meat sector is not slowing down, demand for meat alternatives is steadily increasing. Product development has contributed to the expansion of the meat alternatives industry. Consumers are becoming more interested in the companies’ innovative offers. In the meat alternatives sector, product introductions are expanding by double digits year after year,” says an FMI analyst.
Who is Winning?
Some of the key players operating in the meat alternatives market are According to market research analysis Ingredion Inc., Archer Daniels Midland Company, Cargill Inc., CHS Inc., Wilmar International Ltd., AGT Food & Ingredients, Inc., Beyond Meat Inc., Cargill Inc., CHS Inc., E. I. DU PONT DE NEMOURS AND COMPANY, Glanbia plc, Hügli Holding AG, Impossible Foods Inc., Ingredion Inc., MGP Ingredients, The Kraft Heinz Company, AGRANA, among others.
As the number of consumers opting for meat alternatives is growing, several major meat product manufacturers are entering the market. To meet shifting customer demand, market participants in the meat alternatives market are focusing on innovation, product launches, and increasing their distribution networks.
- In June 2019, Beyond Meat, Inc. launched a new product for the meat alternatives market, Beyond Beef which started selling in grocery stores across the U.S. Beyond Beef is plant-based ground beef that is made from a combination of proteins such as peas, rice and mung bean and various other spices and is ready to cook.
- Impossible Foods, Inc. launched Impossible Burger 2.0 at the International Consumer Electronics Show in Las Vegas out textured wheat protein for soy protein concentrate which has switched
- In 2019, TUNO, a seafood alternative by Atlantic Natural Foods LLC, was launched in the supermarkets of the UK. Morrison became the first retailer in the UK to stock TUNO.
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- Seitan or Wheat gluten
- Algae/ Mycoprotein
- Textured Vegetable Protein
- Fermented proteins
- Fish Protein
- Cultured or ‘clean’ meat
- Others (Yaso, Nato and Miso)
- Plant-based Protein
- Canola- Based
- Faba Bean- Based
- Potato- Based
- Rice- Based Lentil- Based
- Flax- Based Chia- Based
- Corn- Based
- Insect Protein
- Convenience Stores
- Specialty Stores
- Independent Small Groceries
- Online Retail
- Other Retail Formats
- HoReCa (Foodservice Sector)
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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