Meat Alternatives Market Revenue Expected to Increase to US$ 5,846.9 Mn by 2026

Worldwide, many consumers continue to focus on healthy and nutritious food products. Across the globe, consumers are demanding more wholesome and nutritious products. Further diseases associated with meat and meat products have impacted the nutritional and culinary preferences of population towards consuming meat products, especially those food products containing red meat. On the contrary, the demand for meat substitutes such as tofu, RTC/RTE, natto, tempeh, and others is increasing at a steady pace for the past few years. Tempeh is a soy-based fermented product which offers various health benefits and fills the diet gaps by providing essential elements that nourish human body.

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Meat alternatives are high in demand, with regards to continued focus on health and wellness/good-for-you products. There is no indication that the consumers will refrain from meat any time soon. However, consumers are adopting a back-to-basics mind-set, focusing on simple ingredients and fewer processed foods. Controlling dietary consumption is regarded as a method of flexibility. Apart from health-associated factors, sustainability and considerations are also impelling this movement, especially amongst the women. There is increase in the demand for meat substitutes mainly due to increasing health concerns such as diabetes and obesity.

Intake of meat substitutes including tofu, RTC/RTE, natto, tempeh, and others, is largely pragmatic among population preferring a vegan diet as these products are rich in protein and calcium. For meeting these increasing demand, companies are focusing on investment in research and development to expand their product portfolio by launching variety of meat alternative products for catering to different taste preferences.

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According to the report by Transparency Market Research, the global meat alternative market is projected to expand at a CAGR of 6.1% during the period of forecast, 2018-2026.

The companies are adopting strategies such as collaborations and partnerships with a view to develop product portfolio. Few of the key players profiled in this research study include 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.

Sale of Meat Alternatives to Increase with Increasing Hotels, Restaurants and Cafes

Hotels, restaurants and institutional catering companies are all major players in the foodservice sector, with restaurants serving as the primary purchasers of meat alternative products. In order to meet demand of dynamic consumer groups, meat alternative products with a wide range of quality and prices are offered by key companies. Growth of HoReCa sector has emerged as one of the key factor driving growth of the meat alternative consumption globally. Growth of the HoReCa industry has always been linked to the prospects of the tourism industry and tourism is the foremost demand driver for increasing food consumption of a wide variety of food products.

Changing Dietary Pattern Leading to Increasing Demand for Meat Alternatives

Cutting off meat completely from the diet is difficult for many consumers, hence, flexitarianism is regarded as an achievable dietary change for many, rather than going completely vegan or vegetarian. Flexitarian is a portmanteau of flexible vegetarianism and encompassed individuals whose protein intake is dependent on sustainable sources like plant-based foods, and drastically reduce the consumption of meat in their diet. This trend is being backed by many food giants, which collectively supports the growth of all meat substitute products such as tofu, tempeh, RTC/RTE, natto, and others. Manufacturers are also striving to develop plant-based food products which offer meat-familiar texture and taste attributes, with the help of advanced food technology. This demonstrates the intensity of consumer demand for plant-based meat substitutes. Another major concern about meat consumption is the carbon footprint and a potential negative change in the climate. All soy-based food production is being closely scrutinized for its carbon emissions, including tempeh and tofu production in Indonesia, so as to compare their sustainable advantages over the meat industry.

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