Meat Substitutes Market Can Record an Impressive $9.25 Bn Valuation by 2023 Says Top Stakeholders - Sonic Biochem Extractions Limited Beyond Meat, MGP Ingredients, Garden Protein International, Etc.

Market Definition:
Meat substitutes market is gradually becoming mainstream as products under the sector are fast gaining recognition. The global meat substitutes market is expecting a substantial growth with which it can scale USD 9.25 billion during the forecast period (2018-2023), reveals Market Research Future (MRFR) in a well-analyzed study that includes drivers such as shifting consumer trends, innovation in meat substitutes, new product launches, and growing tendency to become vegan.

Market Scenario and Key Factors:
These factors have led many food brands in channelizing their efforts towards research & development, and these substitutes go in sync with the idea of food sustainability which can be considered essential for the global market growth. This has encouraged further investments in the sector that has a broadened the horizon for expansion.  However, consumer’s growing preference for gluten-free products can be set back for seitan, and other wheat-based substitutes which can hold back the regular growth of the meat substitutes market during the forecast period.

 

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Competitive Dashboard:
Significant meat substitutes market player are AMY's Kitchen, Inc., Beyond Meat, Quorn Foods, Inc, Garden Protein International, Inc., Blue Chip Group, MorningStar Farms L.C., VBites Foods, Ltd., Schouten Europe B.V., Sunfed, Ltd., and others.

Market Insight:
The market is heavily banking on strategies implemented by major companies. Its rival meat industry has already gained a significant foothold, and in order to crack the former’s base, innovative tactics are needed. For instance, Beyond Meat’s positioning of products in stores to Beyond Burger’s tweaking of the taste.  Apart from these, merger, collaboration, acquisition, and other methods play a significant role. Beyond Meat is stepping into the U.K. market by inking a distribution deal with Authentic Food Co. MorningStar Farms L.C., on the other hand, has launched their vegan BBQ Chik'N Nuggets, and their vegan burgers are already a hit.

Industry Trend:
Beyond Meat is another brand which is successfully promoting their products by adopting a technique of tweaking their product taste a bit on a regular basis.

The company has implemented a strategy in the U.S., where they have placed their product alongside meat products and witnessed a growth in their sales as more people have now realized that sustainable foods are the future. They are now ready to play the same game in Europe.

Tesco’s vegan-friendly Beyond Burger is fast-becoming popular as people are now opting more for healthier foods.

Segmentation:
The Global Meat Substitutes Market can be segmented by product type, source, category, and distribution channel.

By product type, the meat substitutes market can be segmented into tofu & tofu products, textured vegetable protein, tempeh, other soy-based products, seitan, quorn, and other meat substitute products.

Based on source, the meat substitutes market can be segmented into soy, wheat, mycoprotein, and others.

Based on category, the meat substitutes market includes frozen, refrigerated, and ambient.

Based on distribution channel, the meat substitutes market can be segmented into store-based, and non-store based.

Regional Analysis:
North America is also becoming a hotbed for the said market. With many people opting for veganism, the region is witnessing a surge in sales of such products. The APAC market is expected to become the fastest growing region. Changing lifestyle and rise in disposable income are expected to drive the regional market forward.

The region is much concerned about the potential eco-disaster which is why many of the populace has shifted towards sustainable foods and in the process, have given rise to meat substitutes sale. Geographic analysis of the global meat substitutes market includes North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA).  Europe is expected to dominate the market substantially during the forecast period.

Table Of Content:
Executive Summary
Market Introduction
Research Methodology

Market Dynamics

Market Factor Analysis

Global Meat Substitutes Market, by Product Type

Global Meat Substitutes Market, by Source

 Global Meat Substitutes Market, by Category

Global Meat Substitutes Market, by Distribution Channel

 Global Meat Substitutes Market, by Region

Competitive Landscape

Company Profiles

Conclusion

List of Tables

List of Figures

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