Meat substitutes are favored over traditional meat alternatives because they raise protein content while lowering cholesterol levels. Obesity is expected to become an epidemic and a significant public health problem, since it is on the rise and affecting the majority of the population, from children to adults. The proliferation of the internet and smartphones has increased customer awareness of how their consumption practices influence the environment.
Consumer purchase decisions are heavily influenced by animal cruelty and health concerns, especially in developed regions such as Europe and North America. As a consequence, there has been a surge in demand for organic analogs. Significant changes in the industry have occurred in recent years as manufacturers are looking to introduce newer cultured meat products.
Key Highlights of Meat Substitutes Market
- Growing intolerance to animal protein, rise in the vegan population, growing awareness regarding the healthy diet, and increased venture capital investments are augmenting the market’s rapid development.
- Increasing focus on R&D activities coupled with new product launches by manufacturers of alternative protein and growing demand from major emerging economies are projected to create lucrative opportunities for players working in this market.
- The meat substitutes market is expected to witness an exponential rise in demand for plant-based meat substitutes owing to nutritive and environmental factors. Growing awareness about clean eating further drives the market growth.
- Post COVID-19 pandemics prospect for meat substitutes seems positive owing to effective brand positioning coupled with increasing use of online distribution channels for contact-free products.
Regional Outlook of Meat Substitutes Market
In the North American markets, the demand for better dairy and meat alternatives is gaining traction. As a result, a large number of meat substitutes are expected to be produced in this region. Furthermore, the compassion for animals and a balanced lifestyle, as well as environmental consciousness, has translated into a huge demand for plant-based food items in the United States.
As a result, the meat substitute industry in North America will experience tremendous growth in the coming years. The market is expected to see a cultural exchange, with Asia expected to retain its dominance in meat substitutes originating from Western cultures, while Western consumers may try traditional Asian meat substitutes like tofu, as well as new meat substitute variants.
Meat Substitutes Market Leading Players
Manufacturers go to great lengths to attract the attention of gym-goers who swear by protein to keep their health in check. As a result, meat substitute manufacturers are increasing the nutritional value and protein content of their products to appeal to health-conscious consumers. Manufacturers are focusing their efforts on developing and producing laboratory cultured meat and 3D printed meat to provide goods that are manufactured with animal welfare in mind.
A significant number of new market entrants, especially in the plant-based meat sector, are acquiring small- or medium-sized meat substitute businesses with a strong presence in regional or domestic markets. Key players operating in the global market include The Vegetarian Butcher, Amy’s Kitchen, Impossible Foods, Omnipork, Morningstar Farms, Quorn Foods, Garden Protein International, V2food, Maple Leaf Foods, Gold & Green Foods, Beyond Meat, Zhenmeat, Tofurky, and Novameat.
Deep-dive Insights on Meat Substitutes Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/meat-substitutes-market/request-for-sample