Key Players In North American Meat Substitute Market, Segmentation, Size, Shares, And Revenue Analysis

Meat substitute also called meat analogue, mock meat, faux meat or meat alternatives a healthy replacement of meat that resemble chemical characteristics and aesthetic qualities such as flavor, taste, appearance and the basic texture of meat. Cashing in on the increasing health consciousness of the people, change in dietary plans, recent outbreak of animal diseases and the need for an alternative to meat due to harmful effects of over-consumption of meat, the meat substitute market is expected to witness substantial growth over the forecast period. Currently, the global campaign of ‘go vegetarian’ is the most powerful influencer of the demand for such products. Health benefits of this cholesterol-free protein, with meat-like texture, is the main factor promoting the growth of meat substitute products. Soy-based products such as tofu, miso, yaso, natto, and seitan are fast becoming popular among consumers. For market growth, product innovation and artificial meat taste are incorporated in the meat substitute products. Furthermore, as the adoption level of meat substitutes by consumers is increasing, it helps companies innovate and develop product lines for meat substitutes, which has further contributed to the growth of the meat substitutes market.

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NORTH AMERICAN MEAT SUBSTITUTE MARKET OUTLOOK

The major factors driving the North American Meat Substitute market are rising environment concern around the world, reduction in meat consumption, growing health concerns, changing dietary pattern, increased preference for vegetarian and vegan foods and limited meat production. However, health concerns surrounding meat alternatives and high cost of meat substitutes are some of the restrains faced by the market.

NORTH AMERICAN MEAT SUBSTITUTE MARKET SEGMENTAL OVERVIEW

The North American Meat Substitute market is segmented based on type, source, category, distribution channel and country.

NORTH AMERICAN MEAT SUBSTITUTE MARKET BY TYPE

The North American Meat Substitute market by service is segmented into tofu & tofu ingredients, tempeh, textured vegetable protein, seitan, quorn and others. In terms of value, the Textured Vegetable Protein (TVP) segment accounted for the largest market share in 2018.

NORTH AMERICAN MEAT SUBSTITUTE MARKET BY SOURCE

By source, the market is segmented into soy, wheat, mycoprotein and others. The wheat protein segment is anticipated to grow at a fastest from 2020 to 2025. The soy source segment dominated the North American Meat Substitute Market in terms of value and volume mainly due to health benefits associated with the consumption of soy high demand from developed countries.

NORTH AMERICAN MEAT SUBSTITUTE MARKET BY CATEGORY

The various categories by which the North American Meat Substitute Market is sectioned includes frozen, refrigerated and shelf-stable. Frozen function segment accounted for the largest market share in 2018. Refrigerated meat substitutes were the second largest market after frozen meat substitutes. Generations view protein differently, with older generations more concerned about the health benefits of protein and younger generations caring about exercise recovery and feeling full.

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NORTH AMERICAN MEAT SUBSTITUTE MARKET BY DISTRIBUTION CHANNEL

The North American Meat Substitute Market by distribution channel is segmented into direct and indirect. The indirect distribution channel was the major contributor to the North American meat substitute market based on value. Due to various advantages of direct distribution channel such as low cost, limited coverage, time consuming; it was overshadowed by the indirect distribution channel.

NORTH AMERICAN MEAT SUBSTITUTE MARKET BY COUNTRY

The various countries studied in this report include United States, Canada and Mexico. Presence of key companies and their focus on collaborating with regional universities is expected to propel the product demand in North American. For instance, Beyond Meat (U.S.) is collaborated with University of Missouri for R&D. Growing preference toward vegan diet owing to several health benefits and environmental concerns is the major factor driving the market. Thus, manufacturers are taking substantial steps to develop superior products and improve their product portfolio to cater to the growing demand. Also, the growing popularity of meat alternatives is giving rise to innovation, and while new product development is currently low in Canada, the increase in global launch activity suggests there is opportunity to expand the category in the region given the fact that roughly half of Canadians claim to eat meat alternative products.

KEY FACTORS DRIVING U.S. INDUSTRY GROWTH

• Driving elements for growth primarily center on health and the environment:
• Increased awareness of the health risks of meat consumption, including cardiovascular disease, cancer, and diabetes;
• Heightened understanding of the environmental impacts of industrial meat, including higher rates of greenhouse gas emissions, pollution, negative impacts on farmland and oceans, and increased water use;
• Public concerns over animal welfare abuses and industrial meat scandals, including foodborne illness outbreaks.

As awareness surrounding various issues related to meat consumption has increased in United States, the meat substitutes industry has benefited from consumer movement away from a meat-centric diet. Rates of vegetarianism continue to rise as well, broadening the opportunity for meat substitutes to reach the center of the plate. The strongest growth is in the frozen market segment, as consumers are driven by convenience, busy lifestyles, and food safety concerns.

NORTH AMERICAN MEAT SUBSTITUTE MARKET KEY PLAYERS

The major players involved in this market are are Danisco (DuPont), Amys Kitchen, Cargill, Cauldron Foods, MGP Ingredients, Schouten, Morningstar Farms, Quorn Foods, Sonic Biochem, Vbites Foods and ADM among others.

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