Meatless Meat Market Display Significant Growth by 2028

Posted on 2019-08-29 by Mark Hub in Food & Beverage // 0 Comments

Positive consumer shift towards social media and information technology has raised consumer awareness about how their consumption impacts the environment. Animal cruelty and health issues have more sway over the buying decisions of consumers, especially in developed regions, such as North America and Europe. This has also recently resulted in a sudden and excessive growth in organic and natural products, such as meatless meat. Also, there has been a growing awareness about the link between meat consumption and non-communicable diseases, directly promoting meatless meat. In an attempt to cut the risks of such illnesses and also for obesity, consumers are cutting off meat from their diets, which will gradually propel the Meatless Meat Market. Meatless meat is perfect for catering to the indulgent needs of these consumers. There are other such consumer attitudes, such as going against animal cruelty, reducing carbon emissions and the conservation of water, which will culminate in the high consumption of meatless meat in the future. Besides, a spurt in the population growth is also likely to create the need for meatless meat.

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The meatless meat market is expected to grow with a single-digit CAGR. The Meatless Meats market is anticipated to showcase significant growth in the forecast period due to the rising demand for multifunctional protein across the regions.

As meatless meat is a highly processed product, as they cannot qualify for being natural products. The demographic, which exhibits a willingness to opt for meatless meat also displays an affinity for natural products, and hence, a tendency to opt out of meatless meat is a possibility. This shows a positive growth of meatless meat market in the forecast period.

Global Meatless Meat Market Dynamics

Substituting Lupines with Soybeans in Tempeh Production

The demand for meatless meat, such as tempeh and other soy food products is slowly outpacing the supply of soybeans, which is the primary raw material. Therefore, meatless meat manufacturers are turning to native ingredients such as lupines to produce tempeh, which is a meatless meat. An increasing number of meatless meat, such as lupine tempeh and other multigrain tempeh assimilated with lupines, are developing on retail shelves. Foremost lupine processors are very passionate about the advancement of the lupin industry. They have successfully marketed lupines for the production of meatless meat in various countries. Tempeh (meatless meat) consumption is mainly high in Eastern Australia, where soybean production is also high. As lupine is a native pulse of Australia, meatless meat is gaining popularity due to the moderate demand for meatless meat in Western Australia. This has led to an increase in the sales of meatless meat, which is expected to continue over the forecast period.

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Increase in Demand for Meatless Meat Products from the Sports Nutrition Industry

Owing to a rise in the awareness about the health benefits associated with the consumption of meatless meat, most athletes are now switching to vegan diets. A vegan diet fits well into an athlete’s training plan. With dairy, fish, meat, poultry and other animal products detached from the equation, a vegan diet tends to have higher content of carbohydrates, the primary fuel for athletes. Good protein sources for vegan athletes, includes quinoa, brown rice, protein-enriched pasta, nuts, tofu, soymilk, tempeh, peanut butter, beans and peas; hence, driving the overall meatless meat market.

Global Meatless Meat Market Key Players

Some of the key market participants in the global Meatless Meat market are: 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, among other prominent players.

The research report presents a comprehensive assessment of the Meatless Meat market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Meatless Meat market segments such as geographies, source, product type, form, and sales channel.

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