Global Meat Alternatives Snacks Market Overview:
Meat alternative snacks, also called meat analogs, are food items that resemble meat in terms of flavor, look, and texture. Examples include bacon, burgers, hot dogs, plant-based meat crumbles, and frankfurters. Many customers see meat substitutes as a way to cut back on meat in omnivorous diets. 26 percent of customers use meat substitutes to cut back on their meat consumption. According to a study, although customers in general, and millennials in particular, are becoming more interested in vegan options, one-third of consumers now buy plant-based meats in addition to regular meat products. Increasing health awareness among consumers, rising preference for the vegetarian diet, and occurrence of various animal diseases are some factors contributing to the growth of the market.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | -2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- The rise in the level of trust in a packaged snack
- Increasing Health Awareness among Consumers
- Rising Preference for the Vegetarian Diet
- Occurrence of Various Animal Diseases
Roadblocks
- Availability of Low-Quality Meat
- Dissatisfaction with sensory attributes
Opportunities
- Government Initiatives for Increasing Health Awareness among Consumers
- R&D Initiatives to Create Superior and Innovative Meat Substitutes
- Untapped developing Economies
Challenges
- High Price Associated With Meat Alternative Snacks
- The wide availability of substitutes
Competitive Landscape:
Global Meat Alternative Snacks is a fragmented market due to the presence of various players. The players are focusing on new product launches like innovative flavors, textures, organic, and non-GMO products. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions to help them sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Amy’s Kitchen (United States), Beyond Meat (United States), Impossible Foods Inc. (United States), Quorn Foods (England), The Kellogg Company (United States), Unilever (United Kingdom), Meatless B.V. (Netherlands), VBites Foods Ltd. (England), Sunfed (New Zealand) and Tyson Foods, Inc. (United States). Analyst at AMA Research see United States Vendors to retain maximum share of Global Meat Alternatives Snacks market by 2027. Considering Market by Category, the sub-segment i.e. Frozen will boost the Meat Alternatives Snacks market. Considering Market by Distribution Channels, the sub-segment i.e. Supermarket/Hypermarket will boost the Meat Alternatives Snacks market. Considering Market by Source, the sub-segment i.e. Plant-based Protein will boost the Meat Alternatives Snacks market. Considering Market by End User, the sub-segment i.e. Residential will boost the Meat Alternatives Snacks market.
Latest Market Insights:
In January 2021, PepsiCo has teamed with Beyond Meat to take advantage of the booming meat alternatives market and develop a host of new plant-based snacks and drinks. The joint venture will be managed through a new company called The Planet Partnership and will leverage Beyond Meat’s technology in plant protein and PepsiCo’s expertise in marketing and commercial scale.
In July 2022, Plant-based ingredient specialist Equinom signed a long-term collaboration with Peterson Farms Seed to produce identity preserved seeds of Equinom yellow peas, a popular pea protein variety used extensively in the bakery and snacks sectors.
What Can be Explored with the Meat Alternatives Snacks Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Meat Alternatives Snacks Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Meat Alternatives Snacks
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Meat Alternatives Snacks market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Meat Alternatives Snacks market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Meat Alternative Snacks Manufacturer, Meat Alternative Snacks Distributor and Supplier, Potential Investors, Research and Development Institutes and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.