What is Meat Alternatives?
Meat Alternatives are a meat-like substance made from vegetarian ingredients. This product has a similar flavour to animal-based items and a similar look to animal-based products. However, they are animal-free. This includes plant-based meats and meat substitutes. Soy, almond, algae, pea, wheat, rice, and other sources are used to make these goods, with soy protein being the most well-known. Plant-based meals have grown in popularity as a result of the growing vegan and vegetarian lifestyle. Growing awareness about sustainability, environment protection, malpractices during fishing like excessive fishing, exploitation of marine habitats, child labour, etc. have led to strong sense of shift away from meat especially in the youth. Although there less awareness in developing countries along with their highest costs compared to normal animal based meat products is restraining or limiting the growth to certain region in world. North America is the largest or dominant most market of meat alternatives.
The market study is broken down and major geographies with country level break-up.
Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Beyond Meat Inc. (United States), Amy's Kitchen Inc. (United States), Conagra Brands Inc. (United States), The Nisshin OilliO Group Ltd (Japan), Crespel and Deiters (Germany), Sotexpro S.A (France), The Tofurky Company (United States), Superbom Alimentos (Brazil), New Wave Foods, Inc. (United States) and Vegan ZeaStar (Netherlands) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Impossible Foods Inc. (United States), Earth's Own Food Company Inc. (Canada) and Taifun –Tofu GmbH (Germany).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Meat Alternatives market by Type, Application and Region.
On the basis of geography, the market of Meat Alternatives has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online {E-Commerce Stores} will boost the Meat Alternatives market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offering , the sub-segment i.e. Ready to Eat will boost the Meat Alternatives market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Meat Alternatives, the sub-segment i.e. Tofu will boost the Meat Alternatives market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Source, the sub-segment i.e. Soy Protein will boost the Meat Alternatives market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In 2021, Thai Union Group, a Thailand based one of the leading global producer of seafood-based food products has announced launch of its OMG Meat, which is a plant protein based meat alternative. The OMG Meat is said to have zero cholesterol content, offering excellent taste and high protein content. So far the OMG Meat comes in dim sum, crab dumpling, crab meat, red-pork bun, fish nuggets and chicken nuggets offerings.
Market Trend
- Soy Protein Based Segment Accounts for Largest Market Share
Market Drivers
- Growing Culture of Veganism
- Increased Conciseness about Sustainability among Masses Regarding Environment and Marine Life Protection
- Increasing Diseases due to Consumption of the Animal based Meat
Opportunities
- Plant based Seafood Segment is Expected to Heat Up in the Coming Decade as Governments Impose Strict Norms on Over Exploiting Fishing
Restraints
- Higher Costs Compared to Animal Based Meat Products thus restraining the Growth to Limited Higher Income Countries
Challenges
- Myths about Taste Difference between Animal Based Meat and Meat Alternatives
- Less Awareness about the Presence of the Plant based Meals in Developing Countries
Key Target Audience
Meat Alternatives Manufacturers, Suppliers and Distributors, Raw Material Suppliers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.