Industry Background:
Since over the past decade animal based meats have caused variety of health risks in the global population such as increased health diseases, cancer patients. In addition to this, meat production is leading to increased air pollution and it has also robustly increased the greenhouse emissions. Moreover, consumption of meat products has led to lose the around 66 billion of the livestock animals across the globe every year. Thus, to nullify the losses caused due to meat products, meat substitutes are introduced to the global market. Hence the market will grow at highest rate with respect to comparatively beneficial solutions than the meat based food products which also helps in improving animal welfare as well as human health.
According to AMA, the market for Meat Substitute is expected to register a CAGR of 6.58% during the forecast period to 2026. This growth is primarily driven by Increasing Adoption of Vegan Diet over Non Vegetarian Diet and Growing Instances of Health Disorders due Non Vegan Food Consumption.
Globally, a noticeable market trend is evident Restaurant Chains have introduced Meat-Free Alternatives
. The Food Products sector in the Europe region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Amy's Kitchen (United States), Beyond Meat (United States), Cauldron Foods Limited (United Kingdom), Garden Protein International, Inc. (Canada), Quorn Foods, Inc. (United States), VBites Foods Limited (United Kingdom), Morningstar Farms L.C. (United States), MGP Ingredients, Inc. (United States), Sonic Biochem Extractions Ltd. (India) and Archer Daniels Midland Company (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Regulatory Insights:
The Food and Drug Administration (FDA) is liable for assuring vegan food safety, distribution and labeling in vegan foods and food supplements in the United States, as well as foods from foreign countries. The Federal Food, Drug, and Cosmetic Act (FD&C Act) and the Fair Packaging and Labeling Act are the Federal laws governing food products under FDA's jurisdiction. The FDA receives many questions from manufacturers, distributors, and importers about the proper labeling of their food products. This guidance is a summary of the required statements that must appear on food labels under these laws and their regulations.
Market Drivers
- Increasing Adoption of Vegan Diet over Non Vegetarian Diet
- Growing Instances of Health Disorders due Non Vegan Food Consumption
Market Trend
- Restaurant Chains have introduced Meat-Free Alternatives
- Introduction to Green Pea Protection which is a Plant Based and Dairy Free Protein
Restraints
- Availability and Growing Consumption of Animal Protein
- Threat and Availability of Cheaper Substitutes
Opportunities
Robust Business Growth due to Improving Human Health and Positive Impacts of Vegan Food Production on Climate Change
Challenges
Lack of Awareness about the Vegan Substitutes and Their Advantages and Perishability Leading to Sensitive Inventory Management
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Meat Substitute Study Sheds Light on
The Meat Substitute Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Meat Substitute industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Meat Substitute industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.