Market players must invest substantial resources in innovative product launches and distribution network expansion to cater to evolving consumer demands in meat alternatives market.
DUBAI, UAE / ACCESSWIRE / February 13, 2020 / Global value of meat alternatives market will rise 3X through 2029. Owing to pervasiveness of veganism, the market is projected for a stupendous CAGR of 12% during 2019 - 2029. The flexitarianism trend is also providing a strong impetus to the global meat alternatives market. Generation-Z and millennial demographic are particularly showing greater preference for healthier meat alternatives, thereby generating an upsurge in demand, suggests a new Future Market Insights (FMI) report.
"Manufacturers in meat alternatives market are selectively targeting gen-Z and millennial consumer demographics, as they prefer new experiences over products and are willing to follow healthier dietary practices. Plant-based protein is particularly gaining notable momentum recently," projects the FMI study.
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Key Takeaways of Meat Alternatives Market Study
- Plant-based protein continues to account for 2/3rd of global demand for meat alternatives.
- Insect protein will gain solid traction in meat alternatives market through 2029.
- Organic meat alternatives will gain a stronghold throughout the forecast period.
- Developed economies are at the forefront of product launches in meat alternatives market.
- Meat alternatives market in Europe and North America will witness increasing number of new launches.
Meat Alternatives Market - Top Growth Drivers
- Rising health awareness of consumers is the top factor, pushing uptake of meat alternatives.
- R&D initiatives to create meat alternatives that mimic the taste and texture of real meat will be a strong growth driver.
- Animal welfare and sustainability concerns are major growth contributors for meat alternatives market.
- Relaxing regulatory guideline for meat alternatives is bolstering market entry of new players. Potential role of meat alternatives in curbing greenhouse gas emissions will continue to foster sales.
Meat Alternatives Market - Key Restraints
- High upfront costs involved in the insect protein landscape will be a significant roadblock to market growth.
- Consumers' reluctance to insect protein as a meat alternative continues to limit the demand.
- The distribution network of meat alternatives is still limited, highlighting a long-term challenge facing market.
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Competition Landscape of Meat Alternatives Market
Some of the key players in meat alternatives market include, but are not limited to, MGP Ingredients, Wilmar International Ltd., Ingredion Inc., Cargill Inc., Archer Daniels Midland Company, Impossible Foods, Beyond Meat, and Atlantic Natural Foods LLC. Leading players are focused on realigning their strategies with shifting consumer demands. Product launches and distribution network expansion remains the key strategic focus area of market players. For instance, Atlantic Natural Foods LLC introduced TUNO (2019) which is a seafood alternative. On the other hand, PHW Group entered a strategic partnership with Beyond Meat to expand its retail distribution network.
More About the Report
This Future Market Insights study of 300 pages offers actionable insights on meat alternatives market. The market analysis is based on product type (fish protein, cultured meat, fermented proteins, insects, mycoprotein/algae, risofu, quorn, textured vegetable protein, tempeh, tofu, wheat gluten or seitan), nature (organic, conventional), source (mycoprotein, plant-based protein, insect protein), storage (shelf-stable, frozen, refrigerated), distribution (B2B, wholesalers, online retail, specialty stores, convenience stores, hypermarkets, supermarkets, independent small groceries, HoReCa), end-use (functional beverages, bakery & confectionary, breakfast cereals, sports nutrition, personal care products, protein and nutritional bars, infant nutrition, animal nutrition, pharmaceutical products, meat additives, aquaculture, B2C) across five regions (Latin America, North America, Europe, Middle East & Africa, Asia Pacific).
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SOURCE: Future Market Insights