Hyderabad, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Meat substitutes companies are increasingly on the lookout for diversification of their consumer base. Traditionally, the growing vegan population has been the primary source of new customer acquisition. Up to 6% of population in the United States identify as vegan and 40% of the vegan population is estimated to be consisting of millennials. However, in the wake of COVID-19 and the related preference for healthier food alternatives, flexitarian diets are also becoming popular, especially in developed markets. This trend is expected deliver a CAGR of 10.9% to the Global Meat Substitutes Market.
Over the forecast period of 2022-2028, Asia-Pacific is projected to be the fastest-growing market, growing at an estimated CAGR of 13.53%. India, China, Indonesia, South Korea and Japan constitute the fastest growing meat substitute markets. The market growth in Asian markets is supported by the existing demand for traditional meat substitute products such as tofu, along with an increasing exploration of unique and meat-analogous taste preferences, says Avinash Desamangalam, Research Manager at Mordor Intelligence.
“With an existing consumer exposure to tofu, which is a part of many East Asian and Southeast Asian cuisines, the Asia-Pacific region has seen increased acceptance of tempeh and Textured Vegetable Protein (TVP) as proper meat substitutes. While tofu is expected to remain popular, increasing its share in the consumer palate, changing taste preferences are inducing trial of other categories of meat substitutes.”
Avinash says that broad government initiatives as part of reducing the impact of climate change and changes in dietary guidelines are expected to provide a fillip to the market in China. The new dietary guidelines published by China’s health ministry plans to lower its citizens’ meat consumption by up to 50% to 45-70g per day. These measures would result in a boom in the meat substitutes market.
While the market opportunity looks attractive, both in established and developing markets, conformance of products to changing, globalized taste profiles of consumers remain a challenge that global companies are grappling with. While western diet staples such as burger patties and sausages have seen an influx of meat substitute products from all major players, diversification to meet a global taste profile remains a challenge.
To keep up with the demand and changing taste profiles, global players are focusing on product innovations and partnerships to drive growth. While partnerships with distribution and foodservice chains can increase reach, investments into R&D for product development would be the most important trend to watch out for over the next five years.
Partnerships with supermarket/hypermarket chains and the subsequent expansion in the retail footprint is projected to be a gamechanger for emerging and established players in the global meat substitutes market.
Beyond Meat is one of the most active companies in the global meat substitutes market, engaging in expansion across North America. In June 2022, the company expanded the distribution of Cookout Classic to over 10,000 stores nationwide including at Giant Food, Hannaford, Publix, ShopRite, Sprouts, Stop & Shop, Wegmans, Whole Foods Market, and select Albertsons, Kroger, Target and Walmart locations.
