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Each Industrial Park produce in High tech green house, fruits and plants for the production of alternative meat.
What's all about?
The global meat substitutes market size is projected to reach USD 8,155.8 million by 2026, exhibiting a CAGR of 8.4% during the forecast period. One of the important factors boosting the growth of the market is the propitious aspect of plant-based products, counted as healthier, sustainable, and eco-friendly. Moreover, the increasing number of vegans around the world will aid in market expansion.
As per the report, published by Fortune Business Insights, titled “Meat Substitutes Market Size, Share and Industry Analysis, By Source (Soy-based Ingredients, Wheat-based Ingredients, Textured Vegetable Proteins, and Other grain-based Ingredients), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, Other Retail Channels, and Foodservice), and Regional Forecasts, 2019 2026” the market stood at USD 4,340.5 million in 2018.
The meat substitute market share is driven by the growing popularity of the vegan diet, especially in the western markets of the U.S. and Europe. The rising prevalence of lifestyle disorders such as Coronary heart disease (CHD), Cardiovascular disease (CVD) which are linked to the consumption of high cholesterol diets has encouraged consumers world over to opt for healthy indulgence in the form of plant-based meat products.
“Robust Popularity of Veganism to Support the Growth of the Meat Substitute Market”
The global market for meat substitute is fueled by the growing inclination of consumers towards plant-based (vegan) dietary patterns. Meat consumption in the developed markets of Western Europe and North America is gradually declining amidst publication of various studies linking overconsumption of red processed meat to a variety of non-communicable diseases such as cancer, heart disease, stroke, diabetes, liver disease, lung disease, and kidney disease.
The meat substitutes market has also witnessed popularity among ‘flexitarian’ consumers who still consume meat and dairy but seek to reduce the levels of animal meat. Such consumers are often driven to plant-based meat products because of ethical, environmental and health concerns.
“Meat Substitute are Emerging Options for Food Security, Food Safety, and Sustainability”
The other important rationale in the favor of meat substitutes is the growing concern for food security – the global population is projected to reach 9.8 billion in 2050 and sustaining such an enormous population on animal-meat is simply not feasible as the production of meat is highly resource-intensive as well as it has a seriously detrimental effect on the environment. Approximately 15% of anthropogenic greenhouse gas emissions come from livestock production. The livestock industry is the single largest driver of habitat loss worldwide. Moreover, 73% of all antibiotics are used in factory farming, which can have serious repercussions in the form of drug-resistant superbugs.
Plant-based substitutes of meat are thus emerging as a sustainable option for consumers that not only address food security but also ensure food safety. Globally the companies operating in the meat substitutes sector are putting robust checks and controls in the production and processing of these novel offerings.
By Source Analysis
“Soy-based Ingredients are dominating in Global Marketplace – Textured Vegetable Proteins Are Expected to witness Fastest Growth owing to their Superior Functionality.”
Globally, the soy-based ingredients are leading sources of meat substitutes owing to their availability, economical production, and favourable organoleptic properties. The majority of soy-based products are further processed to resemble meats, tofu tempeh, poultry, or fish products in taste, texture, color, and form. Moreover, such ingredients are a high-quality complete protein source containing all essential amino acids. The advanced processing technologies have to lead to the development of soy concentrates, and soy protein isolates which are in the close resemblance of the organoleptic properties of animal meat products.
Textured Vegetable Proteins (TVP) are expected to witness the fastest growth as it closely mimics the texture of ground beef which is one of the leading types of animal meat consumed globally. Furthermore, the foodservice sector is rapidly embracing textured vegetable protein in the development of variety of vegan and meat-alternative recipes. The absorption of spices and flavoring by TVP is also very efficient making them an ideal source of raw materials for meat substitutes.
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