North America Meat Substitutes Market was worth USD XX million in 2020, so it is estimated to reach USD XX million by 2026, growing at a CAGR of XX%. Alternative meat products are rapidly being manufactured with a wide range of raw materials, showing the market's exponential growth trajectory. Furthermore, such items are thought to be healthier, more sustainable, and environmentally beneficial.
When compared to animal products, meat alternatives are less likely to cause food contamination. Livestock is frequently viewed as a complicated enterprise involving animal waste control and butchering. Moreover, the possibility of animal-borne disease connected with meat products has subsequently harmed customers, increasing health concerns. On the other hand, organic agricultural production has lower chances of contamination or deterioration, whereas laboratory meat production ensures complete process control at the laboratory scale. Therefore, it has resulted in a beneficial impact on the industry for meat substitutes. In addition, the clean eating movement is on the rise, with customers wanting to know and comprehend what they're consuming. Consumers prefer products with clear labels and easily identifiable ingredients, while manufacturers choose ingredients that provide high performance and versatility, such as simple ingredients derived from minimally processed foods. In addition to plant-based proteins, plant-based meat replacements contain fibers, starches, gums, and other stabilizers. They're not only multifunctional, but they're also organic. As a result, one of the primary drivers driving the growth of the meat substitute industry is an increase in demand for clean labels and natural products.
The cost of meat substitutes continues to be a significant impediment to their widespread acceptance. When compared to farmed or real meat, many buyers feel that most products are more expensive. The high cost is attributable to increased R&D spending as well as fluctuating raw material prices and availability. Customers that consume a more significant amount of meat per day are nonetheless less accepting. The lack of taste similarity to typical meat products is the crucial reason for the limited adoption.
The North America Meat Substitutes Market is segmented based on Product Type, Source, and Category.
By Product Type
The market is segmented into Tofu-based, Seitan-based, TVP-based, Quorn-based, and Tempeh-based.
Although the TVP-based sector holds a significant market share, the tempeh-based segment is expected to develop at the fastest CAGR throughout the meat substitute market forecast period. Because it closely resembles the texture of ground beef, one of the most popular types of animal meat, the textured vegetable proteins (TVP) segment is predicted to increase at the fastest rate. In addition, the foodservice industry is quickly adopting textured vegetable protein to create a variety of vegan and meat-alternative meals. Furthermore, TVP absorbs spices and flavors very well, making it a perfect source of raw materials for meat analogs.
The market is segmented into Wheat, Soy, and Mycoprotein. In 2019, the soy-based segment generated the most revenue.
Because of their wide availability, low cost of manufacturing, and acceptable organoleptic qualities, soy-based products are the most popular meat alternatives. The bulk of soy-based goods are further processed to flavor, texture, color, and form mimic meat, poultry, or fish items. Furthermore, such ingredients are a high-quality complete protein supply that includes all of the essential amino acids. Soy concentrates and soy protein isolates have been developed due to enhanced processing technology, and they closely resemble the organoleptic qualities of animal meat products. In the meat alternatives market, the wheat protein category has the second-largest market share. Wheat protein is a low-fat protein that makers of low-fat and high-protein foods favor due to the growing popularity of low-fat diets. Meatballs, meatloaf, vegetarian burgers, and tofu all use it as a binder.
The market is segmented into Refrigerated, Frozen, and Shelf-Stable. In 2019, the frozen segment generated the most income. Because of their longer shelf life, frozen burgers, crumbles, sausages, patties, nuggets, pizza, strips, and other similar goods have grown in popularity.
In North America, the meat substitutes market share is witnessing a distinct trend of customers adopting these plant-based alternatives while not wholly removing meat-based goods. However, just a portion of them will be replaced. Consumers are progressively experimenting with numerous meat alternatives, with full-scale adaption relying on an eating experience closely resembling meat products. With remarkable sales performance put up by brands, the United States market is experiencing a robust year-on-year growth rate. Consumers are drastically reducing their meat consumption. By strongly emerging in the United States, the meat substitute category is predicted to see a high growth trajectory equivalent to milk.
Impact of COVID-19 on North America Meat Substitutes Market
Covid-19 is an infectious virus that first appeared in China in late December 2020 in Wuhan. Consumers have become increasingly worried about their entire health and wellness due to COVID-19's impact on the mental and physical well-being of practically everyone throughout the world. Furthermore, customers are more aware of their immunity and weight gain, which became a problem during the pandemic as individuals became increasingly sedentary. However, due to increased consumer expenditure on healthy food products and increased health awareness, demand for meat replacements has increased significantly. Furthermore, due to a lack of meat goods in retail outlets and a limit on the number of meat-based items purchased per customer, meat alternative manufacturers have seen a boom in demand for plant-based products. Furthermore, due to the COVID-19 problem, many meat replacement producers expanded their output to meet client demand. Since a result, COVID-19 has had a favorable impact on the meat substitute market, as company output and sales had increased in 2020.
Major Players in the North America Meat Substitutes Market are
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Meat Substitutes Market, By Product Type
6.1.7 Market Size Estimations & Forecasts (2021-2026)
6.1.8 Y-o-Y Growth Rate Analysis
6.1.9 Market Attractiveness Index
6.2 Meat Substitutes Market, By Source
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Meat Substitutes Market, By Category
6.3.4 Market Size Estimations & Forecasts (2021-2026)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Meat Substitutes Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Source
7.2.4 By Category
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Beyond Meat
8.4 Sonic Biochem Limited
8.5 Gardein Protein International
8.6 MorningStar Farms
8.7 The Nisshin OilliO Group
8.9 MGP Ingredients
8.10 Amy's Kitchen
8.11 Quorn Foods
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures