Global Meat Alternatives Market Revenue Expected to Increase to US$ 5,846.9 Mn by 2026: Transparency Market Research
Albany, NY -- (SBWIRE) -- 08/23/2018 -- The consumer shift towards social media and information technology has raised consumer awareness about how their food consumption habits impacts the environment. Animal cruelty and health issues have impacted the consumer buying behavior, especially in developed regions such as North America and Europe. This has also recently resulted in a sudden and startling demand for organic and natural products. Also, there has been growing awareness about the link between meat consumption and non-communicable diseases.
In an attempt to cut the risks for such diseases and also for obesity, consumers are shying away from meat in their diets, which will gradually encourage them to become vegetarians in the future. Meat alternatives are perfect to cater to the permissive needs of these consumers. There are other such consumer attitudes, such as going against animal cruelty, reducing carbon emissions, and the conservation of water (a large quantity of water is utilized for meat production/processing), which will culminate in the high consumption of meat alternatives in the future. Besides, a spurt in population growth is also likely to create the need for alternative foods.
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Transparency Market Research (TMR) delivers key insights on the global meat alternatives market in its upcoming outlook titled, "Meat Alternatives Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026". In terms of value, the global meat alternatives market is projected to register a healthy CAGR of 6.1% during the forecast period due to various factors, regarding which TMR offers vital insights in detail.
The price of the product is one of the factors that is well thought-out by consumers while purchasing a meat alternative. Many consumers have stated concerns over the prices of meat alternatives, which are relatively higher in some countries than meat itself. In such circumstances, these expensive prices of meat alternatives are likely to affect the market growth in a bigger way than it appears, as positive consumer approach towards meat alternatives is not very mature, and high prices may drive away even those customers which are ready to opt for meat alternatives.
As meat alternatives are highly processed products, they cannot qualify for being natural products. The demographic which exhibits willingness to opt for meat alternatives also exhibits a pull towards natural products, and hence, a tendency to opt out from meat alternatives is a possibility.
This report covers trends driving each segment and offers analysis and insights of the potential of the meat alternatives market in specific regions. North America is expected to register high growth rates between 2018 and 2026. APAC is expected to remain the largest market through 2026. China is estimated to account for 54.9% value market share in 2018 and the overall APAC market expected to account for 78.6% market share by 2026. In terms of volume, North America is expected to register significant CAGR during the forecast period. On the basis of source, the meat alternatives market is segmented soy-based meat alternatives, wheat-based meat alternatives, mycoprotein-based meat alternatives and other sources of meat alternatives. The others segment is expected to register relatively high growth over the forecast period.
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Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the Meat Alternatives space. The companies are focusing on business development with product penetration in retail shelf spaces. Meat alternatives key players include Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Pinnacle Foods, Inc., Amy's Kitchen Inc., Atlantic Natural Foods, LLC, Impossible Foods Inc., The Hain Celestial Group, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., Hügli Holding AG, Sweet Earth, Inc., VBites Food ltd., The Kraft Heinz Company, Schouten Europe B.V., Lightlife Foods Inc. and Taifun-Tofu GmbH.