The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.

The global meat substitute industry size is expected to witness exponential growth owing to increasing preference for plant-based meat alternatives and growing environmental concerns regarding consumption of meat. The research observes that the industry is likely to reach USD 8,155.8 million by 2026 while exhibiting a CAGR of 8.4% between 2019 and 2026. Furthermore, it observes that industry was worth USD 4,340.5 million in 2019 and is anticipated to rise in the forthcoming years.

List of the Companies Operating in the Industry:

Tyson Foods, Inc., Greggs plc, Marlow Foods Ltd, Conagra Brands, Inc., Unilever NV, Hilton Food Group plc, Kerry Group Plc, Savage River Inc., JUST, Inc., Impossible Foods Inc.

 

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Meat substitute in a way replicates certain aesthetic qualities such as flavor, texture, and appearance of real meat. These substitutes are mostly based on gluten, soybeans such as tofu, and peas. There has been a drastic increase in consumption of plant-based meat products owing to increasing consumers’ awareness of how their purchasing pattern and lifestyle is affecting the environment. According to the Plant Based Food Association (PBFA), the consumption of plant-based food products generated sales of about 3 billion in 2018. Changing taste preference and increasing awareness for the need of protecting animals is propelling the consumers to switch to meat alternatives.

What does the Research Include?

The industry research includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect industry growth. The research provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the industry. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the industry between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the industry growth in the forthcoming years.

Increasing Focus on Preservation of Environment to Aid Growth

According to the Food and Agriculture Organization of the United Nations, livestock leads to over 15% of the total greenhouse emissions. Besides, rearing livestock takes up a majority of resources such as land, water, and degrading climatic conditions. As per a data by the Impossible Burger, plant-based meat replicates the similar taste and feel as that of the beef, while having a relatively low carbon footprint of 89% lower when compared to a burger made from a cow. Additionally, the burger uses 96% less land, 87% less water, and limits contamination of water by over 92%. A major uproar over environmental degradation is resulting in people switching to meat alternatives. Therefore, increasing focus on the preservation of the environment is expected to drive the global meat substitute industry growth during the forecast period.

Increasing Preference for Plant-based Diet in Asia-Pacific to Surge Demand

Among all regions, Asia Pacific is expected to register the highest global meat substitute industry revenue during the projected horizon. This ascribable to factors such as well-established penetration of soy-product and its consumption. In addition to this, increasing preference for plant-based meat diets in countries such as Sri Lanka, India, and Thailand will contribute to the industry growth in the region. North America, on the other hand, is expected to witness significant growth during the projected horizon. This is attributable to factors such as consumer preference to include novel plant-based meat products in their diet. The presence of plant-based food brands such as Field Roast, Beyond Meat, and Gardein that are registering exponential sales in the countries such as the USA will bode well for the industry growth between 2019 and 2026.

Kennemervis Announces its Acquisition of BFG

In May 2020, Kennemervis, a Dutch seafood processor company, announced its acquisition of Bobeldijk Food Group (BFG), an alternative protein manufacturer. The acquisition has marked its entry into the lucrative plant-based meat products space. Adoption of strategies such as merger and acquisition, introduction of new product, and collaboration by the companies is anticipated to favor the growth of the global meat substitute industry during the forecast period.