Beef tacos, spicy miso chicken, cottage pie, cabbage rolls, chicken coconut curry, Swedish meatballs – all recipes from around the globe with a focus on meat. But as the consumer mindset continues to shift for food to incorporate into healthy lifestyles, the demand for meat substitutes is projected to increase.
According to “World Meat Substitute Meat Market – Opportunities and Forecasts 2014 – 2020,” by Allied Market Research, the substitute meat market is expected to have a compound annual growth rate (CAGR) of 8.4% from 2015 to 2020. This is estimated to bring in $5.2 billion in revenue for the global substitute meat market as consumers reach for plant protein based “chicken” products for their salads.
In 2014, Europe accounted for the largest global share of the substitute market, with ah 39% percent share, found the research. However, Asia is expected to have the most rapid increasing CAGR during the forecast period at 10.1% as its middle class increases along with population.
“The market by source comprises soy, wheat, mycoprotein and others. Soy based meat substitutes occupied a prominent market share of 68.2% in 2014,” says the study. “However meat substitutes prepared from other organic and plant based sources would grow at the fastest CAGR of 10.1% from 2015 – 2020, owing to increasing demand of gluten free and soy free meat substitute products.”
When compared to meat, meat substitutes are anything but natural, made up of tofu, tempeh, textured vegetable protein, seitan, quorn and other plant based sources. According to the research, textured vegetable protein dominated the meat substitute market share at 36.5% in 2014, and is projected to have a CAGR of 9.6% during the forecasted time if utilized by the food service industry.
Allied Market Research utilized four substitute meat companies from the U.S., three from the U.K., and one each from Canada, India and Netherlands.