Meat alternatives are high in demand, with regards to continued focus on health and wellness/good-for-you products. There is no indication that the consumers will refrain from meat any time soon. However, consumers are adopting a back-to-basics mind-set, focusing on simple ingredients and fewer processed foods. Controlling dietary consumption is regarded as a method of flexibility. Apart from health-associated factors, sustainability and considerations are also impelling this movement, especially amongst the women. There is increase in the demand for meat substitutes mainly due to increasing health concerns such as diabetes and obesity.
Worldwide, many consumers continue to focus on healthy and nutritious food products. Across the globe, consumers are demanding more wholesome and nutritious products. Further diseases associated with meat and meat products have impacted the nutritional and culinary preferences of population towards consuming meat products, especially those food products containing red meat.
According to the report by Transparency Market Research, the global meat alternative market is projected to expand at a CAGR of 6.1% during the period of forecast, 2018-2026.
Intake of meat substitutes including tofu, RTC/RTE, natto, tempeh, and others, is largely pragmatic among population preferring a vegan diet as these products are rich in protein and calcium. For meeting these increasing demand, companies are focusing on investment in research and development to expand their product portfolio by launching variety of meat alternative products for catering to different taste preferences.
Growth of Frozen Food Market
The global economy has grown rapidly with evolution of tourism sector, growth of hotels, restaurants and hospitality services. The notion of frozen food has taken-up rapid pace, with consciousness regarding various benefits of frozen food prompting their consumption on a large scale. In addition, nutritional value provided by frozen food is relatively higher than fresh food, as freezing of food items prevents the loss of essential proteins and vitamins during their transport or storage. Frozen meat alternative category is gaining momentous traction in the global meat alternative market, although refrigerated meat alternative is anticipated to grow at significant rate. Frozen tempeh is expected to witness revenue generation of over US$ 45 Bn by the end of the forecast period.
Sale of Meat Alternatives to Increase with Increasing Hotels, Restaurants and Cafes
Hotels, restaurants and institutional catering companies are all major players in the foodservice sector, with restaurants serving as the primary purchasers of meat alternative products. In order to meet demand of dynamic consumer groups, meat alternative products with a wide range of quality and prices are offered by key companies. Growth of HoReCa sector has emerged as one of the key factor driving growth of the meat alternative consumption globally. Growth of the HoReCa industry has always been linked to the prospects of the tourism industry and tourism is the foremost demand driver for increasing food consumption of a wide variety of food products.
Changing Dietary Pattern Leading to Increasing Demand for Meat Alternatives
Cutting off meat completely from the diet is difficult for many consumers, hence, flexitarianism is regarded as an achievable dietary change for many, rather than going completely vegan or vegetarian. Flexitarian is a portmanteau of flexible vegetarianism and encompassed individuals whose protein intake is dependent on sustainable sources like plant-based foods, and drastically reduce the consumption of meat in their diet. This trend is being backed by many food giants, which collectively supports the growth of all meat substitute products such as tofu, tempeh, RTC/RTE, natto, and others. Manufacturers are also striving to develop plant-based food products which offer meat-familiar texture and taste attributes, with the help of advanced food technology. This demonstrates the intensity of consumer demand for plant-based meat substitutes. Another major concern about meat consumption is the carbon footprint and a potential negative change in the climate. All soy-based food production is being closely scrutinized for its carbon emissions, including tempeh and tofu production in Indonesia, so as to compare their sustainable advantages over the meat industry.
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This post was originally published on Market Reports