Meat Alternative Snacks Market
Global Industry Analysis (2017-2020), Growth Trends and Market Forecast (2021-2025)
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Vegan Revolution: How the Meat Lovers are Embracing Plant-based Diet
In the past few years, consumer buying behaviour towards meat products has changed radically, characterized by a shift towards vegan products as alternative natural and clean label products. According to a recent study from DuPont Nutrition & Health, 52% of the consumers in the U.S. are eating more plant-based foods. Thus, the tectonic shift in consumer preference towards plant-based food products coupled with the increasing vegan population is supporting the demand for meat alternative snacks market.
The market is also garnering attention due to outbreak of various animal diseases such as swine flu, bird flu, and mad cow disease amongst others. The use of excessive antibiotics in animals to prevent diseases is thus making consumers more concerned about the food they are consuming. These factors are further expected to boost the market demand for meat alternative snacks in the next five years.
E-commerce Platform Embraces Diversity Inherent to Consumer Buying Behavior
The pandemic has encouraged the food and beverages manufacturers to avoiding complex logistic processes. Even consumers are seeking convenient buying options. In light of this, the total online sales for the food & beverages industry is expected to attain a growth of nearly 15% to 18% by 2025. Thus, the sale of meat alterative snacks through the online segment is expected to attain the highest CAGR over the forecast period.
Research predicts that the soy-based meat alternative snacks are expected to account for the largest share of the pie. This segment is expected to benefit further if the product is sourced from organic origin. However, at present, the conventional format of meat alternative snacks is estimated to account for the largest share. The unstoppable spread of COVID-19 has affected the global supply chain, which has compelled food manufacturers to procure affordable raw materials, supporting the segment growth.
Manufacturers Identify Asia Pacific as a Potential Market with Immense Growth Opportunities
Globally Europe is expected to be the largest market followed by North America. In terms of value, Europe has registered a tremendous growth rate in the meat alternative snack market. In 2019, the meat alternative snacks market in the region was valued at US$ 1,718.6 million and it is only expected to grow from this point on. The continuous shift of consumers towards turning vegan is expected to support the meat alternative snack market in the region.
Report indicates that Asia Pacific region is expected to register the highest value CAGR over the forecast period. Rising consumer awareness coupled with continuous new product launches is expected to fuel the market growth in the region. In 2019, one of the world’s biggest meat alternative brand, Beyond Meat, entered Asian markets by signing an agreement with Starbucks in April 2020. According to this agreement, Starbucks will offer Beyond Meat meatless sausages in China. Recently in June, Beyond Meat also announced that it would introduce its products in other chains including KFC, Pizza Hut and Taco Bell stores in China.
Expanding Product Portfolio to Remain Key Strategy of Players
Some of the major players studied in the report include Amy’s kitchen, Inc, Pepsico, Beyond Meat, Kellogs, Cauldron Foods, Kraft Foods, Inc., Blue Chip Group, Schouten, Maple Leaf Foods, Conagra Inc, Lightlife Foods, Inc, Marlow Foods Ltd, Raised & Rooted, and Hain Celestial among others
Manufacturers operating in the global meat alternative market are taking advantage of this opportunity and launching new products in this space. For instance, Baicaowei, a PepsiCo-owned subsidiary, introduced plant-based sausage snacks in China in 2020. According to the company, the sausages are made up of plant protein derived from non-GMO soybeans. This launch was done in order to target the consumers opting for plant-based snacks. This is specially targeted towards people between the age group of 18 to 35 years.
In 2020, Incogmeato, a plant-based line from Morningstar farms, the vegetarian division of Kellogs, launched ready to cook plant-based products for the U.S. market. Soy Burger Patties, Bratwurst and Italian sausages are some of the key product category which the company targeting to introduce.