Meat Alternative Snacks Market

The Vegan Revolution - How 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 US 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.

Frequent outbreaks of various animal diseases such as swine flu, bird flu, and mad cow disease are particularly driving the world’s attention to meat alternative snacks market. The use of excessive antibiotics for animals to prevent diseases is thus making consumers more concerned about the food they are consuming. These factors are further expected to boost the expansion of meat alternative snacks market in the next five years.

E-commerce Platforms Embrace Diversity Inherent to Consumer Buying Behaviour

The COVID-19 pandemic has encouraged food and beverage manufacturers to avoid complex logistical processes, which consumers seek more convenient buying options. In light of this, F&B industry is all set to attain 15-18% growth in total online sales by the end of 2025. Sales of meat alterative snacks through the online segment is thus expected to exhibit 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, conventional meat alternative snacks currently account for the largest share in market. The pandemic situation caused a substantial setback in global supply chain, which has compelled food manufacturers to procure affordable raw materials, supporting the segment’s growth.

Manufacturers Identify Asia Pacific as a Potential Market with Immense Growth Opportunities

Europe is expected to be the largest meat alternative snacks market, followed by North America. In terms of value, Europe has registered an exceptional growth rate in meat alternative snacks market. In 2019, Europe’s meat alternative snacks market was valued at US$ 1,718.6 Mn and is expected to grow incessantly in future. The continuous shift of consumers toward veganism is likely to support the growth of meat alternative snacks market here.

Primary findings suggest that the market in Asia Pacific is expected to register the highest value CAGR over the forecast period. Rising consumer awareness, coupled with continuous new product launches, will fuel the market growth in the region. One of the world’s biggest meat alternative brands, Beyond Meat entered Asian markets by signing an agreement with Starbucks in April 2020. According to this agreement, the latter will offer the former the meatless sausages in China. Beyond Meat also recently 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 driving competition in global meat alternative snacks market, 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. Manufacturers operating in global meat alternative market have been on a continuous launch spree.

Recent Notable Developments

• 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. With this launch, the company eyes the consumer clustre that favours plant-based snacks market. This is especially targeted toward 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 US market. Soy Burger Patties, Bratwurst, and Italian sausages are some of the key product categories that company targets

The meat alternative snacks market has been segmented as below:

By Type         

• Soy-based
• Wheat-based
• Mycoprotein
• Others

By Distribution Channel

• Supermarkets and Hypermarkets
• Independent Retailers
• Specialist Retailers
• Online Retailers

By Region     

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa

Key Elements Included In The Study: Global Meat Alternative Snacks Market

• Meat Alternative Snacks Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2021
• Market Value at Regional and Country Level, 2022 - 2029
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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Disclaimer:

• The segmentation/company profiles/countries depicted above may vary in the actual report.