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. On the contrary, the demand for meat substitutes such as tofu, RTC/RTE, natto, tempeh, and others is increasing at a steady pace for the past few years. Tempeh is a soy-based fermented product which offers various health benefits and fills the diet gaps by providing essential elements that nourish human body.
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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.
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.
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.
The companies are adopting strategies such as collaborations and partnerships with a view to develop product portfolio. Few of the key players profiled in this research study include Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Pinnacle Foods, Inc., Amy’s Kitchen Inc., Atlantic Natural Foods, LLC, Impossible Foods Inc., The Hain Celestial Group, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., Hügli Holding AG, Sweet Earth, Inc., VBites Food ltd., The Kraft Heinz Company, Schouten Europe B.V., Lightlife Foods Inc. and Taifun-Tofu GmbH.
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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.