Upcoming future of alternative meat industry – Challenges, size and growth
In the past couple of years, globally, we have witnessed awareness pushing consumer trends towards healthy, plant-based, and label-friendly products, also known as the alternative meat industry, as protein alternatives for meat are rising.
According to one report, the call for vegan meat has soared, with retail income of plant-based meat options reaching $7B in 2020 — a boom of 27% from 2019. Further, the meat value chain can be simplified dramatically, as “clean meat” labs could take the vicinity of farms, feedlots, and slaughterhouses.
The popularity of the alternative meat industry has been fueled by climate and environmental change and a general interest in wellness and health and animal welfare concerns.
As per alliedmarketresearch.com, the global meat substitute market size was valued at $5,477.7 million in 2020 and is projected to reach $11,230.1 million by 2030, registering a CAGR of 7.6% from 2021 to 2030. The alternative meat industry is less prone to the risk of food poisoning or contamination as compared to meat products. Livestock production is often perceived as a complex business that involves the management of animal waste and slaughtering. Moreover, the possibilities of food contamination are high along the supply chain, especially in the case of expensive refrigeration and unreliable power supplies.
Furthermore, the risk of animal-borne disorder related to meat products has steadily created an unwanted effect on the clients and increased fitness concerns. On the contrary, manufacturing plant-primarily based complete meals include fewer possibilities for infection or spoilage, while cultured meat manufacturing assures laboratory stage manipulation of the entire process. This has enabled to create an excellent effect on the alternative meat market.
The clean eating trend is rising, in which consumers need to realize and recognize what they’re eating. Globally, purchasers search for merchandise with easy labels and recognizable components while producers choose details that provide high overall performance and applications, with accessible ingredients sourced from low-processed food. Plant-based meat substitutes encompass elements, including fibers, starches, gums, and different stabilizers, similar to plant-primarily based proteins. They aren’t best multi-purposeful; however additionally herbal. Therefore, the boom in demand for easy label and herbal merchandise is one of the main elements propelling the growth of the alternative meat marketplace. The rise in calls for revolutionary merchandise has pushed product improvement throughout chilled, ambient, and frozen segments. Innovation presents a much broader preference of merchandise and types to purchasers and lets in meat alternative merchandise to benefit advanced shelf area and recognition. Supermarkets have replied to this boom in the marketplace and are extensively growing the shelf area given to meat alternative merchandise. Furthermore, present enterprise players, particularly the multinational foods and drinks companies, have an increasing number of come to be aware of the small-scale startup manufacturers innovating in the meat alternative marketplace area.
Moreover, an extensive style of elements gives customers extra desire and progressive flavors and guarantees that their nutritional necessities are met. Therefore, upward thrust in the number of customers who prefer meat options and good-sized funding in new product innovation are anticipated to preserve to provide a remunerative possibility for the growth of the worldwide marketplace of alternative meat industry at some stage in the forecast period.
For more information about Food and Beverage Marketing Services, click here.
Get connected with us on LinkedIn – https://www.linkedin.com/company/food-marketing-technology-magazine-india/
To know more click here.
Jan Edition
Feb Edition
March Edition
