The Meat Substitute Market Report forecast the meat substitute market to grow by 8.4% during the period of 2015–2020. The market was valued at £2.9bn ($3.75bn) in 2015.
Sales of meat substitutes in Europe accounted for 39% of the total market share in 2014. Textured vegetable protein-based meat substitutes occupied the largest market share of 36.5%.
The frozen meat substitute category accounted for the biggest market share of 78% in 2014. However, the ambient category of meat substitutes would grow at a faster rate in the coming years, claimed Allied Market Research.
‘Prominent market share’
Analyst Sheetanshu Upadhyay said: “Soy based meat substitutes occupied a prominent market share of 68.2% in 2014.
“However, meat substitutes prepared from other organic and plant based sources would grow at the fastest compound annual growth rate of 10.1% from 2015 2020, owing to increasing demand of gluten free and soy free meat substitute products.”
The report identified three UK food manufacturers that were key players in the meat substitute sector: Cauldron Foods, Quorn Foods and Vbites Food.
Quorn’s head of UK category management Julian Cooke said the growth of the meat-free market was driven rise in demand for healthier and more sustainable food choices.
“Contrary to what many think, meat free products are not just for vegetarians, in fact, seven out of ten shoppers who buy Quorn are non-vegetarians,” said Cooke.
“Quorn is the UK’s best-selling meat free brand, growing at 13%, and we expect this growth to continue as record numbers of consumers cut down on their meat intake – 38% of UK evening meals are now meat free, highlighting the opportunity.”
The meat substitute market is made up of products prepared from tofu, tempeh (fermented soybeans), textured vegetable protein, seitan (wheat gluten), Quorn and other plant based sources, according to the report.
60% increase in global food and drink launches
A report by Innova Market Insights last year showed a 60% increase in global food and drink launches carrying a vegetarian claim between 2011 and 2015.
It claimed that a rising number of ‘flexetarians’ – people who mainly eat a plant-based diet, but occasionally eat meat – had accelerated the move toward the use of plant-based proteins as meat substitutes.
Director of innovation at Innova Lu Ann Williams said at the time: “This trend represents a growing opportunity for high-quality meat alternatives, which is also being reflected in the 24% average annual growth in global meat substitute launches recorded between 2011 and 2015.”
Williams is taking part in the Food Manufacture Group’s Sustainable Snacking Trends webinar for 2017. Reserve your place here.