The vegan revolution has significantly impacted eating choices around the globe, giving the global meat alternative snacks market myriad opportunities. Fairfield Market Research’s latest report indicates that the demand for meat alternative snacks is soaring as consumers are opting for a plant-based diet. A growing sentiment towards eating cleaner and natural labels has sparked a heated debate amongst meat-eaters, steadily drawing their attention to the meat alternative snacks that promise the same nutrition.
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A study by DuPont Nutrition & Health states that over 50% of the U.S. consumers alone are tilting towards a plant-based diet, adding themselves to the existing vegan population. This statistic indicates a significant shift to meat alternatives and plant-based products in the coming years.
Endemics and Pandemic Create Opportunities for Global Meat Alternative Snacks Market
In recent years, the world has witnessed epidemics such as bird flu, swine flu, and mad cow disease to name a few. This has dissuaded many consumers from eating meat, which could cause health complications. The spread of animal-borne diseases has threatened the meat consuming population, turning their attention towards meat alternative snacks. The recent COVID-19 pandemic has also raised questions about meat-eating, creating pockets of society that are fuelling demand for meat alternative snacks.
Poultry Raised on Antibiotics and Environmental Concerns Reverses Opinions of Meat Eaters
The global meat alternative snacks market has been flourishing as the poultry industry has been raising cattle on antibiotics to keep up with the high demand. Over the years, access to valuable information has created awareness about antibiotic resistance that can be transmitted to humans with prolonged consumption. This has created several opportunities for meat alternative players to lure in consumers. Furthermore, environmental and ethical concerns about meat consumption have also contributed to changing mindsets towards meat. Analysts anticipate that these factors will propel the global meat alternative snacks market as consumers will look for equally nutritious options.
E-commerce Simplifies Access to Meat Alternative Snacks with Just a Click
The food and beverages industry has skyrocketed during the pandemic, overcoming logistics hurdles. With access to all, it has given niche markets, such as meat alternative snacks, a significant boost. A convenient buying option, e-commerce platforms have offered a wide range of products, thereby creating multiple revenue generation options. Fairfield Market Research predicts that e-commerce will be an important sales channel for the global meat alternative snacks market between 2021 and 2025.
Soy-based Snacks Take a Lead in Global Meat Alternative Snacks Market
According to the upcoming research report, the soy-based meat alternative snacks are likely to lead the global market. This lion’s share will be due to their high nutritional benefits, affordability, and availability. Sourced organically, soy-based snacks are rich in protein, which is ideal for subtitling meat.
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Widening Consumer Base in Asia Pacific Creates Highest Potential for Meal Alternative Snacks Market
According to research, Asia Pacific meat alternative snacks market is likely to register highest CAGR during the forecast period. Cultural vegetarianism and growing awareness about vegan lifestyle are both likely to contribute to the rise of this regional market. A huge of millennials and Generation Z that are health and environment-conscious are likely to fuel this regional market. The market will also benefit from growing number of product launches, changing marketing strategies of international brands, and raging COVID-19 pandemic. For instance, in June 2020 Beyond Meat announce its plans to introduce meat alternative snacks to KFC, Taco Bell, and Pizza Hut outlets in China.
Meat Alternative Snacks: Key Players
Players are expected to focus on adding to their product portfolio to lure in consumers. Some of the key players studied in their market study are Amy’s Kitchen, Inc., Beyond Meat, Pepsico, Kellogs, Kraft Foods, Inc., Cauldron Foods, Blue Chip Group, Schouten, Conagra Inc, Maple Leaf Foods, Lightlife Foods, Inc, Marlow Foods Ltd, Hain Celestial, and Raised & Rooted among others.
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