According to a recent Data Bridge Market Research report, the global meat substitutes market was estimated to be worth $4.33 billion in 2017 and is projected to grow at a CAGR of 6.85% between 2018 and 2025.
The Ethical Consumer
The largest driver of the market stems from consumers’ shifting attitude towards meat products and embracing vegetarian, vegan or flexitarian diets. A similar GlobalData report showed that 6% of U.S. consumers now claim to be vegan, a sharp rise from 1% in 2014. The report cited awareness of the impact of meat consumption, along with consumers being more concerned about living a more sustainable and healthy lifestyle.
A Flavorful Opportunity
With the increasing demand for these products, the opportunity for flavorists grows. Since meat substitutes are created with tofu, tempeh, vegetable proteins or soy product, innovations in flavor masking solutions offer new opportunities to expand the segment.
Due to the off-taste of plant proteins, flavor houses and companies have been responding to the need for masking ingredients. In March 2018, Symrise released its masking flavor solutions for non-dairy applications and is recommended for use in pea, soy and rice protein. Additionally, Imbibe released its NonSense line of clean label masking ingredients for food and beverage applications.
Examining the Veggie Burger Market
One of the most popular categories for the meat substitutes market is the vegan and veggie burger segment. A leader in this space is MorningStar Farms, which offers a range of patties created with natural and artificial flavors. The company’s line of veggie burgers includes spicy black bean, Mediterranean chickpea, tomato and basil pizza, buffalo chicken and original chicken patties. Within the same space, Boca offers a range of similar products created with natural and/or artificial flavors, including flame grilled burgers, vegan burgers and chicken burgers.
