Market Opportunities for Selected Ingredients in Meatless Foods North America, Europe 2017-2022 Flavors vors/Seas /Seasonings onings Prot oteins eins Texturi turizers zers Market et Insights ts Report rt Publica cati tion on: Septem tember ber 2018 2018 GIRACT www.giract.com 09/18-1 www.giract.com
Meatless Foods – Value Chain 2 1 3 STAGE STAGE STAGE Texturized Meatless Ready To Eat Protein Foods Meals Ingredients Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Value Chain – Stage 1 Analysis 1 STAGE To analyse the supply and demand scenario for texturized Texturized protein ingredients used in Protein meatless foods and meat Ingredients extension Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Value Chain – Stage 2 Analysis To estimate the current demand for meatless foods in volume and value terms in 01 North America and Europe To establish the supply scenario of the meatless foods and the respective 02 ingredients in North America and Europe 2 STAGE To understand the legislation and positioning (customer and consumer) 03 around meatless foods and ingredients thereof in the two regions Meatless Foods To understand the drivers and restraints of meatless foods use in the two 04 regions To understand the “why” and “why not” in the choice of ingredients for 05 creating the meatless foods To assess the key trends and therefore provide demand forecasts for meatless foods 06 and the ingredients thereof in the two regions Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Value Chain – Stage 3 Analysis KEY QUESTIONS ADDRESSED 3 STAGE • What are the challenges and opportunities for meatless foods in the ready to eat (RTE) meals sector? Ready To Eat Meals • Which meat analogue will be used in RTE meals? • What are the problems faced by the RTE companies? Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Geographic Scope Supply ly and Demand North America (USA/Canada/Mexico) • Europe (UK, Germany, The Netherlands, France, Spain, Switzerland, Other EU28) • North Eur Europe Am America Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Timeline, Publication, Subscription PUBLICATION September 2018 TIMELINE Current – 2017 Demand Forecasts – 2022 SUBSCRIPTION Full Report EUR 28950 Europe only EUR 17250 North America EUR 17250 Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Table of Contents Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Table of Contents Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Table of Contents Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Table of Contents Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Meatless Foods – Consumer Trends CONSU NSUMER MER TREND ENDS Why these products are in existence? - Phase I UK-driven following BSE (mad cow disease) - Phase II Germany-driven sustainability, health, mad cow disease, animal health concerns - Vegan or vegetarian which is small although it is growing, the second part is flexitarian which large majority who use to substitute meat for few days Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Meatless Foods Industry – General Insights • Meatless foods market has grew at a CAGR of 10% during 2016-2017 01 • Global meat substitutes market is expected to grow at a healthy rate through to 2022 • European market for meat replacers has occupied a position at a lucrative intersection 02 between health and ethical consumerism • Issues related to health, traceability and animal welfare have more sway over purchasing 03 decisions today than ever, therefore, meatless foods are no longer exclusively for vegan or vegetarian. A so-called flexitarian approach to diet is gaining popularity • According to research estimates, 39% of people across European countries especially, 04 Western Europe, are responsible for most of the growth in the meatless foods space since they are choosing to replace certain fraction of meal with plant based options to complement their traditional animal protein portfolios 05 • Retailers estimate that the meat free market will reach a global sales of $5.26 billion by 2020 • The global demand for meat is forecast to rise significantly towards 2050, hence the shift from 06 traditional meat production to the cultured meat will solve meat related future problems Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Industry Trends -1 TRENDS • Eco-friendly - improves sustainability of meat production as the process produces no methane or nitrous gases • 100% meat - Cultured meat is 100% natural meat, made from the cells of animal, but grown on a bioreactor. The final product is reported to have similar taste, texture & composition to traditional meat. This is the major advantage over plant origin meat replacers • Safe & healthy - the meat is grown with natural, unmodified cells and ingredients such as sugars, proteins, minerals and vitamins. It is said that cultured meat are safer than the farmed beef as the closed production process eradicated the risk of human diseases contracted from livestock. Since, there is no genetic modification, it is non-GMO food • According to industry analysis, Germany’s share of innovation in global substitutes declined in the year ending June 2017 as innovation intensified in Italy and Sweden. In Italy, the uptick in NPD activity is a result of massive increases in consumers who claim to be working to reduce their meat consumption. Around 50% of Italian consumers say they are lowering their red meat intake, while 24% say they are increasing the amount of vegetarian processed foods in their diet Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Industry Trends – 2 TRENDS • As estimated 70% of purchasers of the plant-based Beyond Burger are flexitarians- meat eaters that are cutting down on meat- as opposed to hard core vegetarians • In terms of selection of ingredients by manufacturers, requirements such as organic, vegan and non- GMO certification are important criteria for selecting supplier of all ingredients • Taking into account the rising interest in and demand for vegan and vegetarian foods and the correspondingly increasing relevance of this market segment, the European Commission has also mentioned that it will begin the process of establishing a legal definition of vegetarian and vegan food in 2019, an announcement that has been welcomed by food manufacturers • According to industry insights, vegan claims have soared to account for 15% of all retail food and drink launches in Germany in 2017, whereas vegetarian claims were found on 8% of launches Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Meatless Adoption Scenario – North America Health and sustainability drive growth in the adoption of meatless foods xx mio tons Environmental concerns & Sustainability xx kt xx mio tons xx kt Competition from clean meat Animal protection xx kt and vegetarian foods Texture and Flavor perceptions Legislative issues Flexitarianism Consumer resistance Obesity Levels xx kt Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Meatless Adoption Scenario – Europe xx mio tons xx mio tons Sustainable growth is expected by Flexitarianism xx kt xx kt xx kt Positive impact of meat tax or hike in meat tax Decline in meat consumption; Popularity of vegetarianism Negative impact of labelling Meatless foods NPD providing protein shift and better choices Replacement threat from vegetarian foods Growing environmental concerns, sustainability xx kt Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
Understanding Key Drivers For all selected ingredients and end-products Examining the challenges and opportunities for these ingredients in meatless foods Organoleptic (bite, juiciness, Nutritional etc.) Addition of Matching Flavor Technical Nutrition Nutrition (Aroma, Taste) How do they Matching the nutrition Adding further nutrition How is the target match the specific of meat – vitamins, etc. flavor being delivered meat that they are Challenges in the end product replacing & Opportunities Meatless Foods - Ingredients and Value Addition GIRACT www.giract.com North America, Europe – Market Insights www.giract.com
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