Turkey Meat Substitutes Market

Turkey Meat Substitutes Market Overview:

The turkey meat substitutes market is projected to exhibit a growth rate (CAGR) of 6.50% during ​2024-2032​. The market is primarily driven by emerging technological advancement, growing health consciousness, rising number of vegan and vegetarian consumers, and significant expansion in retail sector and product innovation.

Turkey Meat Substitutes Market Trends:

Significant Retail Expansion and Product Innovation

The proliferation of retail outlets selling alternatives to turkey meat substitutes is driving the market growth. Additionally, customers now find more plant-based meat substitutes since supermarkets, specialized shops, and internet retailers have a wider range of them. Moreover, the increasing need for meat alternatives due to increased availability entices potential customers to give it a try. Another important component is manufacturers' ongoing innovation in products. According to Euromonitor, retail sales of plant-based meat reached $6.1 billion in 2022, marking an 8% increase in dollar sales and a 5% rise in weight sales compared to the previous year. This growth was especially significant in Latin America and Europe. Therefore, this trend suggests that there is a potential market for turkey alternatives as people are looking for more sustainable and healthful food options across the region. At present, businesses are creating alternatives that taste, feel, and are nutritionally similar to meat, appealing to vegetarians and meat eaters who want to cut back on their intake.

Technological Advancements

The quality and appeal of turkey meat alternatives have greatly increased owing to technological developments in food science. Additionally, improvements in plant-based protein sources, like mycoprotein, soy, and peas, have resulted in the creation of meat substitutes with superior flavor and texture. These developments increase consumer acceptability of plant-based turkey alternatives by making them more appealing and fulfilling. Additionally, producers are now able to produce goods that nearly resemble the juicy and fibrous qualities of authentic turkey flesh thanks to the application of contemporary food processing processes.

These improvements are essential to draw in meat-eaters who wish to cut back on their meat consumption without sacrificing taste or gastronomic experience. Besides this, in 2023, Beyond Meat published its second ISO-reviewed Life Cycle Assessment (LCA), revealing that Beyond Burger 3.0 patty generates 90% less greenhouse gas (GHG) emissions, uses 97% less water and land, and uses 37% less non-renewable energy compared to a typical traditional beef patty.

Turkey Meat Substitutes Market News:

• January 2024: IFF promotes plant-based meat substitutes with this most recent investment in high-moisture extrusion technology. It may help producers replicate the appearance and fibrous feel of classic whole-muscle beef. Compared to previous techniques, high moisture extrusion (HME) technology offers advantages including increased juiciness and a texture resembling muscle, which can improve the eating experience of plant-based meat and fish products. Moreover, producers can use HME to generate unique sensory attributes by analyzing and refining the interactions between different processes, ingredients, tastes, and proteins to improve taste, texture, and affordability.
• May 2024: V-Label announced an exciting collaboration with the Middle East Vegan Society (MEVS) to improve the transparency of vegan and vegetarian labeling in the Middle East. The goal of this collaboration is to encourage regional producers and retailers with a particular emphasis on Saudi Arabia, Qatar, Lebanon, Jordan, Bahrain, and Kuwait to become V-Label certified.
   

Turkey Meat Substitutes Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on type, source, category and distribution channel.

Type Insights:

• Tofu and Tofu Ingredients
• Tempeh
• Textured Vegetable Protein (TVP)
• Seitan
• Quorn
• Others
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes tofu and tofu ingredients, tempeh, textured vegetable protein (TVP), seitan, quorn, and others.

Source Insights:

• Soy
• Wheat
• Others
   

A detailed breakup and analysis of the market based on the source have also been provided in the report. This includes soy, wheat, and others.

Category Insights:

• Frozen
• Refrigerated
• Shelf-Stable
   

A detailed breakup and analysis of the market based on the category have also been provided in the report. This includes frozen, refrigerated, and shelf-stable.

Distribution Channel Insights:

• Supermarkets and Hypermarkets
• Health and Food Stores
• Convenience Stores
• Others
   

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, health and food stores, convenience stores, and others.

Regional Insights:

• Marmara
• Central Anatolia
• Mediterranean
• Aegean
• Southeastern Anatolia
• Blacksea
• Eastern Anatolia
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, and Eastern Anatolia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Turkey Meat Substitutes Market Report Coverage:

Key Questions Answered in This Report:

• How has the Turkey meat substitutes market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Turkey meat substitutes market?
• What is the breakup of the Turkey meat substitutes market on the basis of type?
• What is the breakup of the Turkey meat substitutes market on the basis of source?
• What is the breakup of the Turkey meat substitutes market on the basis of category?
• What is the breakup of the Turkey meat substitutes market on the basis of distribution channel?
• What are the various stages in the value chain of the Turkey meat substitutes market? 
• What are the key driving factors and challenges in the Turkey meat substitutes?
• What is the structure of the Turkey meat substitutes market and who are the key players?
• What is the degree of competition in the Turkey meat substitutes market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Turkey meat substitutes market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Turkey meat substitutes market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Turkey meat substitutes industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.