The promising rise of the vegetarian meat era
COULD THE FUTURE OF FROZEN FOOD BE PLANT-BASED?
The global frozen food market size is forecasted to grow at a record CAGR (Compound Annual Growth Rate) of about 11% during 2020-2024, according to the latest report by the market research agency -Technavio. As consumers turn to the more convenient frozen food options, another emerging trend seems to converge with the growing consumption of frozen foods.
THE MEATLESS MARKET IS BOOMING. From emerging ethical consumption, health concerns, environmental awareness to some newly made advancements in the food industry, this market boost is undeniable and unavoidable. With convenience remaining as a principal requirement, consumers are clearly changing their behaviors causing a disruption in the food industry as we know it. Choosing vegan has never been easier, with increasing offerings across all restaurants, fast-foods and supermarkets. The plant-based meat market's annual growth rate is anticipated to reach as high as 8.6% between 2020 and 2025, and all regions around the world seem to experience this growth at significant rates.
PLANT-BASED IS DRIVING THE FROZEN FOOD MARKET
Reports show that consumer inclination toward vegan frozen food is one of the key factors driving frozen food market growth. Processors are reacting to this shift by continuously launching new products, such as vegan frozen burgers, fillets, and vegetable balls. The market has registered an impressive growth rate of 18.4% for frozen vegetarian meat sector exceeding by far the growth of frozen fruits and vegetables:
THE FUTURE LIES IN THE PLANT-BASED SECTOR
With convenience remaining as a principal requirement, consumers are clearly changing their behaviors based on the commitment to a healthy lifestyle, animal welfare and environment, causing a disruption in the food industry as we know it. The plant-based meat market's annual growth rate is anticipated to reach as high as 8.6% between 2020 and 2025, and all regions around the world seem to experience this growth at significant rates.
Asia Pacific is expected to become a significant player in the vegetarian market in the upcoming years due to the growing preference for tofu and tempeh across Asian countries, especially in China. Euromonitor report predicted in 2019 that China’s demand for plant-based products would be worth nearly $12 billion by 2023.
In North America the meatless market is already thriving. Being the significant consumer of vegetarian products, it accounts for over 30% of the global market.
South America is following the global trend with reports forecasting 328 million USD market-value by 2025, and a 12.4% CAGR growth. Urban regions are showing a tremendous demand, backed by product innovation.
The European vegan meat and dairy market is projected to reach €7.5 billion by 2025. Research shows that over 20% of the population are now flexitarian while the number of vegans doubled from 1.3 to 2.6 million in the past 4 years. This means that almost one third of all Europeans “no longer consider themselves full meat-eaters anymore”.
The Middle East, with a CAGR growth rate of 9.84% between 2019 and 2027, is the vegan industry's new hotspot. UAE shows a significant demand increase fueled by a growing awareness for health and diet, due to increasing obesity rates among the population.
Companies of all sizes are trying to grasp this growth opportunity by producing innovative vegetarian products. But meeting the soaring demands requires the right kind of processing equipment, which processes high quality, fine-looking products while also being energy-and cost-efficient for processors.
When it comes to IQF freezing, OctoFrost is a globally-recognized expert and whether you are an experienced processor or a visionary newcomer to this industry, we invite you all to travel this journey with us.
Here is what we have learned to be important for a vegetarian meat processor.
FOOD SAFETY: is a top priority for all food processors and OctoFrost IQF Freezer is designed for thorough but easy cleaning, guaranteeing a safe production of IQF vegetarian meat.
LOW DEHYDRATION: Optimal aerodynamics in the OctoFrost Freezer locks in the product's moisture and eliminates the chances of getting snow formation, therefore reducing product dehydration. Our customers state that OctoFrost achieves the lowest product dehydration on the market.
ENERGY EFFICIENCY: OctoFrost IQF Freezer consumes in average 30% less energy than other IQF technologies for the same production capacity. The combination of optimal aerodynamics, adjustable fan speed, no downtime for bedplates change contribute to low operation costs and an overall sustainable production.