Market Driving Factors of Meat Substitutes:
The rise in trend of vegan diet among consumers, due to the growing awareness on health effects of heavy meat consumption and meat adulteration, and its significant impact on the food industry retail chain as ingredients in convenience food, ready-to-cook foods, and ready-to-eat foods, have boosted the demand for meat substitutes across the globe.
The meat substitutes market is projected to reach USD 5.96 Billion by 2022, at a CAGR of 6.6% from 2016.
Market Ecosystem:
The various contributors involved in the value chain of meat substitutes include suppliers, manufacturers, wholesalers/distributors, retailers, and end users. Major manufacturing companies develop their in-house R&D centers for research and innovation activities to support their manufacturing units and to successfully introduce products with enhanced functionality in the market.
The meat substitutes market is dominated by key players such as Archer Daniels Midland Company (ADM) (U.S.), E. I. du Pont de Nemours and Company (U.S.), The Nisshin OlliO Group Ltd. (Japan), Soic Biochem Extractions Ltd. (India), and Garden Protein International Inc. (Canada). Other companies that also occupied a significant share in the market include MGP Ingredients Inc. (U.S.), Beyond Meat Inc. (U.S.), Amy’s Kitchen Inc. (U.S.), Quorn Foods (U.K.), and Morningstar Farms LLC (U.S.). Key companies of the market have been observed to largely adopt organic growth as their strategy to expand their businesses.
Meat Substitutes Market by Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein, Seitan, Quorn), Source (Soy-based, Wheat-based, Mycoprotein), Category (Frozen, Refrigerated), and Region – Global Forecast to 2022
Objective of the report:
- To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape of market leaders
- To analyze competitive developments such as mergers & acquisitions, new product developments, and expansions in the meat substitutes market
Highlights:
The soy-based meat substitute segment is projected to be the largest during the forecast period of 2016–2022
Soy-based meat substitute the most widely used meat substitute worldwide. Soy protein is derived from soybeans. The use of this soy protein as a functional ingredient is increasing in the food industry. Soy is used as a source of protein in meat substitutes such as tofu, tempeh, miso, textured vegetable protein (TVP), and other tofu ingredients. Soy meat substitutes are similar to meat, poultry, or fish products in terms of taste, texture, color, and form.
The frozen meat substitutes segment is projected to be the fastest-growing segment in the meat substitutes market
The frozen meat substitutes segment is projected to growing at the highest rate between 2016 and 2022. Frozen meat substitutes help to maintain the nutritional value of food products and retain the flavor and texture. Also, the frozen meat substitutes market is gaining popularity due to changes in purchasing patterns, coupled with fast life styles and the shift from traditional food to convenience food, from small grocery shops to supermarkets, especially in emerging countries such as BRICS and ASEAN. Consequently, significant growth in the convenience food industry, including ready-to-eat foods and ready-to-cook foods, has fueled the growth of the frozen meat substitutes market, globally.
Significant growth in the meat substitutes market is observed in the Asia-Pacific region
Growth in the middle-class population in the region, with increase in disposable incomes and demand for vegetable and nutrient foods are driving the growth of the meat substitutes market. The per capita consumption of meat substitutes in the Asia-Pacific region is driven by growing economies such as China, India, Australia & New Zealand, Japan, and South Korea. A large number of multinational companies have expanded their footprint in these countries, which has also driven the market for meat substitutes.
