The meat substitutes market is projected to reach USD 5.96 Billion by 2022, at a CAGR of 6.6% from 2016
The Meat Substitutes Market is projected to reach USD 5.96 Billion by 2022, at a CAGR of 6.6% from 2016. The growth in demand for plant-based and healthy sources of protein and nutrients is the main driving factor of this market.
The meat substitutes market, based on source, has been segmented into soy-based meat substitutes, wheat-based meat substitutes, mycoprotein meat substitutes, and others. The soy-based meat substitutes segment accounted for the largest market share in 2015 owing its wide applications in the food industry. Soybeans are considered as one of the best sources of plant-based protein. Apart from protein, soy also contains other nutritional ingredients such as vitamins and minerals.
The meat substitutes market, based on type, has been segmented into tofu & tofu ingredients, tempeh, textured vegetable protein (TVP), other soy products, seitan, quorn, and others. Tofu & tofu ingredients dominated the global meat substitutes market in 2015. The quorn segment is projected to grow at the highest CAGR of 8.0% during the forecast period. It has multiple health benefits, for instance, it contains all the essential amino acids that humans need without cholesterol. Also, high protein content & dietary fiber and low content of saturated fat are also driving factors for the increase in demand for quorn foods.
The meat substitutes market, based on category, has been segmented into frozen meat substitutes and refrigerated meat substitutes. The frozen meat substitutes segment is projected to grow at the highest rate between 2016 and 2022. Frozen meat substitutes helps to maintain the nutritional value of food products and retain the flavor and texture of meat substitutes.
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 also fueled the growth of the frozen meat substitutes market, globally.
The meat substitutes market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Increase in disposable incomes, growth in demand from developing, populous countries such as China, Japan, South Korea, and India, and the shift in dietary preferences towards healthy and nutritious food increases the demand for non-animal sourced protein rich food products, which in turn drives the growth of the Asia-Pacific meat substitutes market.
Despite numerous advantages of meat substitutes, the lack of consumer awareness and the usage of GMO seeds for producing meat substitutes are some of the significant challenges of the global meat substitutes market. Soy is largely used for the production of meat substitutes, out of which a significant amount of the total soybeans produced is genetically modified. Most of the genetically modified soy is industrially produced with hexane, which may lead to the damage of the nervous system if consumed in large quantities.
The meat substitutes market is competitive due to the presence of a number of large and small-scale firms. Investments, expansions, and new product launches were the key strategies adopted by these players to ensure their growth in the market from 2011 to 2016. The market was dominated by players such as Archer Daniels Midland Company (ADM) (U.S.), E. I. du Pont de Nemours and Company (U.S.), Garden Protein International Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Morningstar Farms LLC. (U.S.), and Quorn Foods, Inc.
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The years considered for the study are as follows:
- Historical year - 2014
- Base year - 2015
- Estimated year - 2016
- Projected year - 2022
- Forecast period - 2016 to 2022
Objectives of the study include:
- To define, segment, and project the global market size for meat substitutes on the basis of source, type, category, and region
- 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 project the size of the market and its submarkets, in terms of value, with respect to four regions (along with their respective key countries), namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
- To strategically profile key players and comprehensively analyze their core competencies
- To analyze competitive developments such as mergers & acquisitions, new product developments, and expansions in the meat substitutes market
This report includes the estimation of market sizes in terms of value (USD million). Both, top-down and bottom-up approaches have been used to estimate and validate the size of the meat substitutes market and various other dependent submarkets. Key players in the market have been identified through secondary sources such as company financials magazines, journals such as Bloomberg Businessweek, press releases, and paid databases; their market shares in their respective regions have been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and were verified through primary sources.
Key players in the meat substitutes market are Archer Daniels Midland Company (ADM) (U.S.), E. I. du Pont de Nemours and Company (U.S.), Garden Protein International Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Morningstar Farms LLC. (U.S.) and Quorn Foods, Inc. Maximum value addition of a product in the global meat substitutes industry is observed in the product manufacturing stage. Value addition in the marketing and sales stages varies based on key players, addressable markets, manufacturing units, and end consumers. Key companies that offer meat substitutes mainly invest in expansions through the development of new facilities and new product launches.
- Government and research organizations
- Meat substitutes associations and industrial bodies
- Raw material suppliers and distributors
- Meat substitutes traders, distributors, and dealers
- Meat substitutes manufacturers
- Research and consulting firms
“The study answers several questions for stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing efforts and investments.”
Scope of the Report >>
This research report categorizes the meat substitutes market on the basis of source, type, category, and region.
Based on Source, the market has been segmented as follows:
- Soy-based meat substitutes
- Wheat-based meat substitutes
- Mycoprotein meat substitutes
- Others (rice-based & milk-based meat substitutes)
Based on Type, the market has been segmented as follows:
- Tofu & tofu ingredients
- Textured vegetable protein (TVP)
- Other soy products (risofu and vales)
- Others (pea protein isolate and lupines)
Based on Category, the market has been segmented as follows:
- Frozen meat substitutes
- Refrigerated meat substitutes
Based on Region, the market has been segmented as follows:
- North America
- RoW (Brazil, Argentina, and South Africa)
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