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
“The meat substitutes market is projected to grow at a CAGR of 6.6%”
The meat substitutes market is projected to reach USD 5.96 billion by 2022, at a CAGR of 6.6% from 2016. The market is driven by factors such as increasing health awareness, increasing instances of meat adulteration, and the rising number of vegetarians and flexitarians worldwide. Nevertheless, the increase in demand for these products from emerging markets such as the Asia-Pacific and Latin American regions drives the meat substitutes market. The high prices of meat substitutes (which is almost equal to the animal meat prices) is one of the major restraining factors for the market. Less awareness of tofu and tofu ingredients across the developing countries of Asia-Pacific including South and South East Asian countries and GMO meat substitute products are the major challenges for the global meat substitutes market.
“The quorn segment is projected to grow at the highest CAGR”
The quorn segment is projected to grow at the highest CAGR in the global meat substitutes market, based on type, owing to its functionality; for instance, it contains all the essential amino acids that humans need without cholesterol. Its high protein content & dietary fiber and low saturated fat content are also factors driving the increase in demand for quorn foods. Quorn is made by processing and texturizing mycoprotein, which is derived from the Fusarium venenatum fungus and is grown by fermentation. Currently, quorn is a major meat substitute product used widely in steaks, burgers, and ready-to-eat meals in the U.S., the U.K., Ireland, and Germany.
“Asia-Pacific to grow at the highest CAGR during the forecast period”
The Asia-Pacific meat substitutes market is projected to be the fastest growing among all regions. The increase in consumer demand for vegetable food with high nutrient content is driving the growth of this market. China dominated the Asia-Pacific market due to the increase in health awareness and growth in consumer demand for tofu and tofu ingredients and textured vegetable protein (TVP). Furthermore, the increase in urban income has led to the growth in demand for domestic meat substitutes. Currently, Australia & New Zealand accounts for a significant market share in the Asia-Pacific meat substitutes market owing to the significant demand for quorn and tofu & tofu ingredients.
The breakdown of primaries on the basis of company type, designation, and region, conducted during the research study is mentioned as follows:
By Company Type: Tier 1 – 60%, Tier 2 – 25%, and Tier 3 – 15%
By Designation: Director Level – 35%, C Level – 40%, and Others – 25%
By Region: North America – 20%, Europe – 30%, Asia-Pacific – 40%, and RoW – 10%
The 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. These companies started new manufacturing facilities & invested in the expansion of its production capacities and acquired other companies to strengthen their presence in the meat substitutes market.
The study projects the size of the market and its submarkets, in terms of value and volume, with respect to four regions (along with their respective key countries): North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The meat substitutes market, based on source, has been segmented into soy-based meat substitutes, wheat-based meat substitutes, mycoprotein meat substitutes, and others. Soy-based meat substitutes accounted for the largest market share in the global meat substitutes market in 2015. Based on type, it has been segmented into tofu & tofu ingredients, tempeh, textured vegetable protein (TVP), other soy products, seitan, quorn, and delta tocopherols. Based on category, the market has been segmented into frozen meat substitutes, refrigerated meat substitutes, and others.
Following are the reasons to buy this report:
To get a comprehensive overview of the global meat substitutes market
To gather information about the top players in this industry, their product portfolios, and key strategies adopted
To gain insights into the main countries/regions in which the meat substitutes market has growth prospects