HOME Research Insight The key Market Players Adopted Strategies Such as Expansions & Investments, and New Product Launches to Increase their Share in the Meat Substitutes Market



The key Market Players Adopted Strategies Such as Expansions & Investments, and New Product Launches to Increase their Share in the Meat Substitutes Market


The meat substitutes market is projected to grow at a CAGR of 6.6% from 2016 to 2022. Growth in health consciousness & increased flexitarian eating patterns among consumers; increase in disposable income; rise in cases of heart disease, diabetes, and colon cancer due to the consumption of red meat; and increase in applications of meat substitutes in food products such as convenience food, ready-to-eat food, ready-to-cook foods are some of the factors driving this market. The key market players adopted strategies such as expansions & investments, and new product launches to increase their share in the meat substitutes market. Key players that adopted these strategies are Archer Daniels Midland Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Garden Protein International Inc. (Canada), and Quorn Foods, Inc. (U.K.).

ARCHER DANIELS MIDLAND COMPANY

Archer Daniels Midland Company (ADM) is one of the major processors of oilseeds and agricultural commodities. The company is engaged primarily in the production of food ingredients, animal feed & feed ingredients, and biofuels. ADM offers an extensive line of versatile meat substitute products in a variety of forms, including textured vegetable protein (TVP), isolated soy proteins, soy flour & grits, soy protein concentrates, textured soy proteins & crisps, and wheat proteins. ADM offers product lines for meat, bakery, confectionery, meal replacement, beverages, and meat substitute products. ADM is also expanding its meat substitute portfolio through mergers and acquisitions. In order to increase the market share of meat substitutes, the company has adopted several strategies such as acquisitions and expansions during last five years. For instance, in February 2016, ADM acquired Harvest Innovations (U.S.), an industry leader in minimally processed, expeller-pressed soy proteins, oils and gluten-free ingredients. In March 2014, ADM started to construct a soy protein production complex in Campo Grande, Mato Grosso do Sul, Brazil, signifying an investment of approximately USD 250 Million

Quorn Foods, Inc.

Quorn Foods, Inc. is engaged in the production of mycoprotein-based meat alternative products. Quorn products are nutritionally healthy protein source that is meat free, high in fiber and low in saturated fat. During last five years, Quorn Foods largely adopted expansions and investments as key strategies. For instance, in November 2016, Quorn Foods launched a new range of meat-free crispbakes and escalopes in the U.K. In March 2015, Quorn Foods, Inc. invested around USD 44 Million in several areas to fuel its growth in different fields such as the setting up of new plants and investments in R&D. Furthermore, in July 2015, the company expanded its Everyday range by launching four mycoprotein-based new productsóravioli, chorizo, mozzarella, and girasoli.

Related Reports:

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

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