Meat Substitutes Market

Meat Substitutes Market by Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein (TVP), Seitan, and Quorn), Source (Soy, Wheat, and Mycoprotein), Category (Frozen, Refrigerated, and Shelf-Stable), and Region - Global Forecast to 2023

Report Code: FB 2515 Feb, 2018, by marketsandmarkets.com

[133 Pages Report] The meat substitutes market is projected to grow from USD 4.6 billion in 2018 to USD 6.4 billion by 2023, recording a CAGR of 6.8% during the forecast period. This is attributed to the growing health concerns among consumers and increasing preference for vegan food due to their various health benefits. Furthermore, rising obesity levels due to the consumption of meat and meat products have led to an increasing consumer preference for meat substitutes.

Meat Substitutes Market

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The soy segment is projected to account for the largest market share during the forecast period.

The soy segment is estimated to dominate the meat substitutes market in 2018 due to its growing popularity among consumers and various health benefits such as reduction of obesity and blood sugar levels. Furthermore, their wide application in various food items such as snacks, extruded snacks, crackers, cookies, and other baked foods has led to increased consumption, which is projected to drive the demand for meat substitute in the market.

By type, the tempeh segment is projected to record the highest CAGR during the forecast period.

The tempeh segment is projected to record the highest CAGR due to its lower cost in comparison with the other meat substitutes. Furthermore, it offers various benefits such as increasing antibodies production, reduced risk of diabetes, and lower cholesterol levels in the body, which has led to a surge in demand for tempeh. Additionally, it is projected to record the fastest growth in the Asia Pacific region as it is a staple food in countries such as Indonesia and China.

The refrigerated segment, on the basis of category, in the meat substitutes market is projected to be the fastest-growing segment during the forecast period

The refrigerated segment is projected to be the fastest-growing segment in the meat substitutes market during the forecast period due to new product launches. For instance, Quorn Foods introduced a new line of refrigerated meat substitutes, in 2017 in the US, which provide the taste and texture that are similar to conventional meat; it included several varieties, such as Italian sausage, chicken & apple sausage, and chicken strips. Such initiatives by companies are projected to drive the growth of the refrigerated segment in the meat substitutes market.

Meat Substitutes Market

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Europe is projected to account for the largest market share in the meat substitutes market during the forecast period.

The European market accounted for the largest share in the meat substitutes market in 2017. This is attributed to increasing awareness regarding nutritional and meatless food and growing flexitarian population in this region.  Furthermore, growing incidences of meat adulteration and spoiled meat have encouraged consumers to switch to vegan diets, which is projected to drive the market for meat substitutes in this region.

Key Market Players

Key vendors in the global meat substitutes market include ADM (US), DowDuPont (US), The Nisshin OilliO Group (Japan), Sonic Biochem Limited (India), MGP Ingredients (US), Garden Protein International (Canada), Beyond Meat (US), Amy's Kitchen (US), Quorn Foods (UK), MorningStar Farms (US), Meatless (Netherlands), and VBites (UK).

Recent Developments:

  • In August 2017, ADM expanded its non-GMO soybean processing capabilities in Germany, to meet the growing demand for non-GMO and high-protein soybean meal across Europe.
  • Beyond Meat launched a new product, Beyond Sausage, in December 2017, to expand its product portfolio.
  • In November 2016, Quorn Foods launched a new range of meat-free crispbakes and escalopes in the UK to meet the growing consumer demand.
  • ADM acquired Harvest Innovations (US), an industry leader in minimally processed, expeller-pressed soy proteins, oils, and gluten-free ingredients, in February 2016
  • Amy’s Kitchen Inc. expanded its footprints in California, US, in August 2015, with a setup of the quick-service restaurant, which would provide all vegan and gluten-free foods, including plant-based meat to its consumers.

Key questions addressed by the report:

  • Who are the major market players in the meat substitutes market?
  • What are the regional growth trends and the largest revenue-generating regions for the meat substitutes market?
  • What are the key regions and industries that are projected to witness significant growth in the meat substitutes market?
  • What are the major meat substitutes types that are projected to gain maximum market revenue and share during the forecast period?
  • Which is the key category of meat substitutes that are projected to account for the majority of the revenue generated over the forecast period?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
    1.4 Years Considered
    1.5 Currency Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primary Interviews
                    2.1.2.2 Key Industry Insight
    2.2 Market Size Estimation
           2.2.1 Top-Down Approach
           2.2.2 Bottom-Up Approach
    2.3 Data Triangulation
    2.4 Research Assumptions
    2.5 Research Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 31)
    4.1 Attractive Market Opportunities in the Meat Substitutes Market
    4.2 Meat Substitutes Market, By Type
    4.3 Meat Substitutes Market, By Source
    4.4 Asia Pacific Meat Substitutes Market, By Application & Country
    4.5 Meat Substitutes Market Share, By Category
    4.6 Developed vs Emerging Markets for Meat Substitutes, By Country

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Rising Health Concerns, Due to Increasing Obesity Levels Brought on By the Consumption of Meat Products
                    5.2.1.2 Health Benefits of Meat Substitutes
                    5.2.1.3 Increased Preference for Vegetarian and Vegan Foods
           5.2.2 Restraints
                    5.2.2.1 Ill Effects of Consuming Meat Substitutes
           5.2.3 Opportunities
                    5.2.3.1 Exploring Technological Advancements to Develop New Product Lines
                    5.2.3.2 Growth Potential in the Asia Pacific Market
           5.2.4 Challenges
                    5.2.4.1 Perception of Taste
                    5.2.4.2 Genetically Modified (GM) Soybeans
    5.3 Supply Chain Analysis
    5.4 Regulatory Environment

6 Meat Substitutes Market, By Type (Page No. - 43)
    6.1 Introduction
    6.2 Tofu & Tofu Ingredients
    6.3 Tempeh
    6.4 Textured Vegetable Protein (TVP)
    6.5 Other Soy Products
    6.6 Seitan
    6.7 Quorn
    6.8 Other Types of Meat Substitutes

7 Meat Substitutes Market, By Source (Page No. - 53)
    7.1 Introduction
    7.2 Soy
    7.3 Wheat
    7.4 Mycoprotein
    7.5 Other Sources of Meat Substitutes

8 Meat Substitutes Market, By Category (Page No. - 58)
    8.1 Introduction
    8.2 Frozen
    8.3 Refrigerated
    8.4 Shelf-Stable

9 Meat Substitutes Market, By Region (Page No. - 62)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
           9.2.3 Mexico
    9.3 Europe
           9.3.1 Germany
           9.3.2 UK
           9.3.3 Spain
           9.3.4 France
           9.3.5 Italy
           9.3.6 Netherlands
           9.3.7 Rest of Europe
    9.4 Asia Pacific
           9.4.1 China
           9.4.2 India
           9.4.3 Japan
           9.4.4 Australia & New Zealand
           9.4.5 Rest of Asia Pacific
    9.5 RoW
           9.5.1 Brazil
           9.5.2 Argentina
           9.5.3 South Africa
           9.5.4 Others

10 Competitive Landscape (Page No. - 95)
     10.1 Overview
     10.2 Ranking Analysis
     10.3 Key Market Strategies
             10.3.1 New Product Launches
             10.3.2 Expansions & Investments
             10.3.3 Acquisitions
             10.3.4 Mergers

11 Company Profiles (Page No. - 100)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MNM View)*
     11.1 ADM
     11.2 Dupont
     11.3 The Nisshin Oillio Group
     11.4 Sonic Biochem Limited
     11.5 MGP Ingredients
     11.6 Garden Protein International
     11.7 Beyond Meat
     11.8 Amy’s Kitchen
     11.9 Quorn Foods
     11.10 Morningstar Farms
     11.11 Meatless
     11.12 Vbites

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MNM View might not be captured in case of unlisted companies.

12 Appendix (Page No. - 126)
     12.1 Discussion Guide
     12.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.3 Introducing RT: Real-Time Market Intelligence
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details


List of Tables (77 Tables)

Table 1 USD Exchange Rate Conversion
Table 2 Meat Substitutes Market Size, By Type, 2016–2023 (USD Million)
Table 3 Tofu & Tofu Ingredients Market Size, By Region, 2016–2023 (USD Million)
Table 4 Tempeh Market Size, By Region, 2016–2023 (USD Million)
Table 5 TVP Market Size, By Region, 2016–2023 (USD Million)
Table 6 Other Soy Products Market Size, By Region, 2016–2023 (USD Million)
Table 7 Seitan Market Size, By Region, 2016–2023 (USD Million)
Table 8 Quorn Market Size, By Region, 2016–2023 (USD Million)
Table 9 Other Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 10 Meat Substitutes Market Size, By Source, 2016–2023 (USD Million)
Table 11 Soy-Based Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 12 Wheat-Based Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 13 Mycoprotein-Based Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 14 Other Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 15 Meat Substitutes Market Size, By Category, 2016–2023 (USD Million)
Table 16 Frozen Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 17 Refrigerated Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 18 Shelf-Stable Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 19 Meat Substitutes Market Size, By Region, 2016–2023 (USD Million)
Table 20 North America: Meat Substitutes Market Size, By Country, 2016–2023 (USD Million)
Table 21 North America: Market Size, By Type, 2016–2023 (USD Million)
Table 22 North America: Market Size, By Source, 2016–2023 (USD Million)
Table 23 North America: Market Size, By Category, 2016–2023 (USD Million)
Table 24 US: Market Size, By Source, 2016–2023 (USD Million)
Table 25 US: Market Size, By Category, 2016–2023 (USD Million)
Table 26 Canada: Market Size, By Source, 2016–2023 (USD Million)
Table 27 Canada: Market Size, By Category, 2016–2023 (USD Million)
Table 28 Mexico: Market Size, By Source, 2016–2023 (USD Million)
Table 29 Mexico: Market Size, By Category, 2016–2023 (USD Million)
Table 30 Europe: Meat Substitutes Market Size, By Country, 2016–2023 (USD Million)
Table 31 Europe: Market Size, By Type, 2016–2023 (USD Million)
Table 32 Europe: Market Size, By Source, 2016–2023 (USD Million)
Table 33 Europe: Market Size, By Category, 2016–2023 (USD Million)
Table 34 Germany: Meat Substitutes Market Size, By Source, 2016–2023 (USD Million)
Table 35 Germany: Market Size, By Category, 2016–2023 (USD Million)
Table 36 UK: Market Size, By Source, 2016–2023 (USD Million)
Table 37 UK: Market Size, By Category, 2016–2023 (USD Million)
Table 38 Spain: Market Size, By Source, 2016–2023 (USD Million)
Table 39 Spain: Market Size, By Category, 2016–2023 (USD Million)
Table 40 France: Market Size, By Source, 2016–2023 (USD Million)
Table 41 France: Market Size, By Category, 2016–2023 (USD Million)
Table 42 Italy: Market Size, By Source, 2016–2023 (USD Million)
Table 43 Italy: Market Size, By Category, 2016–2023 (USD Million)
Table 44 Netherlands: Market Size, By Source, 2016–2023 (USD Million)
Table 45 Netherlands: Market, By Category, 2016–2023 (USD Million)
Table 46 Rest of Europe: Meat Substitutes Market Size, By Source, 2016–2023 (USD Million)
Table 47 Rest of Europe: Market Size, By Category, 2016–2023 (USD Million)
Table 48 Asia Pacific: Meat Substitutes Market Size, By Country, 2016–2023 (USD Million)
Table 49 Asia Pacific: Market Size, By Type, 2016–2023 (USD Million)
Table 50 Asia Pacific: Market Size, By Source, 2016–2023 (USD Million)
Table 51 Asia Pacific: Market Size, By Category, 2016–2023 (USD Million)
Table 52 China: Market Size, By Source, 2016–2023 (USD Million)
Table 53 China: Market Size, By Category, 2016–2023 (USD Million)
Table 54 India: Market Size, By Source, 2016–2023 (USD Million)
Table 55 India: Market Size, By Category, 2016–2023 (USD Million)
Table 56 Japan: Market Size, By Source, 2016–2023 (USD Million)
Table 57 Japan: Market Size, By Category, 2016–2023 (USD Million)
Table 58 Australia & New Zealand: Market Size, By Source, 2016–2023 (USD Million)
Table 59 Australia & New Zealand: Market Size, By Category, 2016–2023 (USD Million)
Table 60 Rest of Asia Pacific: Market Size, By Source, 2016–2023 (USD Million)
Table 61 Rest of Asia Pacific: Market Size, By Category, 2016–2023 (USD Million)
Table 62 RoW: Meat Substitutes Market Size, By Country, 2016–2023 (USD Million)
Table 63 RoW: Market Size, By Type, 2016–2023 (USD Million)
Table 64 RoW: Market Size, By Source, 2016–2023 (USD Million)
Table 65 RoW: Market Size, By Category, 2016–2023 (USD Million)
Table 66 Brazil: Meat Substitutes Market Size, By Source, 2016–2023 (USD Million)
Table 67 Brazil: Meat Substitutes Market Size, By Category, 2016–2023 (USD Million)
Table 68 Argentina: Market Size, By Source, 2016–2023 (USD Million)
Table 69 Argentina: Market Size, By Category, 2016–2023 (USD Million)
Table 70 South Africa: Market Size, By Source, 2016–2023 (USD Million)
Table 71 South Africa: Market Size, By Category, 2016–2023 (USD Million)
Table 72 Others in RoW: Market Size, By Source, 2016–2023 (USD Million)
Table 73 Others in RoW: Market Size, By Category, 2016–2023 (USD Million)
Table 74 New Product Launches
Table 75 Expansions & Investments
Table 76 Acquisitions
Table 77 Mergers


List of Figures (35 Figures)

Figure 1 Meat Substitutes Market: Market Segmentation
Figure 2 Meat Substitutes Market: Regional Segmentation
Figure 3 Meat Substitutes Market Information and Data : Research Design
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Breakdown and Data Triangulation
Figure 8 Meat Substitutes Market Size, By Type, 2018 vs 2023 (USD Million)
Figure 9 Meat Substitutes Market Size, By Source, 2018 vs 2023 (USD Million)
Figure 10 Meat Substitutes Market Size, By Category, 2018 vs 2023 (USD Million)
Figure 11 Meat Substitutes Market Share, By Region, 2017
Figure 12 Rising Health Concerns Due to Increasing Obesity Levels Brought on By the Consumption of Meat Products Drives the Meat Substitutes Market
Figure 13 Tofu & Tofu Ingredients Segment Dominated the Market in 2017
Figure 14 Soy Segment Led the Market in All the Regions in 2017
Figure 15 Soy Segment Held the Largest Share in 2017
Figure 16 Frozen Segment Dominated the Meat Substitutes Market in 2017
Figure 17 India to Record Highest CAGR, 2018—2023 (USD Million)
Figure 18 Rising Health Concerns Due to Increasing Obesity Levels Brought on By the Consumption of Meat Products
Figure 19 Obesity Among Adults (2015)
Figure 20 Soybean Production in India and China, 2016 vs 2017 (MMT)
Figure 21 Meat Substitutes Market: Supply Chain
Figure 22 Geographic Snapshot (2018–2023): Rapidly Growing Markets are Emerging as New Hotspots
Figure 23 Europe: Market Snapshot
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Key Developments By Leading Players in the Meat Substitutes Market, 2013–2017
Figure 26 Meat Substitutes Market Developments, By Growth Strategy, 2015–2017
Figure 27 ADM: Company Snapshot
Figure 28 ADM: SWOT Analysis
Figure 29 Dupont: Company Snapshot
Figure 30 Dupont: SWOT Analysis
Figure 31 The Nisshin Oillio Group: Company Snapshot
Figure 32 The Nisshin Oillio Group: SWOT Analysis
Figure 33 Sonic Biochem Limited: SWOT Analysis
Figure 34 MGP Ingredients: Company Snapshot
Figure 35 MGP Ingredients: SWOT Analysis

The study involved four major activities in estimating the current market size of the meat substitutes market. Exhaustive secondary research was done to collect information on the market as well as the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various sources were referred to, so as to identify and collect information for this study. These secondary sources included reports from the Food and Agriculture Organization (FAO), Organization for Economic Co-operation and Development (OECD), Eurostat, World Integrated Trade Solution (WITS), and UN Comtrade. The secondary sources also included annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors and regulatory bodies, trade directories, and databases. Secondary research was mainly conducted to obtain key information about the industry’s supply chain, the total pool of key players, market classification & segmentation according to industry trends to the bottom-most level, and geographical markets. It was also used to obtain information about the key developments from a market-oriented perspective.

Primary Research

The overall meat substitutes market comprises several stakeholders in the supply chain, which include raw material suppliers, processors, end-product manufacturers, and regulatory organizations. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders, executives, vice presidents, and CEOs of the food companies. The primary sources from the supply side include research institutions involved in R&D, key opinion leaders, and meat substitute products manufacturing companies.

Meat Substitutes Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the meat substitutes market. These approaches were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following details:

  • The key players were identified through extensive secondary research.
  • The meat substitutes market size, in terms of value, were determined through primary and secondary research.
  • All percentage share splits and breakdowns were determined using secondary sources and verified through primary sources.
  • All the possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and subsegments. In order to estimate the overall meat substitutes market and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedures were employed wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.

Report Objectives

  • Determining and projecting the size of the meat substitutes market, with respect to type, source, category, and regional markets, over a five-year period, ranging from 2018 to 2023.
  • Identifying attractive opportunities in the market by determining the largest and fastest-growing segments across regions
  • Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • Analyzing the micromarkets, with respect to individual growth trends, future prospects, and their contribution to the total market
  • Identifying and profiling key market players in the meat substitutes market
  • Providing a comparative analysis of the market leaders on the basis of the following:
    • Product offerings
    • Business strategies
    • Strengths and weaknesses
    • Key financials
  • Understanding the competitive landscape and identifying the major growth strategies adopted by players across the key regions
  • Analyzing the value chain, products, and regulatory frameworks across key regions and their impact on the prominent market players
  • Providing insights into key product innovations and investments in the meat substitutes market

Scope of the report

Report Metric

Details

Market size available for years

2016–2023

Base year considered

2017

Forecast period

2018–2023

Forecast units

Value (USD Million)

Segments covered

Type, Source, Category, and Region

Geographies covered

North America, Europe, Asia Pacific, and RoW

Companies covered

ADM (US), DowDuPont (US), The Nisshin OilliO Group (Japan), Sonic Biochem Limited (India), MGP Ingredients (US), Garden Protein International (Canada), Beyond Meat (US), Amy's Kitchen (US), Quorn Foods (UK), MorningStar Farms (US), Meatless (Netherlands), and VBites (UK)

This research report categorizes the meat substitutes market based on type, source, category, and region.

On the basis of Type, the meat substitutes market has been segmented as follows:

  • Tofu & tofu ingredients
  • Tempeh
  • Textured vegetable protein
  • Other soy products (miso, yaso, and nattτ)
  • Seitan
  • Quorn
  • Other meat substitutes (risofu, valess, lupine, and pea protein)

On the basis of Source, the meat substitutes market has been segmented as follows:

  • Soy
  • Wheat
  • Mycoprotein
  • Others (rice, peas, pulses, and milk)

On the basis of Category, the meat substitutes market has been segmented as follows:

  • Frozen
  • Refrigerated
  • Shelf-stable

On the basis of Region, the meat substitutes market has been segmented as follows:

  • North America
  • Europe
  • Asia Pacific
  • RoW (Brazil, Argentina, and South Africa)

Geographic Analysis

  • Further breakdown of the Rest of Europe meat substitutes market

Company Information

  • Analyses and profiling of additional market players (up to five)

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company
Report Code
FB 2515
Published ON
Feb, 2018
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