HOME Top Market 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

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

By: marketsandmarkets.com
Publishing Date: December 2016
Report Code: FB 2515

 

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The market for meat substitutes was valued at USD 3.81 Billion in 2015, and is projected to grow at a CAGR of 6.6% from 2016. 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 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 the following:

  • 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 marke

Research Methodology

This report includes estimations of market size 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 of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market share in respective regions has been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources Agricultural and Processed Food Products Export Development Authority (APEDA), The Food and Agriculture Organization (FAO), Soy Foods Association of North America (SANA), International Meat Trade Association (IMTA) to identify and collect information useful for this technical, market-oriented, and commercial study of the meat substitutes market.

Meat Substitutes Market

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

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.

Target Audience:

  • Raw material suppliers and distributors
  • Regulatory bodies and associations
  • Organizations such as the Food and Drug Administration (FDA), European Food Safety Authority (EFSA), United States Department of Agriculture (USDA), and Food Standards Australia New Zealand (FSANZ), The Agricultural and Processed Food Products Export Development Authority (APEDA), International Meat Trade Association (IMTA), European Livestock and Meat Trades Union or L’Union Europ้enne du Commerce du B้tail et des M้tiers de la Viande (UECBE), Japan Tofu Association, Soyfoods Association of North America (SANA), and North American Meat Institute (NAMI)
  • Government agencies
  • Research organizations
  • Intermediary suppliers
  • Traders
  • Wholesalers
  • Dealers
  • Meat substitutes manufacturers
  • Research and consulting firms
  • End use customers

“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
  • Tempeh
  • Textured vegetable protein (TVP)
  • Other soy products (risofu and vales)
  • Seitan
  • Quorn
  • 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
  • Europe
  • Asia-Pacific
  • RoW (Brazil, Argentina, and South Africa)

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to client-specific needs.

The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of the Rest of Europe meat substitutes market into Sweden, Poland, Norway, and the Netherlands
  • Further breakdown of the Rest of Asia-Pacific meat substitutes market into Indonesia and Vietnam
  • Further breakdown of the RoW meat substitutes market into Africa and the Middle East

Company Information

  • Detailed analysis and profiling of additional market players (up to three)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered in the Report
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Factor Analysis
           2.2.1 Introduction
           2.2.2 Demand-Side Analysis
                    2.2.2.1 Population Growth and Diversified Food Demand
           2.2.3 Supply-Side Analysis
                    2.2.3.1 Fluctuations in Raw Material Prices
    2.3 Market Size Estimation
    2.4 Market Breakdown & Data Triangulation
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 34)
    4.1 Attractive Opportunities in the Meat Substitutes Market
    4.2 Meat Substitute Market, By Type
    4.3 Market, By Category
    4.4 European Meat Substitutes Market, By Country and By Source
    4.5 Life Cycle Analysis, By Region

5 Market Overview (Page No. - 39)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 Type
           5.2.2 Source
           5.2.3 Category
           5.2.4 Region
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Health Awareness and Meat Adulteration Scandals
                    5.3.1.2 Increasing Health Concerns for Pets
                    5.3.1.3 Environmental Issues
                    5.3.1.4 Penetration of Modernized Retail Chain Increases Adoption Levels in Emerging Markets
           5.3.2 Restraints
                    5.3.2.1 Ill-Effects of Meat Substitutes
                    5.3.2.2 Perception of Taste
           5.3.3 Opportunities
                    5.3.3.1 Exploring Technological Advancements to Develop New Product Lines
                    5.3.3.2 The Asia-Pacific Market Provides Immense Potential for Meat Substitutes
           5.3.4 Challenges
                    5.3.4.1 Genetically Modified Soybeans
           5.3.5 Burning Issues
                    5.3.5.1 Toxic Tofu in China

6 Industry Trends (Page No. - 52)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Supply Chain Analysis
           6.3.1 Prominent Companies
           6.3.2 Small & Medium Enterprises
           6.3.3 End Users (Manufacturers/Consumers)
           6.3.4 Key Influencers
    6.4 Regulatory Environment
    6.5 Export-Import Data for Soybean (Raw Material for Meat Substitutes)
    6.6 Strategic Benchmarking
           6.6.1 New Product Launches & Expansions
           6.6.2 Expanding Business Through Acquisitions, Collaborations, Partnerships, and Investments

7 Meat Substitutes Market, By Function (Page No. - 61)
    7.1 Introduction
    7.2 Tofu & Tofu Ingredients
    7.3 Tempeh
    7.4 Textured Vegetable Protein (TVP)
    7.5 Other Soy Products
    7.6 Seitan
    7.7 Quorn
    7.8 Other Types of Meat Substitutes

8 Meat Substitutes Market, By Source (Page No. - 72)
    8.1 Introduction
    8.2 Soy-Based Meat Substitutes
    8.3 Wheat-Based Meat Substitutes
    8.4 Mycoprotein Meat Substitutes
    8.5 Other Sources of Meat Substitutes

9 Meat Substitutes Market, By Category (Page No. - 78)
    9.1 Introduction
    9.2 Frozen Meat Substitutes
    9.3 Refrigerated Meat Substitutes

10 Meat Substitutes Market, By Region (Page No. - 82)
     10.1 Introduction
     10.2 North America
             10.2.1 U.S.
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 Germany
             10.3.2 U.K.
             10.3.3 Spain
             10.3.4 France
             10.3.5 Italy
             10.3.6 Netherlands
             10.3.7 Rest of Europe
     10.4 Asia-Pacific
             10.4.1 China
             10.4.2 India
             10.4.3 Japan
             10.4.4 Australia & New Zealand
             10.4.5 Rest of Asia-Pacific
     10.5 Rest of the World (RoW)
             10.5.1 Brazil
             10.5.2 Argentina
             10.5.3 South Africa
             10.5.4 Others in RoW

11 Brand Overview (Page No. - 120)
     11.1 Introduction
     11.2 The Beyond Burger By Beyond Meat, Inc.
     11.3 Meatless Meatballs By Garden Protein International Inc.
     11.4 Hickory Bbq Riblets By Morningstar Farms LLC
     11.5 TVP Minced 60 Uncolored By ADM
     11.6 Alpha Soy Protein By E.I. Du Pont De Nemours & Co.
     11.7 Jem Nutrimax By Sonic Biochem Extractions Ltd.
     11.8 Trutex 1500 Series By MGP Ingredients, Inc.
     11.9 Veggie Sausages By Amy's Kitchen, Inc.
     11.10 Meatless Chicken Nuggets By Quorn Foods, Inc.
     11.11 Maple Flavored Sausage Patties By Morningstar Farms LLC

12 Competitive Landscape (Page No. - 122)
     12.1 Overview
     12.2 Rank Analysis
     12.3 Competitive Situation & Trends
     12.4 New Product Launches
     12.5 Expansions & Investments
     12.6 Mergers & Acquisitions
     12.7 Joint Ventures, Partnerships & Agreements

13 Company Profiles (Page No. - 131)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     13.1 Archer Daniels Midland Company
     13.2 E.I. Du Pont De Nemours & Company
     13.3 The Nisshin Ollio Group Ltd.
     13.4 Sonic Biochem Extractions Ltd.
     13.5 MGP Ingredients Inc.
     13.6 Garden Protein International Inc.
     13.7 Beyond Meat, Inc.
     13.8 Amy’s Kitchen Inc.
     13.9 Quorn Foods
     13.10 Morningstar Farms LLC

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 159)
     14.1 Discussion Guide
     14.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.3 Introducing RT: Real-Time Market Intelligence
     14.4 Available Customizations
     14.5 Related Reports
     14.6 Author Details


List of Tables (78 Tables)

Table 1 Population of Meat-Reducers, 2002–2012 (Million)
Table 2 Soybean Export-Import Data
Table 3 Meat Substitutes Market Size, By Type, 2014–2022 (USD Million)
Table 4 Tofu & Tofu Ingredients Market Size, By Region, 2014–2022 (USD Million)
Table 5 Tempeh Market Size, By Region, By Region, 2014–2022 (USD Million)
Table 6 Textured Vegetable Protein Market Size, By Region, 2014–2022 (USD Million)
Table 7 Other Soy Products Market Size, By Region, 2014–2022 (USD Million)
Table 8 Seitan Market Size, By Region, By Region, 2014–2022 (USD Million)
Table 9 Quorn Market Size, By Region, 2014–2022 (USD Million)
Table 10 Others Types of Meat Substitutes Market Size, By Region, 2014–2022 (USD Million)
Table 11 Market Size, By Source, 2014–2022 (USD Million)
Table 12 Soy-Based Meat Substitutes Market Size, By Region, 2014–2022 (USD Million)
Table 13 Wheat-Based Meat Substitute Market Size, By Region, 2014–2022 (USD Million)
Table 14 Mycoprotein Meat Substitute Market Size, By Region, 2014–2022 (USD Million)
Table 15 Other Meat Substitute Market Size, By Region, 2014–2022 (USD Million)
Table 16 Meat Substitutes Market Size, By Category, 2014-2022 (USD Million)
Table 17 Frozen Meat Substitute Market Size, By Region, 2014–2022 (USD Million)
Table 18 Refrigerated Meat Substitute Market Size, By Region, 2014–2022 (USD Million)
Table 19 Meat Substitutes Market Size, By Region, 2014-2022 (USD Million)
Table 20 North America: Meat Substitute Market Size, By Country, 2014-2022 (USD Million)
Table 21 North America: Market Size, By Type, 2014-2022 (USD Million)
Table 22 North America: Market Size, By Source, 2014-2022 (USD Million)
Table 23 North America: Market Size, By Category, 2014-2022 (USD Million)
Table 24 U.S.: Meat Substitute Market Size, By Source, 2014-2022 (USD Million)
Table 25 U.S.: Market Size, By Category, 2014-2022 (USD Million)
Table 26 Canada: Meat Substitutes Market Size, By Source, 2014-2022 (USD Million)
Table 27 Canada: Market Size, By Category, 2014-2022 (USD Million)
Table 28 Mexico: Meat Substitutes Market Size, By Source, 2014-2022 (USD Million)
Table 29 Mexico: Market Size, By Category, 2014-2022 (USD Million)
Table 30 Europe: Meat Substitutes Market Size, By Country, 2014-2022 (USD Million)
Table 31 Europe: Market Size, By Type, 2014-2022 (USD Million)
Table 32 Europe: Market Size, By Source, 2014-2022 (USD Million)
Table 33 Europe: Market Size, By Category, 2014-2022 (USD Million)
Table 34 Germany: Meat Substitutes Market Size, By Source, 2014-2022 (USD Million)
Table 35 Germany: Market Size, By Category, 2014-2022 (USD Million)
Table 36 U.K.: Meat Substitutes Market Size, By Source, 2014-2022 (USD Million)
Table 37 U.K.: Market Size, By Category, 2014-2022 (USD Million)
Table 38 Spain: Meat Substitute Market Size, By Source, 2014-2022 (USD Million)
Table 39 Spain: Market Size, By Category, 2014-2022 (USD Million)
Table 40 France: Meat Substitute Market Size, By Source, 2014-2022 (USD Million)
Table 41 France: Market Size, By Category, 2014-2022 (USD Million)
Table 42 Italy: Meat Substitutes Market Size, By Source, 2014-2022 (USD Million)
Table 43 Italy: Market Size, By Category, 2014-2022 (USD Million)
Table 44 Netherlands: Meat Substitutes Market Size, By Source, 2014-2022 (USD Million)
Table 45 Netherlands: Market Category, 2014-2022 (USD Million)
Table 46 Rest of Europe: Meat Substitutes Market Size, By Source, 2014-2022 (USD Million)
Table 47 Rest of Europe: Market Size, By Category, 2014-2022 (USD Million)
Table 48 Asia-Pacific: Meat Substitutes Market Size, By Country, 2014–2022 (USD Million)
Table 49 Asia-Pacific: Market Size, By Type, 2014–2022 (USD Million)
Table 50 Asia-Pacific: Market Size, By Source, 2014–2022 (USD Million)
Table 51 Asia-Pacific: Market Size, By Category, 2014–2022 (USD Million)
Table 52 China: Meat Substitutes Market Size, By Source, 2014–2022 (USD Million)
Table 53 China: Market Size, By Category, 2014–2022 (USD Million)
Table 54 India: Meat Substitutes Market Size, By Source, 2014–2022 (USD Million)
Table 55 India: Market Size, By Category, 2014–2022 (USD Million)
Table 56 Japan: Meat Substitutes Market Size, By Source, 2014–2022 (USD Million)
Table 57 Japan: Market Size, By Category, 2014–2022 (USD Million)
Table 58 Australia & New Zealand: Meat Substitutes Market Size, By Source, 2014–2022 (USD Million)
Table 59 Australia & New Zealand: Market Size, By Category, 2014–2022 (USD Million)
Table 60 Rest of Asia-Pacific: Meat Substitutes Market Size, By Source, 2014–2022 (USD Million)
Table 61 Rest of Asia-Pacific: Market Size, By Category, 2014–2022 (USD Million)
Table 62 RoW: Meat Substitute Market Size, By Country, 2014–2022 (USD Million)
Table 63 RoW: Market Size, By Type, 2014–2022 (USD Million)
Table 64 RoW: Market Size, By Source, 2014–2022 (USD Million)
Table 65 RoW: Market Size, By Category, 2014–2022 (USD Million)
Table 66 Brazil: Meat Substitutes Market Size, By Source, 2014–2022 (USD Million)
Table 67 Brazil: Market Size, By Category, 2014–2022 (USD Million)
Table 68 Argentina: Meat Substitutes Market Size, By Source, 2014–2022 (USD Million)
Table 69 Argentina: Market Size, By Category, 2014–2022 (USD Million)
Table 70 South Africa: Meat Substitutes Market Size, By Source, 2014–2022 (USD Million)
Table 71 South Africa: Market Size, By Category, 2014–2022 (USD Million)
Table 72 Others in RoW: Meat Substitute Market Size, By Source, 2014–2022 (USD Million)
Table 73 Others in RoW: Market Size, By Category, 2014–2022 (USD Million)
Table 74 Global Meat Substitutes Market: Company Rankings
Table 75 New Product Launches, 2011–2016
Table 76 Expansions & Investments, 2011–2016
Table 77 Acquisitions, 2011–2016
Table 78 Joint Ventures & Agreements, 2011–2016


List of Figures (51 Figures)

Figure 1 Meat Substitutes Market: Research Design
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 3 Population Growth Trend, 1961-2050
Figure 4 Global Average Price of Raw Materials, 2000-2014 (USD/Mt)
Figure 5 Market Size Estimation: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Market Breakdown & Data Triangulation
Figure 8 Meat Substitutes Market, By Type, 2016-2022
Figure 9 Market Size, By Source, 2016-2022
Figure 10 Market Size, By Category, 2016-2022
Figure 11 Europe Projected to Be the Largest Meat Substitutes Market By 2022
Figure 12 Top Five Largest Meat Substitute Markets
Figure 13 Asia-Pacific Projected to Be the Fastest-Growing Market By 2022
Figure 14 an Emerging Market With Promising Growth Potential, 2016–2022
Figure 15 Tofu & Tofu Ingredients Projected to Be the Largest Segment Throughout the Forecast Period
Figure 16 Frozen Segment to Be the Largest Market During the Forecast Period
Figure 17 Soy-Based Segment Accounted for the Largest Share in the European Meat Substitutes Market in 2015
Figure 18 Asia-Pacific is Expected to Witness Significant Growth in the Coming Years
Figure 19 Meat Substitutes Market Segmentation, By Type
Figure 20 Market Segmentation, By Source
Figure 21 Market Segmentation, By Category
Figure 22 Market Segmentation, By Region
Figure 23 Meat Substitutes Market: Drivers, Restraints, Opportunities, and Challenges
Figure 24 Global Causes of Deaths
Figure 25 Global Per Capita Consumption of Beef, Pork & Red Meat, 2006–2015 (Pounds)
Figure 26 Number of Animal Slaughters in the U.S., 1960–2014 (Billion)
Figure 27 Carbon Dioxide Equivalence Associated With Various Meat Types
Figure 28 Meat Substitutes: Value Chain
Figure 29 Meat Substitutes Market: Supply Chain
Figure 30 Strategic Benchmarking: Organic Growth Strategies Adopted By Companies to Expand in the Meat Substitute Market
Figure 31 Strategic Benchmarking: Acquisitions, Collaborations, Partnerships, and Investments Adopted By Major Companies
Figure 32 Meat Substitutes Market Size, By Type: A Snapshot
Figure 33 Market Size, By Source, 2016–2022 (USD Million)
Figure 34 Market, By Category (2016-2022): A Snapshot
Figure 35 Geographic Snapshot (2016-2022): Rapidly Growing Markets are Emerging as New Hotspots
Figure 36 North American Meat Substitute Market Snapshot
Figure 37 U.S. Projected to Have Largest Share in Global Market, 2016-2022
Figure 38 European Meat Substitutes Market Snapshot
Figure 39 Asia-Pacific Market: A Snapshot
Figure 40 Expansions & Investments and New Product Launches : Leading Approaches of Key Companies, 2011–2016
Figure 41 Expanding Revenue Base Through Expansions & Investments, 2014–2016
Figure 42 New Product Launches: the Key Strategy, 2011–2016
Figure 43 Archer Daniels Midland Company: Company Snapshot
Figure 44 Archer Daniels Midland Company: SWOT Analysis
Figure 45 E.I. Du Pont De Nemours & Company: Company Snapshot
Figure 46 E.I. Du Pont De Nemours & Company.: SWOT Analysis
Figure 47 The Nisshin Ollio Group Ltd.: Company Snapshot
Figure 48 The Nisshin Ollio Group Ltd.: SWOT Analysis
Figure 49 Sonic Biochem Extractions Ltd.: SWOT Analysis
Figure 50 MGP Ingredients Inc.: Company Snapshot
Figure 51 MGP Ingredients Inc.: SWOT Analysis

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 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.

Meat Substitutes Market

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 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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