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Market Leader - Meat Substitutes Market

The meat substitutes market is estimated at USD 4.63 Billion in 2018 and is projected to reach a value of USD 6.43 Billion by 2023, growing at a CAGR of 6.8%. The key players profiled have a strong presence in the global meat substitutes market; they include ADM (US), DuPont (US), The Nisshin OilliO Group (Japan), Sonic Biochem Limited (India), Quorn Foods (UK), Garden Protein International (Canada), and MGP Ingredients (US).

The key market players adopted various growth strategies such as acquisitions, expansions & investments, and new product launches in order to cater to the increasing demand for meat substitutes and expand their business. The companies in this market focus on increasing their research & development expenditure to develop new meat substitutes with better quality; the companies also focus on expanding their manufacturing capacities by increasing production capacities of existing plants or by establishing new production plants.

The core strengths of the key players in this market are expansions and new product launches, which help to increase their presence in the meat substitutes market. The companies are adopting new technologies to create nutrient-fortified meat substitute ingredients to match the requirements of meat-substituted food manufacturers. Companies such as ADM (US), Sonic Biochem Limited (India), and MGP Ingredients (US) are expanding their production facilities. Companies such as Quorn Foods (UK) are expanding their geographic presence as well as their R&D divisions for developing nutrient fortified meat substitutes.

ADM (US) has been one of the major players in the global meat substitutes market. It offers meat substitutes in Europe, Africa, the Middle East, Asia, and the Americas. In August 2014, as an expansion strategy, ADM set up a soy protein production complex in Campo Grande, Mato Grosso do Sul, Brazil, with an investment of approximately USD 250 million. This will lead to an expansion of the company’s business in Brazil and meet regional the demand. Sonic Biochem Limited (India) strengthened its position in the meat substitutes market, mainly through expansion. In November 2014, Sonic Biochem set up a new plant in Pithampur and Mandsaur, India. This helped the company increase its production capacity for soy flakes, flour, protein concentrates, and organic soy products in the country.

Quorn Foods (UK) in July 2015, invested USD 30 million to increase its production capacity at its existing plant in the Nelson Avenue, Billingham site. The plant is engaged in manufacturing mycoproteins, and this investment helped the company increase its production by more than a third. This strengthened the meat substitutes market in the UK.

Related Reports:

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

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