Meat Substitutes Market

Market Leader - Meat Substitutes Market

The meat substitutes market is estimated to be valued at USD 1.6 billion in 2019 and is projected to reach USD 3.5 billion by 2026, recording a CAGR of 12.0%. The growth of the meat substitutes market is driven by factors, such as the changing preferences of people for vegan food products and increasing obesity.

Key players in the meat substitutes market include Archer Daniels Midland Company (US), DuPont (US), Roquette Frères (France), Kerry (Ireland), Ingredion (US), The Nisshin OilliO Group,Ltd (Japan), Axiom Foods (US), Sotexpro S.A (France), Wilmar International Limited (Singapore), CRESPEL & DEITERS (Germany), CHS INC. (US), Suedzucker (Germany), MGP Ingredient (US), Puris (US), Sonic Biochem Ltd. (India),  The Top Health Ingredients (Canada), The Emsland Group (Germany), and Cargill (US).

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Key players are focusing on increasing their market shares while their newer start-ups are being established rapidly in the market. The meat substitutes market is classified as a competitive market as it has a presence of a large number of organized players, accounting for a major part of the market share, present at the global level, as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies, particularly in the Asian markets.

Cargill (US) is involved in the production and marketing of food ingredients; agricultural products; and risk management, financial, and industrial products & services around the globe. Its key business segments include specialty food ingredients & applications and bulk ingredients. It comprises 75 businesses, which are classified into four main divisions, namely, agriculture, food, financial, and industrial. The products and services provided by the company are offered in the area of animal nutrition and feed, commodity trading and processing, industrial/bio-industrial products, energy and fuels, farmer services, financial and risk management, food & beverage ingredients, health and personal care, and salt. The company mainly focuses on various investments to strengthen its position in the meat substitutes market. For instance, In August 2019, Cargill invested USD 75 million in PURIS (US), a key distributor of pea protein ingredients to Beyond Meat (US). This investment would enable PURIS to double its production of pea proteins.

Ingredion (US) is an ingredient solutions company whose product line includes sweeteners, starches, and unique ingredients from plant sources, such as corn, tapioca, rice, sago, and potato. It also sells biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a range of industries, both domestically and internationally. It caters to a variety of customers in diverse industries around the world, including food, beverage, paper & corrugating, brewing, pharmaceutical, textile, and personal care, as well as the global feed and corn oil markets. Its key reportable segments include food, beverages, animal nutrition, brewing, and others. It maintains a strong operational base of 44 manufacturing facilities and has a presence across 60 countries.

Ingredion produces a diverse variety of flours made out of pulses. These flours are used in bakery products, snacks, cereals, meat alternatives, pasta, batters, and bread. Meat alternatives are produced from pea, faba beans, chickpeas, and lentils. The company mainly focuses on various expansions & investments to expand itself in the meat substitutes market. For instance,

  • In May 2019, Ingredion invested nearly USD 185 million in a new facility in Vanscoy, Canada, which would be operational by 2020. The new facility would play a key role in the development and production of new protein concentrates and flours from lentils, faba, peas, and beans.

DuPont Danisco A/S is the food ingredient solutions provider for the DuPont Group. It is a part of the group’s nutrition & biosciences division and is structured into two business lines, namely, food ingredients and industrial enzymes. The food ingredients business supplies bio-based ingredients for food & beverage products and comprises the business segment enablers, cultures, proteins, and sweeteners, while the industrial enzymes division focuses on industrial biotechnology and encompasses business segments, such as fabric and household care.

The proteins segment of DuPont comprises pea protein, soy protein, and plant-based protein. Soy and pea protein are available in isolates and as textured protein. These proteins are used for daily nutritional intake. Some variants of proteins are used for meat alternatives.

Related Reports:

Meat Substitutes Market by Source (Soy protein, Wheat protein, Pea protein), Type (Concentrates, Isolates, and Textured), Product (Tofu, Tempeh, Seitan, and Quorn), Form (Solid and Liquid), and Region - Global Forecast to 2026

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Report Code
FB 2515
RI Published ON
1/23/2020
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