The global Meat Substitutes market was valued at USD 4.05 billion in 2016 and is projected to reach USD 7.02 billion by 2025, growing at a CAGR of 6.3% from 2017 to 2025.
Meat Substitutes have been witnessing rising sales owing to growing concerns regarding the quality of meat. The adoption of vegan diets by large populations in North America and Europe is driving the demand for this product category. The retail penetration in developing countries is expected to play a major role in driving future consumption.
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1. Market Drivers
1.1 Rising health awareness and consumer knowledge about meat adulteration
1.2 Penetration of modernized retail chain increases adoption levels in emerging markets
2. Market Restraints
2.1 Ill effects of meat substitutes
2.2 Perception of taste
The global Meat Substitutes market is segmented on the product, source, category, and region.
1. By Product:
1.1 Tofu and Tofu Ingredients
1.4 Other Soy Products
1.5 Textured Vegetable Protein
2. By Source:
2.1 Wheat Based Meat Substitutes
2.2 Soy Based Wheat Substitutes
2.3 Mycoprotein Meat Substitutes
3. By Category:
3.1 Frozen Meat Substitutes
3.2 Refrigerated Meat Substitutes
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Morningstar Farms LLC
2. Archer Daniels Midland Company
3. Quorn Foods
4. EI Du Pont De Nemours
5. Amy’s Kitchen
6. Beyond Meat
7. Garden Protein International Inc.
8. The Nisshin Ollio Group Ltd.
9. MGP Ingredients
10. Sonic Biochem Extractions Ltd.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Meat Substitutes market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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