Global Meat Substitute Market - Growth, Trends and Forecasts 2017 - 2022

  • ID: 4387568
  • Report
  • Region: Global
  • 169 pages
  • Mordor Intelligence
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Market Insights

Meat substitutes are plant originated products that are used as meat protein substitutes. The global meat substitute market is growing steadily at a CAGR of 6.8%. The market was valued at USD 3.75 billion in 2015 and is expected to reach USD 5.7 billion by 2021. Currently, the global campaign of ‘go vegetarian’ is the most powerful influencer of the demand for such products. Health benefits of this cholesterol-free protein, with meat-like texture, is the main factor promoting the growth of meat substitute products. Soy-based products such as tofu, miso, yaso, natto, and seitan are fast becoming popular among consumers. The market is fragmented; however, the top five players occupied 41% of total market share, in 2015. For market growth, product innovation and artificial meat taste are incorporated in the meat substitute products.

Market Dynamics

The meat substitute market is largely driven by the demand for healthy and diversified foods, “go- vegetarian” movement, and large support from the convenient food market. Currently, the meat substitute market is growing at a high rate; however, it is facing obstacles due to the relatively high price of the products and lack of taste in comparison to meat. The market possesses opportunities for growth in the rising organized retail sector and through innovation of products and offerings.

Market Segmentation

The global meat substitute market can be classified into three segments - type, source and geography. Regarding product type, the meat substitute market is further segmented into tofu, tempeh, TVP, quorn, seitan, miso, yaso, hatto, and others. Tofu is the largest sub-segment in product type. By source, the market is divided into soy-based, wheat-based, mycoprotein, and others. Soy-based products form the largest sub-category, by source, accounting for 70% of the market share. Geographically, the meat substitute market is segmented into North America, South America, Europe, Asia-Pacific, and Africa.

Regional Analysis

Regionally, Europe is the largest market for meat substitute products, by revenue, accounting for 41% of the global market share. The second largest market is Asia-Pacific, as it holds XX% market share, currently. This market is also the fastest-growing, globally. The Asia-Pacific region is growing at a 9.8% CAGR, annually; due to the huge support from the large population, rising urbanization, increasing incomes and rapid adaptation of processed foods in the market. Other regions such as North and South America are growing markets, with a steady growth rate.

Competitive Environment

The global competitive environment in the meat substitute market is moderate in nature. The top five global players such as Quorn Foods Ltd., Blue Chip Group, Vbites Foods, Amy Kitchen, Inc., and Cauldron Foods control 40% of the market, with the rest being fragmented among small and regional players, across the world. The market entry for new players is moderately difficult due to the availability of high number of alternatives in the market. New product launches that include innovative flavors, textures, organic, and non-GMA products, and mergers & acquisitions with local players have been strong business strategies for market growth.

The major players in this market include -

Key Deliverables:

Market analysis for the global meat substitute market, with region-specific assessments and competition analysis on a global and regional scale.

Market definition along with the identification of key drivers and restraints.

Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.

Extensively researched competitive landscape section with profiles of major companies along with their market share.

Identification and analysis of the macro and micro factors that affect the global meat substitute market at both global and regional level.

A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.

A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.

Insights on the major countries/regions where this industry is growing and also identify the regions that are still untapped

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1. Introduction
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach & Methodology
2.1 Introduction
2.2 Research Designs
2.3 Study Timeline
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modelling
2.4.4 Expert Validation
3. Key Findings
4. Market Dynamics
4.1 Drivers
4.1.1 Demand for Healthy and Diversified Food
4.1.2 Preference for Vegetarian Food
4.1.3 Demand for Convenience
4.2 Constraints
4.2.1 Relatively High Price Of Meat Substitute Products
4.2.2 Lack of Good Taste in Comparision to Natural Meat Products
4.3 Opportunities
4.3.1 Rising Organized Retail Sector
4.3.2 Scope of Innovation In Products and Offerings
4.4 Porter Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Market Trends
5.1 By Product Type
5.1.1 Tofu
5.1.2 Tempeh
5.1.3 TVP
5.1.4 Quorn
5.1.5 Seitan
5.1.6 Miso
5.1.7 Yaso
5.1.8 Hatto
5.1.9 Others
5.2 By Source
5.2.1 Soy-Based
5.2.2 Wheat-Based
5.2.3 Mycoprotien
5.2.4 Others
5.3 By Geography
5.3.1 North America U.S. Canada Mexico Others
5.3.2 Europe Germany U.K. Italy Spain France Russia Others
5.3.3 Asia-Pacific China Japan India Australia Others
5.3.4 South America Brazil Argentina Others
5.3.5 Africa South Africa Others
6. Competitive Landscape
7. Company Profiles
7.1 AMY Kitchen, Inc.
7.2 Beyond Meat
7.3 Blue Chip Group
7.4 Cauldron Foods
7.5 Garden Protein International, Inc.
7.6 MGP Ingredients, Inc.
7.7 Meatless B.V.
7.8 Morningstar Farms
7.9 Nisshin Ollio Group
7.10 Quorn Foods
7.11 Sonic Biochem Extractions Ltd.
7.12 The Nisshin Ollio Group Ltd.
7.13 Vbites Foods Ltd.
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Note: Product cover images may vary from those shown