Meat Substitute Market To Touch US$7.5 bn by 2025 | Top Key Players: ADM, Dupont, The Nisshin Oillio Group, Meatless, Vbites, Schouten Europe, Memphis Meats
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The meat substitute market by product type comprises products prepared from tofu, tempeh, textured vegetable protein, seitan, quorn, and other plant-based sources. Textured vegetable protein (TVP)-based meat substitutes occupied the largest market share of 35.8% in 2017 as it is the basic ingredient in most of the soy-based meat substitute products. In terms of growth, Seitan-based meat substitutes are projected to exhibit an impressive CAGR of 9.4%, owing to increase in adoption in the food service industry.
Top Key Players
• Amys Kitchen Inc.
• Beyond Meat
• Cauldron Foods
• Garden Protein International Inc.
• Meatless B.V.
• Quorn Foods
• Vbites Food Ltd.
• Morningstar Farms
• MGP Ingredients Inc.
• Sonic Biochem Extractions Limited
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Most of the food and snack products, marketed as meat substitutes are either frozen, refrigerated, or shelf-stable. Products offered by leading meat substitute companies such as Amys Kitchen, Beyond Meat, and others, primarily belong to frozen category. However, shelf stable category is projected to exhibit the fastest growth in the coming years.
Various categories of meat substitutes marketed by players include frozen, refrigerated, and shelf-stable products. Frozen meat substitutes occupied a prominent market share of 77.2% in 2017, followed by refrigerated and shelf stable meat substitute products. The shelf stable category is anticipated to exhibit the fastest CAGR of 9.1% from 2018 to 2025.
Key Findings of the Meat Substitute Market:
• In terms of value, the quorn-based segment is expected to grow at a CAGR of 8.5% during the forecast period.
• Europe is expected to dominate the market, registering a CAGR of 7.3% in terms of value.
• Asia-Pacific is projected to exponential growth in demand throughout 2025, growing at the highest CAGR 9.4%, in terms of value.
• Soy-based segment is anticipated to dominate the global meat substitute market registering CAGR of 7.2%.
• In the global meat substitute market, the shelf stable segment is expected to grow at a CAGR of 9.1%, in terms of value.
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