Global Meat Substitutes Market

FOOD & BEVERAGE 

INTRODUCTION 

1.1 OBJECTIVES OF THE STUDY 

To define, segment, and project the global meat substitutes market, based on type, source, category, and 

region 

To provide detailed information about the key factors influencing the market growth (drivers, restraints, 

opportunities, and industry-specific challenges) 

To analyze the market opportunities for stakeholders and provide a competitive landscape of market trends 

To project the size of the market and its submarkets, in terms of value, with respect to 4 regions (along with 

their respective key countries) – North America, Europe, Asia Pacific, and the Rest of the World (RoW) 

To profile the key players and comprehensively analyze their core competencies 

To analyze the competitive developments, such as expansions and investments, new product launches, 

acquisitions, and mergers in the meat substitutes market 

To provide a detailed competitive landscape of this market, along with an analysis of the business and 

corporate strategies adopted by key players 

1.2 MARKET DEFINITION 

Meat substitutes are non-meat food products that looks like conventional meat, in texture, flavor, appearance, 

and/or chemical characteristics. Meat substitutes are made from plant sources and edible fungi, and are used 

to replace conventional meat, such as chicken, pork, beef, and fish. Types of meat substitutes include tofu and 

tofu ingredients, tempeh, textured vegetable protein (TVP), seitan, and Quorn (mycoprotein). 

1.3 STUDY SCOPE 

The research report categorizes the meat substitutes market into the following segments: 

sales@marketsandmarkets.com www.marketsandmarkets.com 1

Meat Substitutes Market - Global Forecast to 2023 

INTRODUCTION 

Figure 1 

Meat Substitutes Market: Market Segmentation 

***Others includes rice, pea, pulses, and milk. 

****RoW includes South Africa, Brazil, and Argentina. 

Source: Secondary Sources, Company Annual Reports, Industry-related Journals and Books, Expert Interviews, and MarketsandMarkets Analysis 

Figure 2 

Meat Substitutes Market: Regional Segmentation 

NORTH AMERICA 

EUROPE 

ASIA PACIFIC 

RoW 

• US 

• Spain 

• China 

• South Africa 

• Canada 

• Germany 

• India 

• Brazil 

• Mexico 

• Italy 

• UK 

• France 

• Netherlands 

• Rest of Europe* 

• Japan 

• Australia & 

New Zealand 

• Rest of Asia-Pacific** 

• Argentina 

• Others in 

RoW*** 

*Rest of Europe includes Belgium, Austria, Sweden, Denmark, and Finland. 

**Rest of Asia Pacific includes Malaysia, Vietnam, Thailand, Indonesia, and Singapore. 

***Others includes Chile, the UAE, and Saudi Arabia. 

Source: Secondary Sources, Company Annual Reports, Industry-related Journals and Books, Expert Interviews, and MarketsandMarkets Analysis 



INTRODUCTION 

1.4 YEARS CONSIDERED 

2023 

2018 

2017 

2016 

HISTORICAL YEAR 

BASE YEAR 

BEGINNING OF 

PROJECTION PERIOD 

END OF PROJECTION 

PERIOD 

Note: The forecast period considered for the study is 2018-2023. 

1.6 STAKEHOLDERS 

Raw material suppliers 

Meat substitute manufacturers and suppliers 

Technology providers to meat substitute manufacturers 

Regulatory bodies, including government agencies and NGOs 

Food safety agencies, such as the Food and Drug Administration (FDA) and the European Food Information 

Council (EUFIC) 

Processed meat substitute manufacturers/suppliers 

Commercial research & development (R&D) institutions and financial institutions 

Importers and exporters of meat substitutes 

Meat substitute traders, distributors, and suppliers 

Government organizations, research organizations, and consulting firms 

Trade associations and industry bodies 



2.1 RESEARCH DATA 

Secondary sources (including directories and databases), such as Hoovers, Forbes, and Bloomberg 

Businessweek, were extensively used to collect information for a technical, market-oriented, and commercial 

study of the meat substitutes market. The primary sources mainly included industry experts from core and 

related industries and preferred suppliers, dealers, manufacturers, food & beverage (F&B) ingredient providers, 

technology developers, alliances, standards and certification organizations from companies, and organizations 

related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary 

respondents—including key industry participants, subject matter experts, C-level executives of the major market 

players, and industry consultants— to obtain and verify critical qualitative and quantitative information as well 

as to assess future prospect. The following figure depicts the market research methodology applied in drafting 

this report on the meat substitutes market. 

Figure 3 Meat Substitutes Market Information AND DATA: Research Design 

CURRENT DATA 

FOR THE MEAT 

SUBSTITUTES 

MARKET 

MARKET SHARE 

COMPETITIVE 

LANDSCAPE 

REGIONAL USAGE 

PATTERN 

VALUE CHAIN ANALYSIS 

COMPANY 

DEVELOPMENTS 

INFLUENCING 

FACTORS 

( Market Trends 

and Dynamics) 

MARKET DRIVERS: 

• Rising health concerns as 

a result of increasing 

obesity levels brought on 

by the consumption of 

meat products 

• Health benefits of meat 

substitutes 

• Increased preference of 

vegetarian and vegan 

foods 

MARKET RESTRAINTS: 

• Ill effects of consuming 

meat substitutes 

MARKET CHALLENGES: 

• Consumer perception 

of taste 

• Genetically modified 

soybeans 

MARKET 

OPPORTUNITIES: 

• Exploring technological 

advancements to develop 

new product lines 

• Growth potential in Asia 

Pacific market 

REGIONAL ANALYSIS 

FORECAST 

(2018-2023) 

DATA OF THE MARKET 

REGULATORY 

FRAMEWORK 

MARKET SIZE & 

FORECAST BASED ON 

THE FOLLOWING: 

• Type 

• Source 

• Category 

• Region 

ARRIVE AT THE MARKET 

SIZE, SHARE, AND CAGR 

FOR MEAT SUBSTITUTES 

MARKET 

2.1.1 SECONDARY DATA 

In the secondary research process, various sources were referred too, to collect information for this study. These 

secondary sources included annual reports, press releases and investor presentations of companies, 

whitepapers, certified publications, articles by recognized authors, gold and silver standard websites, food safety 

organizations, regulatory bodies, trade directories, and databases. 

Secondary research was mainly used to obtain key information about the industry’s supply chain, the total pool 

of key players, market classification, segmentation, and regional markets, according to industry trends to the 



bottom-most level. It was also used to obtain information about the key developments from a market-oriented 

perspective. 

2.1.2 PRIMARY DATA 

The meat substitutes market comprises several stakeholders, such as raw material suppliers, processors, endproduct 

manufacturers, and regulatory organizations in the supply chain. The demand side of this market is 

characterized by the development of the food industry and population growth. The supply side is characterized 

by technological advancements and diverse application industries. Various primary sources from both, supply 

and demand sides of the market were interviewed to obtain qualitative and quantitative information. 

The primary interviewees from the demand side included key opinion leaders, executives, vice presidents, and 

CEOs of the food & beverages industry. The primary sources from the supply side included research institutions 

involved in R&D to introduce new technologies, key opinion leaders, distributors, and meat substitute 

manufacturers. 

2.1.2.1 BREAKDOWN OF PRIMARY INTERVIEWS 

Figure 4 Breakdown OF Primary Interviews: y COMPANY Type, Designation, and Region 

BY COMPANY TYPE 

BY DESIGNATION 

BY REGION 

25 % 

45 % 

35 % 

25 % 

25 % 

5 % 

30 % 

30 % 

40 % 

20 % 

Tier 1 Tier 2 Tier 3 

C-Level Executives 

D-Level 

Others* 

North America 

Asia Pacific 

Europe 

RoW 

*Others includes sales managers, marketing managers, and product managers. 

The 3 tiers of the companies are defined on the basis of their total revenues, as of 2016; Tier 1: Revenue >= USD 1 Billion, Tier 2: USD 500 million < Revenue < USD 1 Billion, and Tier 

3: Revenue =< USD 500 

Million 



2.1.2.2 KEY INDUSTRY INSIGHT 

“We are excited about the potential of 

meat alternatives, including soy, 

because of a long-gestating technology 

that is now finally hitting the market 

high-moisture extrusion.” 

“Showing people, the graphic footage 

has been what gets most people 

interested in reducing their consumption 

of animal products. People need to know 

it's going to be very convenient and 

palatable; if they don't think it's going to 

be enjoyable, they won't do it.” 

–Principal, Leading soybean products 

manufacturing company 

– Food Expert and Researcher, 

US 

“Actually, as a percentage of total cost, 

some substitutes are increasing in price 

faster, which partly explains why meat 

Analogs have not taken off.” 

“The challenge is that there is still a stigma; 

there are people that haven’t tried meat 

alternatives for a few years, and then they try 

our products and say, ‘Wow! I didn’t know 

they tasted this good.’ We just have to get 

people to try them.” 

–Director, 

Meat substitutes company 

–Chief Scientific Officer, 

leading meat substitutes company 

2.2 MARKET SIZE ESTIMATION 

Top-down and bottom-up approaches were used to estimate and validate the total size of the meat substitutes 

market. The following research methodology was used to estimate the market size: 

The key players in the industry and markets were identified through extensive secondary research. 

The meat substitutes industry’s value chain and market size, in terms of value, were determined through 

primary and secondary research. 

All percentage shares, splits, and breakdowns were determined using secondary sources and verified 

through primary sources. 

All possible parameters that affect the market covered in this research study were accounted for, viewed in 

extensive detail, verified through primary research, and analyzed to obtain the final quantitative and 

qualitative data. 

The research included the study of reports, reviews, and newsletters of top market players, along with 

extensive interviews for key opinion leaders, such as CEOs, directors, and marketing executives. 



Given below is an illustration of the overall market size estimation process employed for this study. 

2.2.1 TOP-DOWN APPROACH 

Figure 5 Market Size Estimation Methodology: TOP-DOWN Approach 

Global meat substitutes market size 

( USD Million ) 

THE GLOBAL MARKET SIZE IS VALIDATED 

THROUGH PRIMARIES 

( Demand - & supply-side experts) 

Percent split of the segments of the 

meat substitutes market 

PRIMARY SOURCES: 

Demand- & supply-side experts 

Regional split 

Regional and 

country-wise 

market for each 

segment 

SECONDARY SOURCES: 

Annual reports, presentations, 

press releases, journals, paid databases, 

and MarketsandMarkets repository 

Calculations based on the financial data of the main companies identified for meat substitutes in each region 

were used to determine the overall market size. The overall market size was used in the top-down procedure to 

estimate the sizes of other individual markets (mentioned in the market segmentation—by type, source, 

category, and region) via percentage splits arrived at through secondary and primary research. The export and 

import data for meat substitutes were determined using databases, such as FAOSTAT, Eurostat, World 

Integrated Trade Solution (WITS), Organisation for Economic Cooperation and Development (OECD), and 

Comtrade. 

2.2.2 BOTTOM-UP APPROACH 



Figure 6 Market Size Estimation Methodology: BOTTOM-Up Approach 

Global 

market 

size 

Summation of 

meat substitutes 

market of all regions 

meat substitutes market share 

for each region 

Summation of the market size of 

countries in each region 

TOTAL MARKET SIZE (USD MILLION) = 

North America + Europe + 

PRIMARY SOURCES: 

Demand- & supply-side experts 

SECONDARY SOURCES: 


press releases, journals, paid databases, 

and MarketsandMarkets repository 

Total market size of meat substitutes at the 

country level 

The data obtained was further validated by conducting primary interviews with industry experts, key suppliers, 

and dealers in the market. In the bottom-up approach, the meat substitutes market size for each country was 

estimated, and the summation of market sizes of the countries in each region was derived. The market share of 

each region was added to derive the global market size. With the data triangulation procedure and validation of 

data through primaries, the sizes of the overall parent market and the individual submarkets, were determined 

and confirmed. The market share was estimated for each company to verify the share, in terms of value, used 

earlier in the bottom-up procedure. 

2.3 DATA TRIANGULATION 

After arriving at the overall market size from the estimation process described above, the total market was split 

into several segments. To complete the overall market engineering process and arrive at the exact statistics for 

all segments, the data triangulation and market breakdown procedures were employed, wherever applicable. 

The data was triangulated by studying various factors and trends from both the demand and supply sides. 

Additionally, the market size was validated using top-down and bottom-up approaches and verified through 

primary interviews. Hence, 3 approaches were used - top-down, bottom-up, and expert interviews. Only when 

the values arrived at from the 3 points match, the data was assumed to be correct. 



Figure 7 Market Breakdown AND DATA Triangulation 

PRIMARY SOURCES 

INTERVIEWS WITH: 

• Meat substitute 

manufacturers 

• Research laboratories 

• Suppliers and distributors 

SECONDARY SOURCES 

• Major players with their profiles 

and strategic developments in the 

past five years 

• Regulatory bodies 

MnMKNOW* 

INTERVIEWS WITH: 

• CEOs 

• Presidents & vice 

presidents 

• Marketing directors 

• Sales managers 

• Product managers 

• Food & beverage and 

agricultural associations & 

health organizations 

DATA 

PRIMARY TRIANGULATION 

SOURCE 

SECONDARY 

SOURCE 

INFORMATION SOURCED 


websites & press releases of top 

players, news articles, journals, 

and paid databases 

Key Players 

Competitive Landscape 

Opportunities/ 

Challenges 

Market size and 

share (2017) 

Influencing Factors 

Market Forecast 

Geographical 

Analysis 

MnM KNOW* stands for MarketsandMarkets’ 'Knowledge Asset Management' framework. In this context, it stands for 

existing market research knowledge repository of over 5,000 granular markets, our flagship competitive intelligence 

and market research platform “Knowledge Store", subject matter experts, and independent consultants. MnM KNOW 

acts as an independent source that helps us validate information gathered from primary and secondary sources. 



2.4 RESEARCH ASSUMPTIONS 

The following assumptions were taken into consideration to complete the overall market engineering process of 

the meat substitutes market. 

PARAMETER 

ASSUMPTION 

ECONOMIC STABILITY 

• A positive economic climate has been assumed to 

continue in all the regions until 2023. 

• The growing global economy has been estimated to 

attract key companies in the market and increase 

consumer spending on food & beverages. 

EXCHANGE RATE 

• The average USD exchange rate of all foreign countries 

has been taken on a yearly basis. 

• MarketsandMarkets assumes that the fluctuation of the 

USD value will not be significant enough to affect the 

projections to a notable extent. 

PRICING TREND 

• Inflation has not been considered for pricing. The values 

have 

been rounded-off at subsequent levels. 

• Region-wise, different prices have been considered; they 

were assumed to be constant for countries within the 

same region. 

POLITICAL STABILITY 

• A stable political environment has been assumed to 

prevail in the key regions. 

QUALITATIVE ANALYSIS 

• The qualitative analysis done from the quantitative data 

arrived 

at is solely based on the understanding of the market 

and its trends by the team of experts involved in making 

this report. 



2.5 RESEARCH LIMITATIONS 

PARAMETER 

LIMITATION 

PRIMARIES, BY KEY PLAYER 

• The quantitative information for some market segments is kept 

confidential by industry players. 

• Hence, qualitative insights gathered during the study have been 

used to arrive at the market size of the subsegments. 

PRIMARIES, BY REGION 

• There are a limited number of experts in some regions. 

• Hence, the regional market size is derived based on weightage 

assigned to these markets based on the qualitative insights 

from global industry experts. 

SCOPE, BY REGION 

• Due to the significantly small market size of the countries 

considered 

under the Rest of the World (RoW), the market size of RoW 

has been estimated based on regions which include South 

Africa, Brazil, Argentina, and other countries in RoW. 

SEGMENT NAME 

• The ‘Quorn’ name is used as a meat substitute and a product 

ingredient as an alternative name for Quorn is not available. 

Source: Expert Interviews, Related Associations/Institutes, Related Research Publications, Government Publications, and MarketsandMarkets Analysis 

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