Mycoprotein Meat Substitute Market, by Product Type (Frozen and Refrigerated) and by Distribution Channel (Hypermarket, Supermarket, Online Channels, Convenience Stores, and Others) - Size, Share, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Jul 2018 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Market Introduction

Mycoprotein is derived from fermentation of Fusarium venenatum, the soil fungus. Fermented solids are mixed with wheat protein, egg whites, and other ingredients, which are pressed into meat like shapes and packed as meat substitutes for human consumption. It is commonly found in Quorn products, which includes a wide array of products ranging from Quorn burgers and sausages to chicken nuggets.

Drivers and Restraints

Increasing demand for mycoprotein, due to associated health benefits such as aids in improving digestive health, regulates blood pressure, and lowers cholesterol, which is a factor for growth of mycoprotein meat substitute market. Rising number of people suffering from various health issues such as high blood pressure, obesity, digestive disorders, and cardiovascular disorders are propelling demand for healthy food, which in turn is driving growth of the market, due to its aforementioned health benefits. According to the Centers for Disease Control and Prevention (CDC), in 2017, 36.5% of the adults in the U.S. were suffering from obesity. This is expected to aid in growth of the market.

However, consumption of mycoprotein meat substitute results in adverse allergic reactions such as vomiting, nausea, and diarrhea, which is hindering growth of this market. According to the Center for Science in the Public Interest (CSPI), in December 2015, in the U.K., the percentage of consumers sensitive to mycoprotein meat substitute is greater as compared to that of the percentage sensitive to milk, soy, peanuts, and other food allergens. Furthermore, CSPI began collecting reports from affected consumers and nearly 1,692 people reported gastrointestinal reactions such as vomiting, nausea, cramping or diarrhea.

Market Trends

Refrigerated segment is expected to exhibit significant growth in the mycoprotein meat substitute market over the forecast period. This is attributed to increasing number of key players launching products in this segment that is a healthier option to full meat products. For instance, in September 2017, Quorn Foods, Inc.—a subsidiary of Monde Nissin Corporation—introduced a line of refrigerated products, which are meat and soy free, made with Quorn’s proprietary ingredient mycoprotein.

Online channels segment is significantly gaining traction, and is expected to exhibit high growth over the forecast period. This is attributed to online channels offering a wide range of products through a single website and option such as free delivery and various discounts. According to Coherent Market Insights, the global online retail segment was valued at US$ 2,171.22 billion in 2016 and is expected to reach US$ 9,572.96 billion by 2025.

Market Outlook

North America is projected to witness significant growth in the market over the forecast period. This is attributed to increasing consumer preference for meat substitutes and decreasing consumption of meat, owing to rising concern about animal welfare issues among consumers. According to United States Department of Agriculture, in 2014, the aggregate poultry, red meat, fish, edible basis fell to 181 pounds per person since 1983.

Asia Pacific is expected to be the fastest growing region in the market over the forecast period. This is owing to increasing number of key players focusing on expanding their presence in this region, owing to high consumer base. For instance, companies are focusing on mergers and acquisitions, in order to expand their market presence in the region. In November 2015, Monde Nissin Corp., a local food group acquired Quorn Foods, a U.K. based manufacturer of meat substitute to boost the company’s sales and expand their presence globally. With this acquisition, Monde Nissin Corp. launched Quorn, in Thailand, in March 2017 to provide health conscious Thai consumers a nutritious, delicious and sustainable meat alternative.

Key Trends

Key players are focusing on adopting various organic and inorganic growth strategies such as mergers and acquisitions, joint ventures and partnerships, and product or technological innovations to retain position in the global mycoprotein meat substitute market. For instance, in February 2017, Quorn Foods and Shakey’s Pizza Restaurant, partnered to introduce meat free pizza made from mycoprotein.

Market players

Some of the leading players operating in the global mycoprotein meat substitute market include The Archer Daniels Midland Company, Monde Nissin Corporation, VBites Foods Limited, DowduPont Inc., Soic Biochem Extractions Ltd., Pinnacle Foods Inc., MGP Ingredients Inc., Beyond Meat Inc., and Amy’s Kitchen Inc. among others.

Market Taxonomy

On the basis of product type, the mycoprotein meat substitute market is segmented into:

  • Frozen
  • Refrigerated

On the basis of distribution channel, the mycoprotein meat substitute market is segmented into:

  • Hypermarket
  • Supermarket
  • Online Channels
  • Convenience Stores
  • Others

On the basis of region, the mycoprotein meat substitute market is segmented into:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • Italy
    • France
    • Russia
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Australia
  • South Korea
    • Rest of Asia Pacific
    • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East and Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
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Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

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  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
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Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

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  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
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