(Food-Beverage-News.Com, June 17, 2020 ) The meat substitutes market is estimated to be valued at USD 1.6 billion in 2019 and is projected to reach USD 3.5 billion by 2025, recording a CAGR of 12.0% during the forecast period. Growth of the meat substitutes market is driven by factors, such as the changing preferences of people for vegan food products as well as increasing obesity.
Key Players:
Archer Daniels Midland Company (US)
DuPont (US), Roquette Frères (France)
Kerry (Ireland), Ingredion (US)
The Nisshin OilliO Group,Ltd (Japan)
Axiom Foods (US), Sotexpro S.A (France)
Wilmar International Limited (Singapore)
CRESPEL & DEITERS (Germany)
CHS INC. (US)
Suedzucker (Germany)
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Cargill (US) is involved in the manufacturing and marketing of food ingredients; agricultural products; and risk management, financial, and industrial products & services around the globe. Its key business segments include specialty food ingredients & applications and bulk ingredients. It comprises 75 businesses, which are classified into four main divisions, namely, agriculture, food, financial, and industrial. The products & services provided by the company are in the area of animal nutrition and feed, commodity trading and processing, industrial/bio-industrial products, energy and fuels, farmer services, financial and risk management, food & beverage ingredients, health and personal care, and salt. The company mainly focuses on various investments to strengthen its position in the meat substitutes market.
Archer Daniels Midland Company (ADM) produces food & beverage ingredients, feed & feed ingredients, industrial ingredients, biofuels, and naturally derived alternatives to industrial chemicals. It operates through five segments—agricultural services, oilseeds processing, corn processing, wild flavors and specialty ingredients, and others. Its network spans across more than 170 countries around the world. It operates globally through 271 processing plants and more than 450 procurement facilities, where cereal grains and oilseeds are processed into products used in the food, beverage, nutraceutical, industrial, and animal feed markets. It also has 46 innovation centers and owns approximately 200 warehouses and terminals, which are used as bulk storage facilities. It mainly focuses on various partnerships to expand itself to strengthen its product portfolio in the meat substitutes market.
The changing lifestyle and increasing buying power of consumers have increased the demand for meat substitutes. The growth of the region is owing to the increasing sale of plant-based meat products in North America and the rising acceptance of convenience foods among consumers due to their hectic lifestyles. Also, the inclination of the millennial population toward ready-to-eat foods drives the North American processed food market, which, in turn, is driving the demand for global meat substitutes.
In recent years, the rise in innovation in plant-based meat products has also been seen in the US. This factor is also expected to propel the market growth. Major companies of this region, such as Cargill (US) and ADM (US), are highly focusing on innovations to provide better products to their customers.
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