A three-pronged approach was followed for deducing the meat substitutes market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for meat substitutes market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of meat substitutes market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The meat substitutes market was categorized into three segments, namely source (Plant-based Protein, Mycoprotein, Soy-based), Distribution Channel (Retail, Food Service) and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The meat substitutes market was segmented into source, distribution channel and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The meat substitutes market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; Spain; Italy; China; Japan; India; Australia & New Zealand; South Korea; Brazil; South Africa.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The meat substitutes market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Amy’s Kitchen, Inc. - Amy’s Kitchen, Inc. was established in 1987 and is headquartered in California, U.S. The company manufactures and markets natural as well as organic convenience foods. It owns production facilities in California, Santa Rosa, Medford, Pocatello, Idaho, and Oregon. The company offers more than 250 completely organic products and employs more than 2,000 employees. Amy’s product portfolio ranges from frozen convenience foods, wraps, and bowls to soups, salsa, sweets, cakes, and beans. The company started a line of groceries in 1999 and it presently operates across the U.S., Canada, and other countries.
Vbites Foods Ltd. - Vbites Foods Ltd. was established in 1994 and is headquartered in Northamptonshire, UK. The company specializes in producing food products completely free from animal ingredients. The company specializes in vegetarian food, vegan food, meat substitutes, and vegan lifestyle products. Vbites Foods markets its products under the brands VegiDeli, Cheezly, Cheatin’, Shelf-stable, Frozen, and Making Waves through health food stores, selected supermarkets, and their online store.
Beyond Meat - Beyond Meat was established in 2009 and is headquartered in California, U.S. The company was previously known as Savage River Inc. Beyond Meat specializes in meat-free plant-based food products. Its product portfolio includes beef crumbles made with non-GMO pea protein and chicken strips made from non-GMO soy and pea protein. Along with food products, the company is also engaged in the production of shirts, key chains, hats, and buttons. Its products are marketed and offered through stores, food service applications, and whole food market stores. The main production unit for Beyond Meat is located in Columbia, Missouri.
MorningStar Farms - MorningStar Farms is a subsidiary of Kellogg NA Company, headquartered in Michigan, U.S. The company’s product portfolio includes burgers, meal starters, breakfast, entrees, nuggets, chicken patties, and veggie dogs. It specializes in manufacturing food products from plant-based proteins.
Blue Chip Group - Blue Chip Group was established in 1972 and is headquartered in Utah, U.S. The company specializes in soups, gravies, entrees, sauces, drinks, and bakery mixes. The company produces and markets its products under several brands such as Augason Farms and Live Prepared. The company, with its state-of-the-art facilities, can produce 40,000 pouches per day and mix 50,000 pounds per shift. It has an overall combined capacity to produce 40,000 cans. The company mainly focuses on R&D initiatives and has developed over 300 food products based on in-house R&D.
MGP Ingredients, Inc. - MGP Ingredients, Inc. (MGPI) was established in 1941 and is headquartered in Kansas, U.S. The company offers distillery & ingredients and caters its products to the packaged goods industry in the U.S., Canada, and Japan. The ingredients include starches and wheat proteins for both food and non-food applications, while distillery products include food-grade alcohol. The company also produces distiller feed, fuel-grade alcohol, and corn oil as byproducts of the production process. MGPI operates an integrated protein, starch, and alcohol plant in Kansas and a distillery production facility in Indiana. The company has forged joint ventures with manufacturing partners in the U.S. as well as in Europe to complement its production capabilities.
Cauldron Foods - Cauldron Foods Ltd., a subsidiary of Premier Foods Plc., was established in 1979 and is headquartered in St. Albans, UK. The company specializes in vegetable-based food products such as falafels, burgers, bakes, ready meals, vegetarian sausages, pates, and tofu. The company’s product portfolio is segmented into four different ranges, viz. tofu, falafels, sausages, and street food.
Quorn Foods - Quorn Foods was established in 1998 and is headquartered in the UK. The company specializes in manufacturing meat alternatives, frozen food, chicken-style nuggets, patties, garlic & herb cutlets, chicken cutlets, gruyere cutlets, chicken-style tenders, beef-styled burgers, turkey-style roasts, meat-free meatballs, and vegan products. It operates as a subsidiary of Marlow Foods Ltd. The company uses mycoprotein as its main ingredient in its food products. Quorn markets its products worldwide through supermarket chains across the globe and natural food stores.
Meatless B.V. - Meatless B.V. was established in 2005 and is headquartered in Goes, Netherlands. The company specializes in manufacturing plant-based meat substitute products. The company caters to the food industry and the food processing industry including processors of vegetarian food, meat products, fish products, and dairy products. The key applications of the food products include snacks, pizza toppings, nuggets, burgers, pasta sauces, and soups. The company is supported by the European Union, the KNHM, the ZLTO, the Dutch Ministry of EL&I, the province of Zeeland and Rabobank.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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