Vietnam Meat Substitutes Market
Vietnam Meat Substitutes Market - By Type (Soy Products, Quorn, Tempeh, Tofu, Seitan, Others); By Source (Soy, Wheat, Mycoprotein, Others); By Category (Frozen, Refrigerated, Shelf-Stable); By Region (Southern Vietnam, Central Vietnam, Northern Vietnam), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: June 2023
- Report ID: BWC23469
- Available Format: PDF
- Page: 200
Report Overview
Rising health consciousness and growing vegetarian and vegan populations are expected to boost the growth of Vietnam meat substitutes market during the forecast period between 2023 and 2029.
Vietnam Meat Substitutes Market - Industry Trends & Forecast Report, 2029
The Vietnam meat substitutes market size is projected to grow at a CAGR of 10.53% during the forecast period between 2023 and 2029. Major growth factors for the Vietnam meat substitutes market include increasing adoption of the vegan lifestyle due to rising concerns surrounding animal abuse and malpractices in the meat industry. Consumer health concerns have increased due to the growing threat of animal-borne diseases, which has led to a decline in the consumption of animal products. The popularity of plant-based meat alternatives is rising quickly among consumers, which is emerging as a positive factor for the expansion of the Vietnam meat substitutes market.
Vietnam Meat Substitutes Market – Overview
Meat alternative or meat substitute (also known as plant-based meat or fake meat) is a food product manufactured from vegetarian or vegan components and eaten in place of meat. Plant-based meat alternatives often manufactured from soy, peas, wheat, or mushrooms resemble actual meat in appearance and flavor, making them simple to incorporate into preferred dishes. Vegans hold tofu and tempeh in high regard as popular soy products used as meat substitutes due to their high protein content.
Vietnam Meat Substitutes Market
Growth Drivers
Rising Health Consciousness and Vegan Population
The Vietnamese demographic is witnessing drastic shift from animal meat to meat alternatives mainly due to the increasing concerns surrounding zoonotic diseases post COVID 19 pandemic as well as health benefits offered by the latter. By replacing meat with vegetables, recipes have less saturated fat and more fiber and vitamins. According to studies, this lowers the chance of developing diabetes, cancer, and heart disease. Additionally, plants use less space and water, which can help slow down the effects of climate change. These factors are anticipated to proliferate the overall Vietnam meat substitutes market during the forecast period.
Restraints
Price Sensitivity and Limited Awareness
The brands of meat substitutes must constantly develop new products to get a realistic meat experience due to numerous economic challenges like small-scale production, supply chain problems, and other factors. According to a CNBC article, it could take five to twenty years to reach price parity between animal meat and meat substitutes. In addition, Vietnam consumes a lot of meat from animals. Vietnamese people eat 134 grams of meat on average per day, and 154 grams of meat per day for people in urban areas, as compared to the daily recommended intake of meat is between 50 and 80 grams, as reported by VietNamNet. These factors may restrict the growth of the Vietnam meat substitutes market.
Vietnam Meat Substitutes Market
Segmental Coverage
Vietnam Meat Substitutes Market – By Type
Based on type, the Vietnam Meat Substitutes market is segregated into soy products, Quorn, tempeh, tofu, seitan, and others. Tofu accounts for the largest market share. Pork, chicken, beef, and shellfish can all be swapped for tofu in recipes in place of the meats mentioned. It is made of soybeans and is rich in calcium and protein. Tempeh also has a significant market share and is projected to register a substantial growth rate during the forecast period owing to its high nutritional value.
Vietnam Meat Substitutes Market – By Source
Based on the source, the Vietnam meat substitutes market is segmented into soy, wheat, mycoprotein, and others. Soy holds the largest share of the Vietnam meat substitutes market. Pressure-cooked and pressure-dried soybeans provide texturized soy protein. Because of this, soy has a structure that is relatively similar to meat. The mild flavor and adaptable texture of soy-based foods make them perfect for use in a variety of cuisines that normally contain meat.
Vietnam Meat Substitutes Market – By Category
Based on category, the Vietnam meat substitutes market is segmented into frozen, refrigerated, and shelf stable. The frozen products segment accounts for the largest market share, as frozen foods are convenient and economical. They provide detailed cooking instructions that eliminate any chance of error or undercooked food. Additionally, they offer maximum flexibility because of their longer storage time than fresh produce, which is a factor in the market's increased demand, particularly from the working class.
Vietnam Meat Substitutes Market – By Region
The Vietnam meat substitutes market covers Southern Vietnam, Central Vietnam, and Northern Vietnam regions. The Southern region dominates the Vietnam meat substitutes market owing to the largest urban population and significant shift towards a vegan lifestyle among the younger demographic. With an average monthly income of six million Vietnamese dongs, Ho Chi Minh City and Ha Noi residents in 2021 had the highest per capita income among Vietnam's four largest cities. The high disposable income of the Southern Vietnamese also plays a crucial role in propelling market demand for meat substitutes.
Competitive Landscape
Major players operating in the Vietnam meat substitutes market include VBites, Sonic Biochem Limited, MGP Ingredients, Beyond Meat, Amy's Kitchen, Quorn Foods, The Nisshin Oillio Group, MGP Ingredients, ADM, and Meatless.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period – 2023–2029 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
Southern Vietnam, Central Vietnam, Northern Vietnam |
Product/ Service Segmentation |
Type, Source, Category, Region |
Key Players |
VBites, Sonic Biochem Limited, MGP Ingredients, Beyond Meat, Amy's Kitchen, Quorn Foods, The Nisshin Ollio Group, MGP Ingredients, ADM, Meatless |
By Type
-
Soy Products
-
Quorn
-
Tempeh
-
Tofu
-
Seitan
-
Others
By Source
-
Soy
-
Wheat
-
Mycoprotein
-
Others
By Category
-
Frozen
-
Refrigerated
-
Shelf-Stable
By Region
-
Southern Vietnam
-
Central Vietnam
-
Northern Vietnam
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Vietnam Meat Substitutes Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Rising health consciousness
- Increasing vegetarian and vegan population
- Expansion of modern retail channels
- Restraints
- Limited awareness and familiarity
- Price sensitivity
- Opportunities
- Growing demand for plant-based alternatives
- Product innovation and development
- Challenges
- Lack of infrastructure and supply chain limitations
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Vietnam Meat Substitutes Market Overview
- Market Size & Forecast by Value, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Type
- Soy Products
- Quorn
- Tempeh
- Tofu
- Seitan
- Others
- By Source
- Soy
- Wheat
- Mycoprotein
- Others
- By Category
- Frozen
- Refrigerated
- Shelf-Stable
- By Region
- Southern Vietnam
- Central Vietnam
- Northern Vietnam
- By Type
- Market Size & Forecast by Value, 2019–2029
- Southern Vietnam Meat Substitutes Market Overview
- Market Size & Forecast by Value, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Source
- By Category
- Market Size & Forecast by Value, 2019–2029
- Central Vietnam Meat Substitutes Market Overview
- Market Size & Forecast by Value, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Source
- By Category
- Market Size & Forecast by Value, 2019–2029
- Northern Vietnam Meat Substitutes Market Overview
- Market Size & Forecast by Value, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Source
- By Category
- Market Size & Forecast by Value, 2019–2029
- Competitive Landscape
- List of Key Players and Their Offerings
- Vietnam Meat Substitutes Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on Vietnam Meat Substitutes Market
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- VBites
- Sonic Biochem Limited
- MGP Ingredients
- Beyond Meat
- Amy's Kitchen
- Quorn Foods
- The Nisshin Ollio Group
- MGP Ingredients
- ADM
- Meatless
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figure
Figure 1 Vietnam Meat Substitutes Market Segmentation
Figure 2 Vietnam Meat Substitutes Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Vietnam Meat Substitutes Market Size, By Value (USD Million), 2019–2029
Figure 5 Vietnam Meat Substitutes Market Share, By Type, By Value, 2019–2029
Figure 6 Vietnam Meat Substitutes Market Share, By Source, By Value, 2019–2029
Figure 7 Vietnam Meat Substitutes Market Share, By Category, By Value, 2019–2029
Figure 8 Vietnam Meat Substitutes Market Share, By Region, By Value, 2019–2029
Figure 9 Northern Vietnam Meat Substitutes Market Size, By Value (USD Million), 2019–2029
Figure 10 Northern Vietnam Meat Substitutes Market Share, By Type, By Value, 2019–2029
Figure 11 Northern Vietnam Meat Substitutes Market Share, By Source, By Value, 2019–2029
Figure 12 Northern Vietnam Meat Substitutes Market Share, By Category, By Value, 2019–2029
Figure 13 Central Vietnam Meat Substitutes Market Size, By Value (USD Million), 2019–2029
Figure 14 Central Vietnam Meat Substitutes Market Share, By Type, By Value, 2019–2029
Figure 15 Central Vietnam Meat Substitutes Market Share, By Source, By Value, 2019–2029
Figure 16 Central Vietnam Meat Substitutes Market Share, By Category, By Value, 2019–2029
Figure 17 Southern Vietnam Meat Substitutes Market Size, By Value (USD Million), 2019–2029
Figure 18 Southern Vietnam Meat Substitutes Market Share, By Type, By Value, 2019–2029
Figure 19 Southern Vietnam Meat Substitutes Market Share, By Source, By Value, 2019–2029
Figure 20 Southern Vietnam Meat Substitutes Market Share, By Category, By Value, 2019–2029
List of Tables
Table 1 Vietnam Meat Substitutes Market Size, By Type, By Value, 2019–2029
Table 2 Vietnam Meat Substitutes Market Size, By Source, By Value, 2019–2029
Table 3 Vietnam Meat Substitutes Market Size, By Category, By Value, 2019–2029
Table 4 Northern Vietnam Meat Substitutes Market Size, By Type, By Value, 2019–2029
Table 5 Northern Vietnam Meat Substitutes Market Size, By Source, By Value, 2019–2029
Table 6 Northern Vietnam Meat Substitutes Market Size, By Category, By Value, 2019–2029
Table 7 Central Vietnam Meat Substitutes Market Size, By Type, By Value, 2019–2029
Table 8 Central Vietnam Meat Substitutes Market Size, By Source, By Value, 2019–2029
Table 9 Central Vietnam Meat Substitutes Market Size, By Category, By Value, 2019–2029
Table 10 Southern Vietnam Meat Substitutes Market Size, By Type, By Value, 2019–2029
Table 11 Southern Vietnam Meat Substitutes Market Size, By Source, By Value, 2019–2029
Table 12 Southern Vietnam Meat Substitutes Market Size, By Category, By Value, 2019–2029
Table 13 Vbites Company Overview
Table 14 Vbites Financial Overview
Table 15 Sonic Biochem Limited Company Overview
Table 16 Sonic Biochem Limited Financial Overview
Table 17 MGP Ingredients Company Overview
Table 18 MGP Ingredients Financial Overview
Table 19 Beyond Meat Company Overview
Table 20 Beyond Meat Financial Overview
Table 21 Amy's Kitchen Company Overview
Table 22 Amy's Kitchen Financial Overview
Table 23 Quorn Foods Company Overview
Table 24 Quorn Foods Financial Overview
Table 25 The Nisshin Ollio Group Company Overview
Table 26 The Nisshin Ollio Group Financial Overview
Table 27 MGP Ingredients Company Overview
Table 28 MGP Ingredients Financial Overview
Table 29 ADM Company Overview
Table 30 ADM Financial Overview
Table 31 Meatless Company Overview
Table 32 Meatless Financial Overview
Market Segmentation
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