Report Overview

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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Meat Substitutes Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising health consciousness
         2. Increasing vegetarian and vegan population
         3. Expansion of modern retail channels
      2. Restraints
         1. Limited awareness and familiarity
         2. Price sensitivity
      3. Opportunities
         1. Growing demand for plant-based alternatives
         2. Product innovation and development
      4. Challenges
         1. Lack of infrastructure and supply chain limitations
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Vietnam Meat Substitutes Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Soy Products
         2. Quorn
         3. Tempeh
         4. Tofu
         5. Seitan
         6. Others
      2. By Source
         1. Soy
         2. Wheat
         3. Mycoprotein
         4. Others
      3. By Category
         1. Frozen
         2. Refrigerated
         3. Shelf-Stable
      4. By Region
         1. Southern Vietnam
         2. Central Vietnam
         3. Northern Vietnam
5. Southern Vietnam Meat Substitutes Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Source
      3. By Category
6. Central Vietnam Meat Substitutes Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Source
      3. By Category
7. Northern Vietnam Meat Substitutes Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Source
      3. By Category
8. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Meat Substitutes Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
9. Impact of Covid-19 on Vietnam Meat Substitutes Market
10. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. VBites
    2. Sonic Biochem Limited
    3. MGP Ingredients
    4. Beyond Meat
    5. Amy's Kitchen
    6. Quorn Foods
    7. The Nisshin Ollio Group
    8. MGP Ingredients
    9. ADM
    10. Meatless
    11. Other Prominent Players
11. Key Strategic Recommendations
12. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

*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