BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the Vietnam meat substitutes market size to grow at a CAGR of 10.53% during the forecast period between 2023 and 2029. The increasing acceptance of a vegan lifestyle as a result of growing worries about animal mistreatment and unethical practices in the meat industry is one of the main growth factors for the Vietnam Meat Substitutes market. Consumption of animal products has decreased as a result of rising consumer health concerns brought on by the threat of animal-borne diseases. Consumer preference for plant-based meat replacements is growing rapidly, which is emerging as a favorable factor for the development of the Vietnamese meat substitute industry.
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 – By Category
Based on category, the Vietnam Meat Substitutes market is segmented into frozen, refrigerated, and shelf stable. Frozen products account for the largest market share. 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.
Impact of COVID-19 on the Vietnam Meat Substitutes Market
The unprecedented COVID-19 had a favorable effect on the market for meat substitutes in Vietnam. Due to the concerns about the spread of zoonotic illnesses, the country’s meat consumption substantially decreased. A significant part of meat-eating consumers quickly moved to meat alternatives like tofu and soy products. Additionally, the manufacturers of meat substitutes increased the market share of their products by expanding their distribution in physical stores and adding online grocery retailers such as Farmer’s Market and Bach Hoa Xanh, to their product offerings.
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.
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