The plant-based meat market is predicted to be worth $27.9 billion by 2025, according to a new report.
Researchers at MarketsandMarkets state the vegan meat market is currently estimated at $12.1 billion and is projected to grow at a compound annual growth rate (CAGR) of 15 percent in the next six years - nearly reaching $28 billion.
"An increasing number of consumers are demanding plant-based meat, either for medical reasons or as a healthy lifestyle," the report reads.
"As a result, the demand for plant-based meat continues to expand. Additionally, continuous efforts in research and development by plant-based meat manufacturers, in terms of better aroma, texture, longer shelf life, and better nutritious profiles, is projected to escalate the growth of global plant-based meat market in the coming years.
"Companies, both start-ups, and established players are entering this high growth market owing to the growing preference for plant-based diets among consumers at a global level."
'Growing health concerns'
The report also suggests that 'growing health concerns regarding the consumption of animal protein has urged consumers to opt for alternative protein sources' - and that in the Asia Pacific, 'environmental hazards associated with the killing of animals is projected to drive the plant-based meat market'.
Cited as 'key market players' in the growth of plant-based meat include companies such as Impossible Foods, VBites, Beyond Meat, and Quorn Foods for '[adopting] new product launches as a key strategy to expand their presence in the plant-based meat market'.
You can read the full report here