Global Meat Substitutes Market To Exceed $6 Billion By 2023

The increasing vegan population is one factor in the market's growth
More people are turning away from traditional animal meat towards plant meat (Photo: Tristan Gassert)

The global meat alternatives market is forecast to reach $6.3 billion by 2023, according to new market research. It is currently valued at $4.63 billion.

The report puts the growth down to 'the increased preference for vegetarian and vegan foods' as well as changing trends toward healthy diets.

It adds: "Retailers such as Tesco are increasing the availability of meat-free food products in the market. This scenario has led to the demand for meat substitutes."

Growth

The research predicts that products based on tempeh and wheat (i.e. seitan) have the most growth potential during this person.

"Tempeh offers health benefits such as higher antibody count, reduction in sugar levels in the body, muscle building, reduced risk of diabetes, and lower cholesterol levels in the body," the authors write.

Speaking about wheat-based products, they add: "Based on the source of the meat substitute, wheat-based meat substitutes are projected to form the fastest-growing segment. Wheat proteins are highly cost-effective and find applications in food products such as burger patties, nuggets, and vegetarian sausages; these innovational applications make wheat the most highly adopted source of meat substitutes over the projection period, among others."

Naturli Foods' meat-alternatives recently launched in Sainsbury's (Photo: Naturli Foods)

Supermarkets

As the research claims, retailers have started to offer an increasing number of meat-alternative products. According to a number of supermarket buyers, this is in response to customer demand.

Chloe Graves, Waitrose Chilled Vegetarian and Vegan Buyer, said: "Our current selection of products has been selling really well week after week, with requests for more choice coming from our customers and partners, so we could clearly see there was an appetite to have more vegetarian and vegan options in our shops."

James Hamilton, Meat-Free and Ready Meals Buyer at Sainsbury's, added: "We are seeing an increasing interest from our customers in plant-based foods, with sales of our current meat-free range growing 20 percent each week."

Disclaimer: The opinions expressed in this article are prepared in the author's capacity and do not necessarily reflect the views and opinions of Plant Based News itself. 

Reuse this content
PBN Contributor:

Maria is the Editor of Plant Based News. A former magazine editor, newspaper reporter, and features writer, her work has been published by The Guardian, The Huffington Post, and various regional newspapers, as well as Vegan Life magazine and Vegan Trade Journal. She has interviewed a huge range of people, from Prime Ministers to authors, activists, pop stars and actors, and enjoys the varied range of topics writing for PBN allows her to tackle. You can follow her on Twitter @MariaChiorando and Instagram @mariachiorando.

(c)2018 Plant Based News LTD. All Rights Reserved.

Join the conversation

Since you're here...
Plant Based News is a FREE service that receives millions of views each week on YoutubeFacebookInstagramTwitterour weekly newsletter and this website. This takes a lot of our personal time, money and hard work. But we do it because we KNOW it makes a difference. If those following our reporting helped by contributing, we could do even more. Please consider supporting us so we can create further awareness about animal rights, environmentalism, ethical consumerism and the plant-based lifestyle. Not a false narrative - but information that empowers people to make better choices.

Support Plant Based News

It's World Vegan Day