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."
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
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Liam is a writer and poet from the north of England. His work has been featured in Gay Times Magazine, Attitude Magazine, Oh Comely, and The Huffington Post. He loves vegan mac and cheese more than anything else in the world.
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