Theglobal meatsubstitutes market size is projected to reach USD 8.15 Billion by2026, exhibiting a CAGR of 8.4% during the forecast period. One of theimportant factors boosting the growth of the market is the propitious aspect ofplant-based products, counted as healthier, sustainable, and eco-friendly.Moreover, the increasing number of vegans around the world will aid in marketexpansion. According to the Vegan Society, the number of vegans in GreatBritain quadrupled between 2014 and 2019. In 2019 there were 600,000vegans, or 1.2% of the population; 276,000 (0.5%) in 2016; and150,000 (0.3%) in 2014.
Asper the report, published by Fortune Business Insights, titled “MeatSubstitutes Market Size, Share & Industry Analysis, By Source (Soy-basedIngredients, Wheat-based Ingredients, Textured Vegetable Proteins, and Othergrain-based Ingredients), Distribution Channel (Mass Merchandisers, SpecialtyStores, Online Retail, Other Retail Channels, and Foodservice), and RegionalForecasts, 2019 – 2026” the market stood at USD 4,340.5million in 2018. The report delivers information on all the prevailing trendsand features of the market. It offers higher insights and shares anall-encompassing statement of all the segments. It is put together after vastresearch followed by profound analysis to help companies, stakeholders,financers and potential investors. It is designed with an aim to provide aclearer picture of the market, which involves the latest innovations anddevelopment, product launches, acquisitions, collaborations & partnerships,and others.
Food Security Concernsto Uplift Market Potential
Thegrowing concern for food security will be an impelling factor for the expansionof the market. The increasing population and meat production inability to caterto the demand will also bode well for the market. According to the UnitedNations report, the world’s population is expected to increase by 2 billionpersons in the next 30 years, from 7.7 billion currently to 9.7 billion in2050.
Theincreasing worry about climate change will contribute positively to the meatsubstitutes market share. For instance, approximately 15% of anthropogenicgreenhouse gas emissions come from livestock production. Such trends areexpected to encourage key market players to expand their meat-substitutesportfolio.
Growing Inclination Towards Veganism to Accelerate Growthopportunities
Theincreasing popularity of veganism and velocity towards plant-based (vegan)dietary patterns will boost the meat substitutes market trends. The rapiddecline in meat consumption in the developed market of Western Europe and NorthAmerica is expected to create growth opportunities for the market.
Furthermore,the increasing awareness about the established link between overconsumption ofred processed meat to a variety of non-communicable diseases such as cancer,heart disease, stroke, diabetes, liver disease, lung disease, and kidneydisease will further favor market growth in the foreseeable future. Theincreasing pervasiveness of flexitarians, who are often driven to plant-basedmeat products because of ethical, environmental and health concerns is likelyto fuel the demand for meat substitutes and therefore, promote market growth.
Online Retail Segment will Contribute to Healthy Growth
Themass merchandisers segment is expected to register a CAGR of 8.1% during theforecast period owing to the wider reach, greater shelf-space, attractivediscounts, and bundling strategies. The online-retail segment will witnessstrong growth impetus owing to increasing knowledge about the benefits ofe-commerce and its convenience.
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https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239
