The global meat substitutes market size isprojected to reach USD 8.15 Billion by 2026, exhibiting a CAGR of 8.4% duringthe forecast period. One of the important factors boosting the growth of themarket is the propitious aspect of plant-based products, counted as healthier,sustainable, and eco-friendly. Moreover, the increasing number of vegans aroundthe world will aid in market expansion. According to the Vegan Society, thenumber of vegans in Great Britain quadrupled between 2014 and 2019. In 2019 therewere 600,000 vegans, or 1.2% of the population; 276,000 (0.5%) in2016; and 150,000 (0.3%) in 2014.
As per the report, published by Fortune Business Insights,titled “Meat Substitutes Market Size, Share & Industry Analysis, By Source(Soy-based Ingredients, Wheat-based Ingredients, Textured Vegetable Proteins,and Other grain-based Ingredients), Distribution Channel (Mass Merchandisers,Specialty Stores, Online Retail, Other Retail Channels, and Foodservice), andRegional Forecasts, 2019 – 2026” the market stood at USD4,340.5 million in 2018. The report delivers information on all the prevailingtrends and 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 Concerns to Uplift Market Potential
The growing concern for food security will be an impelling factorfor the expansion of the market. The increasing population and meat productioninability to cater to the demand will also bode well for the market. Accordingto the United Nations report, the world’s population is expected to increase by2 billion persons in the next 30 years, from 7.7 billion currently to 9.7billion in 2050.
The increasing worry about climate change will contributepositively to the meat substitutes market share. For instance, approximately15% of anthropogenic greenhouse gas emissions come from livestock production.Such trends are expected to encourage key market players to expand theirmeat-substitutes portfolio.
Growing Inclination Towards Veganism to Accelerate Growthopportunities
The increasing popularity of veganism and velleity towardsplant-based (vegan) dietary patterns will boost the meat substitutes markettrends. The rapid decline in meat consumption in the developed market ofWestern Europe and North America is expected to create growth opportunities forthe market.
Furthermore, the increasing awareness about the established linkbetween overconsumption of red processed meat to a variety of non-communicablediseases such as cancer, heart disease, stroke, diabetes, liver disease, lungdisease, and kidney disease will further favor market growth in the foreseeablefuture. The increasing pervasiveness of flexitarians, who are often driven toplant-based meat products because of ethical, environmental and health concernsis likely to fuel the demand for meat substitutes and therefore, promote marketgrowth.
Online Retail Segment will Contribute to Healthy Growth
The mass merchandisers segment is expected to register a CAGR of8.1% during the forecast period owing to the wider reach, greater shelf-space,attractive discounts, and bundling strategies. The online-retail segment willwitness strong growth impetus owing to increasing knowledge about the benefitsof e-commerce and its convenience.
One of the Recent Developments Witnessed in the Meat SubstitutesMarket:
- May 2019: Beyond Meat, Inc. expanded its partnership with Zandbergen World’s Finest Meat to produce the brand’s innovative plant-based meats at a new manufacturing facility being constructed by Zandbergen in Zoeterwoude, the Netherlands.
Browse Detailed Overview of This Research:
https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239
