The global meat substitutes market size is projected to reach USD 8.15 Billion by 2026, exhibiting a CAGR of 8.4% during the forecast period. One of the important factors boosting the growth of the market is the propitious aspect of plant-based products, counted as healthier, sustainable, and eco-friendly. Moreover, the increasing number of vegans around the world will aid in market expansion. According to the Vegan Society, the number of vegans in Great Britain quadrupled between 2014 and 2019. In 2019 there were 600,000 vegans, or 1.2% of the population; 276,000 (0.5%) in 2016; 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), and Regional Forecasts, 2019 – 2026” the market stood at USD 4,340.5 million in 2018. The report delivers information on all the prevailing trends and features of the market. It offers higher insights and shares an all-encompassing statement of all the segments. It is put together after vast research followed by profound analysis to help companies, stakeholders, financers and potential investors. It is designed with an aim to provide a clearer picture of the market, which involves the latest innovations and development, product launches, acquisitions, collaborations & partnerships, and others.
Food Security Concerns to Uplift Market Potential
The growing concern for food security will be an impelling factor for the expansion of the market. The increasing population and meat production inability to cater to the demand will also bode well for the market. According to the United Nations report, the world’s population is expected to increase by 2 billion persons in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050.
The increasing worry about climate change will contribute positively to the meat substitutes market share. For instance, approximately 15% of anthropogenic greenhouse gas emissions come from livestock production. Such trends are expected to encourage key market players to expand their meat-substitutes portfolio.
Growing Inclination Towards Veganism to Accelerate Growth opportunities
The increasing popularity of veganism and velleity towards plant-based (vegan) dietary patterns will boost the meat substitutes market trends. The rapid decline in meat consumption in the developed market of Western Europe and North America is expected to create growth opportunities for the market.
Furthermore, the increasing awareness about the established link between overconsumption of red processed meat to a variety of non-communicable diseases such as cancer, heart disease, stroke, diabetes, liver disease, lung disease, and kidney disease will further favor market growth in the foreseeable future. The increasing pervasiveness of flexitarians, who are often driven to plant-based meat products because of ethical, environmental and health concerns is likely to fuel the demand for meat substitutes and therefore, promote market growth.
Online Retail Segment will Contribute to Healthy Growth
The mass merchandisers segment is expected to register a CAGR of 8.1% during the forecast period owing to the wider reach, greater shelf-space, attractive discounts, and bundling strategies. The online-retail segment will witness strong growth impetus owing to increasing knowledge about the benefits of e-commerce and its convenience.
One of the Recent Developments Witnessed in the Meat Substitutes Market:
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