According to the researchers at MarketsandMarkets, the plant-based meat market is almost worth $12.1 billion at this moment in time and is forecasted to increase at the compound annual growth rate of 15% within the next six years. That is to say, the market value will get as far as $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 indicated that ‘growing health concerns regarding the consumption of animal protein has urged consumers to opt for alternative protein sources’. About the Asia Pacific, it said, ‘environmental hazards associated with the killing of animals is projected to drive the plant-based meat market’.
Beyond Meat is praised as being the ‘key market player’ in the rise of plant-based meat. Other recognized companies include Impossible Food, VBites, and Quorn Foods.
Follow iHeartVegans on Facebook