Global meat substitutes market revenue was estimated at 4.8 (USD Billion) in 2019 and is projected to be valued at nearly 6.8 (USD Billion) by 2025. The market is slated to grow at a CAGR of nearly 7.1% over 2019-2025.
Meat Substitutes Market
The global meat substitutes market revenue was estimated at 4.8 (USD Billion) in 2019 and is projected to be valued at nearly 6.8 (USD Billion) by 2025. The market is slated to grow at a CAGR of nearly 7.1% over 2019-2025. The report offers valuation and analysis of meat substitutes market on a global as well as regional level. The study provides a comprehensive assessment of the industry competition, limitations, revenue estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2025 based on value (USD Billion).
Market Growth Drivers
An exponential surge in the demand for plant-based meat substitutes due to nutritive and ecological aspects is anticipated to offer new growth avenues for the meat substitutes industry over the forecast period. Furthermore, it has been demonstrated that the animal-based diet is more damaging to the environment than a plant-based diet. Moreover, the latter is being considered as a healthy diet pattern these days owing to its enhanced nutritive mass & eco-friendly feature. Apparently, the meat emits more greenhouse gases and requires more land space & nitrogen, thereby adversely affecting both terrestrial & aquatic life.
Reportedly, research studies have demonstrated that huge consumption of red, as well as processed meat raises the risk of colorectal cancer and heart ailment. According to EAT lancet, a rise in the plant-based diet and reduction in the intake of meat-based products can help in environmental protection and retention of good health, vitality, and vigor.
For the record, the introduction of plant-based meat alternatives that imitate the taste, appearance, and texture of meat products has surpassed 4,400 across the globe since 2015. Moreover, according to a study conducted by NCBI in 2019, a comparison of the presence of nutrients & health star rating per 100 gram for both plant-based product & meat-based products was done based on statistical parameters including mean, median, and standard deviation.
Based on the statistical modeling, NCBI derived that plant-based food items comprised low kilojoules as compared to meat based food products. Additionally, animal-based food items contained more saturated fat than plant-based food products. Furthermore, plant-based food items contained a high proportion of carbohydrates, dietary fibers, and sugars as compared to meat products. Even sodium in plant-based food items was six times greater in comparison to meat-based food products. All these aspects are anticipated to embellish the growth of the meat substitutes industry over the forthcoming years.
For the uninitiated, plant-based diet intake is expected to be a key dietary strategy across the globe with the view for benefitting the environment and pursuit & purview for improving human health.
Australia To Make Notable Contributions Towards Overall Market Growth By 2025
According to NCBI reports, Australia is the third fastest emerging vegan market across the globe after the UAE and China. As per the records, there is an increase in the number of adults consuming a plant-based diet from 1.7 million to 2.1 million from 2012 to 2016 in Australia.
Reportedly, the plant-based foods produced nearly 150 million Australian dollars in sales across the retail sector during 2018-2019 and are set to accrue revenue gains of nearly $1.4 billion to $4.6 billion in retail sales by 2030 in Australia. This will define the growth of the meat substitutes market in Australia.
North America To Lead Global Meat Substitutes Industry Over 2019-2025
The regional market growth over the forecast period is attributed to the rise in the trend of consuming vegan & vegetarian food products in countries like the U.S. and Canada. Furthermore, growing compassion for animals and maintaining healthy living along with awareness about the green environment has translated into huge demand for plant-based food products in the U.S. This, in turn, will transform into humungous growth of the meat substitutes industry in North America over the forthcoming years.
Key players profiled in the meat substitutes industry include Amy's Kitchen, Garden Protein International, ADM, The Nisshin OilliO Group, Meatless, MorningStar Farms, Beyond Meat, DowDuPont, MGP Ingredients, Sonic Biochem Limited, Quorn Foods, and VBites.
The global meat substitutes market is segmented as follows: