Health-conscious consumers around the globe are adopting a vegan lifestyle to stay fit and reduce risk of diseases. Concern over animal welfare and Greenhouse Gas emissions by practices of the meat industry is also making people shun meat. This trend has led to a growth in demand for plant-based meat across the world, especially in developed economies. Now, a new report by Grand View Research, Inc. has projected that global plant-based meat market is set to reach $13.8 billion by 2027 expanding at a CAGR of 19.4%.
Celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for these products. The plant-based meat is mainly consumed in hotels, restaurants and cafes.
Key points in the report:
- The plant-based meat sausages product segment is projected to register the fastest CAGR of 20.5% over the forecast period
- Rising preference for plant-based diets and increased sales of sausages through retail channels are anticipated to spur the segment growth
- Soy-based products accounted for the largest market share of more than 48% in 2019 on account of high demand due to their protein-rich contents
In the west, some of the leading plant-based meat companies are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. Burger King, MacDonald’s, and Subway, are launching new vegan meat products to capitalise on the industry dominated by health-conscious customers.
Plant-based meat burgers will see a steady growth over the coming years on account of rising concerns over regular meat products in the wake of the Covid19 pandemic. The low gluten and fat level in these burgers make them popular amongst health-conscious individuals.