The meat-free market is expected to be worth $7 billion by 2025, according to new figures published by Key Market Insights. The research shows that the meat substitutes market was valued at $4.05 billion (USD) in 2016 and is set to reach $7.02 billion by 2025 with an annual CAGR of 6.3 per cent from 2017 to 2025.
The meat-free market is separated by the type of product, source, category and region. This includes the tofu, tofu ingredients, Quorn, seitan, tempeh, textured vegetable protein and soya products. The source is categorised into wheat based, soya based, mycoprotein, milk and rice based.
The consumers’ attitudes to health have changed as more research and publicity focuses on the negative impacts of leading a meat based diet. Regular consumption of meat leads to obesity and contributes to chronic health problems such as diabetes, atherosclerosis some forms of breast cancer and cardiovascular diseases.
As the meat industry has seen declines in sales, some meat companies have taken to adding alternative options to their product lines. The report says: “Other factors that are driving the growth of meat substitutes market are outbreak of various animal diseases and changing lifestyle induced diseases namely diabetes and obesity among consumers.”
It’s not a surprise that this has been forecasted as veganism continues to see a rise in popularity, and the meat and dairy industries continue to see sales drop.