THE UNITED KINGDOM, London. A recent market report issued by Visiongain sets a value of $4.3 bn. for the global market of meat substitutes but the figure is expected to grow at $5.8 bn. in the next four years, at a CAGR of 7.7%.
“Meat substitutes are a part of the wider free-from trend, which is driven by increasing concerns about meta-consumption, and the health & wellness trend. The growing global population is also a significant driver of the market. The UN projections show that by 2050, the global population will reach 8.9 bn. people, increasing by 47% since 2000”, the research company informs.
In this light, alternative sources of protein such as meat substitutes become an important factor in sustainable development. Considering that raising livestock requires a lot of water, land and animal feed, as well as producing a lot of waste, plant-based proteins are becoming a tool, which can potentially help to solve these problems.
The meat alternatives market is relatively small today, but all the factors analyzed in this report illustrate that the industry will exhibit significant growth in the next ten years, providing excellent commercial opportunities.