Global food industry
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Meat alternatives to see small value gain over 2020-2025 despite strong growth and innovations, says GlobalData.
UNITED KINGDOM, London. Meat alternatives is expected to be the fastest growing food sector globally, with a 12.7% Compound Annual Growth Rate (CAGR) over 2020-2025. The sector is only expected to gain $4.96 billion over the five-year period, reaching $11.03 billion in 2025. The meat market is set to gain $341.5 billion to reach $1.6 trillion by 2025.
Meat alternatives is the only sector in the global food industry expected to hit double digits in terms of value growth over 2020-2025, with a CAGR of 12.7%. Meat alternatives are seeing such varied and exciting innovations on the market and are growing at an incredible pace, albeit from a small base number. They are the clear stand out performer with double digit growth, notes GlobalData. Global Data 
However, the leading data and analytics company explains that brands should consider the growth rate in context of value gained, as this growth represents a comparatively small value gain of almost $5 billion – a fraction of the meat industry’s whopping $341.5 billion.
From the data it is clear that meat substitutes will not overtake traditional meat in the next five years. Meat substitutes are one of the smallest categories in terms of sheer value. Top gainers with this measure are basic staple ingredients – such as the meat, dairy and soy foods, and bakery and cereals sectors.
The small base in value could be due to the specific consumer base it has. Although the market is seeing more adoption as flexitarian diets encourage plant-based consumption, GlobalData’s Q2 2021 consumer survey reveals that 35% of global consumers do not consume plant-based meat alternatives.
Source: Global Data
