The global plant-based meat market size is expected to grow at a CAGR of over 18% during the period 2019−2025, a report from the research company Arizton shows.
The shift towards environmental sustainability, health awareness, and veganism is driving the market for plant-based meat alternatives. Although plant-based beef dominates the global market, plant-based chicken is likely to witness the fastest growth in the market at a CAGR of over 20% during the forecast period.
Asia is expected to become of the most lucrative market for plant-based pork and accounted for over 15% of the market, where the African Swine Fever has reported to disrupt the pork supply. In North America, the plant-based chicken is expected to witness the fastest growth, followed by plant-based fish which is expected to grow at a CAGR of over 20% during the forecast period. In Europe, soy accounted for the largest share in the market as a plant-based meat protein source in 2019. However, pea which accounted for the second-largest share in the market is expected to witness the fastest growth: it is expected to grow at a CAGR of over 18% during the forecast period.
Soy is also the most common protein source used in plant-based meat production. However, pea is increasingly becoming the key ingredient and is expected to generate incremental revenue of over USD1bn by 2025.