Meat Alternative Market Sales to Rise at a CAGR of 33.6%

meat alternatives

The global meat alternative market size is expected to be valued at USD13bn in 2022. With the increasing sale of innovative goods and appealing marketing, coupled with the health benefits associated with meat alternatives, the overall demand for meat alternatives is projected to grow at a CAGR of 33.6% between 2022 and 2032, totaling around USD235bn by 2032.

According to a new report by Future Market Insights, the rising awareness regarding healthy and sustainable foods is one of the major factors that is expected to boost the growth of the meat alternative market during the forecast period. The increasing number of vegans and flexitarians is another factor that is anticipated to fuel the market’s growth. Moreover, government bodies across various countries are promoting the consumption of meat alternatives, owing to the health benefits offered by these products. This change in the eating patterns requires new products that cater to the demand for healthy and tasty products, which can replace the function of meat in a dish and contribute a similar high protein nutritional value. Such factors are expected to drive the market’s growth.

The growth of the meat alternative market is primarily attributed to a widening vegan customer base, in the light of rising awareness about the adverse impact resulting from meat consumption on the environment. Because of its negative effects on the environment and animal welfare, the intensive animal husbandry has been criticized by some sections of society. This in turn has led to a shift towards diets which exclude or limit the use of animal products. In addition, growing apprehension about contracting zoonotic diseases has further led to a reduction in consuming meat products.

Consumer awareness of plant-based meat substitutes is rapidly growing, with more people demanding these because of their stated health benefits, such as the prevention of non-communicable disorders, digestive issues, and obesity. As a result, consumers are changing their eating habits and incorporating a healthy diet, which is expected to boost the demand for meat alternatives. Based on all these trends, the global meat alternative market is expected to surge at a high pace during the analysis period.

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