According to the findings of a study that was just recently released by Fact.MR, the global market for meat substitutes is anticipated to expand at a CAGR of 33.6% and reach USD235bn by the end of the assessment period that spans 2022-2032.
As of the year 2021, the market was estimated to be worth USD10bn. It is believed that one of the primary reasons for the expansion of the market is the growing preference among consumers for the consumption of meat alternatives in the face of growing concerns about their health and the environment.
According to the findings of the study, between 2017 and 2021, sales of meat alternatives grew at a compound annual growth rate of 38%. During the pandemic crisis, the trend of healthy eating gained massive momentum, which is also one of the primary reasons behind the industry’s rapid expansion. The traditional meaty texture and flavor of animal-based foods are being recreated by prominent manufacturers who are experimenting with a variety of different combinations while still maintaining these characteristics.
It is anticipated that the demand for meat alternatives will take a turn for the better as the popularity of vegan foods continues to grow at an ever-increasing rate. According to the Vegan Society, there are over 60,000 products on the market that come from over 2,500 different companies. Of these products, 18,000 are food and beverage items. Just in the year 2021, the society registered more than 16,000 different products with the Vegan Trademark.
The global landscape of meat substitutes is marked by high levels of competition due to the presence of both well-established players and newcomers to the market. The taste that consumers of foods based on meat are accustomed to experiencing is being preserved even as multiple product lines are being introduced by manufacturers. In addition, partnerships, mergers and acquisitions, and other forms of collaboration are used frequently.
Beyond Meat Inc. and Pizza Hut made the announcement in January 2022 that they would be making the plant-based Beyond Italian Sausage Crumbles permanently available at all Pizza Hut Canada locations across the country. These crumbles are derived from plant-based ingredients, but they are designed to have the same meaty texture and savory flavor as Pizza Hut’s traditional Italian pork sausage.
The flagship product of Impossible Foods Inc., Impossible Beef Made from Plants, was first made available in supermarkets across Australia and New Zealand in the month of March 2022. A mere four months have passed since the company first established itself in New Zealand’s restaurants, and this marks the first time that Impossible Beef will be available for purchase in supermarkets in both regions.
Find out more at: http://www.factmr.com/