
According to a new report by Allied Market Research, the market for meat substitutes was estimated to be worth USD6.6bn in 2023 and is projected to rise at a CAGR of 8.9% from 2024 to 2035, reaching USD18bn.
The market for meat substitutes is expanding due to a number of important factors, all of which are contributing to the growing acceptance and spread of plant-based protein substitutes.
A major factor is the shift in consumer attitudes toward sustainable food choices and healthier lives. The market for meat replacements is rising as customers actively look for alternatives to traditional meat products as knowledge of health and environmental concerns grows. Growing worries about topics like animal welfare, the effects of cattle ranching on the environment, and the health dangers of consuming a lot of meat, such as obesity and cardiovascular disease, are what are driving this trend.
Moreover, the market for meat substitutes is growing at a large rate due to the advent of flexitarianism and vegetarianism. There is a growing market for plant-based protein substitutes as more people decide to cut back or give up meat for a variety of reasons, such as ethics, health, and environmental sustainability. In response to the varied demands and tastes of customers, meat alternatives are becoming more widely available and varied in retail establishments, eateries, and food service outlets. This shift in dietary habits is reflected in these developments.
With about three-fourths of the worldwide professional hair care market revenue coming from the frozen segment in 2023, this category had the most market share and was expected to continue leading the way throughout the forecast period. On the other hand, the shelf-stable segment is anticipated to grow at a noteworthy 12.0% CAGR between 2024 and 2035.
Europe holds the largest revenue market share by region in 2023, contributing about two-fifths of the global revenue generated by the professional hair care industry. Furthermore, the fastest CAGR of 11.2% is predicted for the Middle East and Africa region between 2024 and 2035.
Find out more at: https://www.alliedmarketresearch.com/