The global plant-based meat market size is estimated to grow by USD27.29bn from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 36.92% during the forecast period. New product launches is driving market growth, with a trend towards changing consumer demographics. However, increasing consumption of animal meat poses a challenge.
The global health trend is driving consumer demand for nutritious food and beverage products. Chronic health issues like diabetes, digestive disorders, allergies, and obesity are on the rise, leading consumers to prioritize healthier dietary choices. These health-conscious consumers seek food with fewer calories but essential nutrients. Consequently, the demand for plant-based meat, as a healthier alternative to traditional meat, is increasing. The plant-based meat market is expected to expand significantly due to this consumer preference for healthier food options.
The plant-based meat market is experiencing significant growth due to increasing consumer interest in meat alternatives. Hormones, nitrates, and GMOs in animal-based foods are concerns for health-conscious consumers, driving demand for nitrite-free, hormone-free, and non-GMO plant-based options. Gluten, animal fats, and cholesterol are also major concerns for those following vegan or vegetarian lifestyles. Startup ventures are entering the market with innovative meatless meat products, such as veggie bacon, burger patties, nuggets, and strips.
Find out more at: https://www.technavio.com