The global plant-based meat market size was worth around USD7.5bn in 2021 and is predicted to grow to around USD15.8bn by 2028 with a compound annual growth rate (CAGR) of roughly 15% between 2022 and 2028.
According to a new report by Facts and Factors, the world market for plant-based meat is expected to expand due to growing worries over long-running discussions about the potential negative effects of animal eating. Despite the fact that these talks are still in their infancy, they have raised consumer hesitancy, and many individuals now favor plant-based foods over those made from animals.
Additionally, growing worries regarding the appropriate labelling for plant-based meat may have a detrimental impact on the trend of the worldwide market’s expansion. For instance, because organic beef does not meet the criteria to be considered a meat product, numerous states and regulatory authorities have urged companies to remove the word “meat” from marketing. Since it is considered a deceptive marketing strategy, many meat processing industries have been successful in winning legal challenges against the use of the designation “meat.”
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