The global plant-based meat market bagged soaring revenue of more than $1 billion over 2020, according to new research.
This occurred in the midst of the COVID-19 pandemic, which is a driving factor in the industry’s success, researchers claim. And, as a result of this, demand soared and plant-based meat alternatives welcomed vast investment.
Moreover, the new data outlines industry predictions for the coming decade.
Plant-based meat market
Over 2020, the alternative protein industry celebrated big wins. During the pandemic, more people became concerned about meat consumption. And, the meat market supply chain saw huge disruptions.
This all led to a growing global hunger for plant-based products. Moreover, the industry has seen ‘burgeoning’ demand, according to P&S Intelligence.
The market research firm collected data by analyzing the impact of COVID-19 on vegan meat substitutes. This includes soy, wheat, and pea proteins, including tofu, tempeh, seitan, and Quorn.
Combined, the industry bagged revenue of $1.769 billion last year alone, the report states.
Moreover, soy-based products are predicted to hold the largest share in the market over the next ten years. However, seitan is set to hold the highest growth rate.
Of all the different regions across the world, it is Asia-Pacific that’s expected to see the fastest growth in the sector. This is partially due to the surging population, according to the report.
With North America being the largest market for plant-based meat products, it is also predicted to generate the most money.
This is due to ‘growing public preference’ the researchers claim.
Moreover, the report states: “The rising concerns regarding food security and sustainability and rising investments in plant-based protein sources are the key driving factors for the meat substitutes market.”