Leading researchers have predicted a boom in the global meat alternatives market, claiming it will be worth $23.2 billion by 2024.
Recent reports from market studies show a hike across the worldwide markets, and in particular, Asia.
Growth worth billions
The news network CNBC claims the global meat substitutes market is currently worth $20.7 billion. Research company Euromonitor anticipates a further increase.
Despite the challenges presented by the outbreak of COVID-19, Elaine Siu of The Good Food Institute Asia Pacific told CNBC that a reason behind the growing hunger for plant-based meat was because more people were becoming concerned for animals and the planet.
Elaine explained that in Asia, growth is limited by culture.
She continued: “In order for plant-based meat to reach its full market potential in Asia, the sector must continue to break free of its association with traditional mock meats, which are expected to be sold at a low price point and carry historical image baggage.”
A report published by food consultants DuPont Nutrition and Bioscience earlier this month predicts an increase in demand in China and Thailand of over 200 percent.
Reasons behind growing popularity include the rise in celebrity endorsement and links between veganism and sustainability.
A marketing manager with DuPont, Michelle Lee, stated: “We are about to see a dramatic increase in demand for plant-based alternatives to meat which food businesses need to start preparing right now.”
Fox News even branded China a ‘battleground’ for the plant-based meat market.