Plant-Based Meat Market Set To Skyrocket By 2024, Studies Find
Researchers predict a boom in the meat alternatives market, especially across Asia Researchers predict a boom in the meat alternatives market, especially across Asia - Media Credit: Eoban Binder

Plant-Based Meat Market Set To Skyrocket By 2024, Studies Find

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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.

Asian culture

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.”

Demand

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.”

‘Battleground’

Asia has seen greater access to plant-based products this year, thanks to Impossible Foods’ expansion plans to more vegan options becoming available in Mcdonald’s, KFC, and Starbucks across China.

Fox News even branded China a ‘battleground’ for the plant-based meat market.

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The Author

Emily Baker

Emily is a journalist based in Devon, where she reports on issues affecting local people from politics to the environment. She has also written features on feminism for Polyester Magazine.

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