The plant-based meat market is to face its ‘biggest growth to date’, according to new data.
Markets and Markets’ latest report estimates the global market for plant-based meat alternatives will hit $4.3 billion this year and grow to $8.3 billion by 2025, showing growth of 93 percent.
The report cites ‘growing vegan and flexitarian populations, as well as increased awareness on the ‘health benefits offered by plant-based meat over animal meat’ as reasons for the growth.
It also says government initiatives and ‘significant investment’ are key drivers for the plant-based market.
Vegan brand The Meatless Farm Company welcomed the report, which mirrors its own skyrocketing success – after its year-on-year sales spiked 111 percent in the UK alone.
‘The tipping point’
In a statement sent to Plant Based News, Founder Morten Toft Bech said: “Meat consumption is changing significantly as consumers want to make better choices for the environment and health.
“We are at the tipping point as motivation for greener choices is at an all-time high, fuelled by an even greater focus on global climate change action in 2021 with the UN’s COP26 conference, the US’s anticipated return to the Paris agreement and looming ‘point of no return’ deadlines ramping up national action plans.
“Awareness of the impact intensively-farmed meat has on the environment is driving an increase in ‘ecotarians’ who eat in a way which minimizes impact on the environment and are a key part of the plant-based market.
“In addition, investment and innovation means that there are no compromises on taste or texture with the best plant-based alternatives.”
You can read the full report here