A newly published report is predicting the plant-based meat market in the US to be worth a staggering $2.6 billion over the next six years.
This is based on a number of factors, including potential restraints and opportunities.
US plant-based meat market boom
The report, Plant-Based Meat Market, Growth & Forecast, Industry Trends, Opportunity By Types, and Company Analysis identifies the market as an ’emerging trend’ among young people in the US.
It made the estimation based on products such as vegan burgers, sausages, patties, nuggets, grounds, and an ‘others’ category.
This includes tofu, tempeh, mycoprotein, and seitan-based meat alternatives.
In 2020, the market was worth just over $1 billion. But by 2027, the report eyes it reaching almost $2.7 billion.
Moreover, worries over unhealthy diets are helping lead the surge in popularity, the report claims. This also includes increasing awareness about animal welfare.
Explosive vegan meat boom
Other reports for the wider global plant-based meat market indicate an even more soaring increase.
For example, it could be worth $162 billion within the next decade, according to a groundbreaking Bloomberg report.
Major brands such as Beyond Meat and Impossible Foods are reportedly leading the charge.