According to a new report by Market Research Hub (MRH), the global meat replacements market will grow rapidly in the period 2017-2026, with an annual growth rate (CAGR) of 5.8%. In addition to the main players in the meat substitutes industry, the report also includes all the indicators and trend data that are responsible for the increasing growth of meat substitutes.
Discussion of diseases linked to high meat consumption is increasing the health awareness of many consumers with regards to nutrition. Heightened awareness of the risks of meat and consumers’ growing preferences for healthier living are driving the market for meat substitutes. As a result of this dietary and health trend, the report makes it clear that younger generations and athletes in particular are especially interested in meat-free substitutes. This is primarily due to the high calcium and protein content of such products.
Compared to other regions of the world, the consumption of plant-based protein is becoming more and more popular, especially in Europe. The majority of the population has long favoured a protein-rich diet here, which will push the market volume of meat substitutes to almost USD 2.8 billion in Europe alone during the evaluation period.
The change in the population’s consumption preferences towards vegan food, as well as the increasing demand for purely plant-based frozen foods, are two of the main drivers behind the positive performance of the meat substitutes market. The report also points to the positive impact of e-commerce, which is particularly beneficial for vegan online stores. These are playing an increasingly important role in the field of vegan product alternatives.