A recent market research report by Transparency Market Research predicts an average annual growth rate of around 6.1% for the meat alternatives market for the period 2018-2026. According to the report, demand for meat substitutes such as tofu, RTC/RTE, natto, tempeh and others has increased steadily in recent years, and this trend is set to continue.
Many consumers around the world are increasingly turning their attention to healthy and nutritious foods, further boosting the market for plant-based and other alternative products. In particular, the health issues and diseases associated with meat and meat products are influencing the dietary habits of the global population.
The consumption of meat substitutes, including tofu, RTC/RTE, natto, tempeh and others, is largely pragmatic among those who favour a vegan diet, as these products are rich in protein and calcium. To meet this growing demand, companies are investing in research and development to expand their product ranges by introducing different meat substitutes for different taste preferences.
The report also notes that frozen meat alternatives continue to gain importance in the global meat alternatives market, and that the chilled meat alternatives category is expected to grow significantly. By the end of the forecast period, frozen tempeh, for example, is expected to generate sales of over USD 45 billion.
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