A report by Coherent Market Insights released yesterday said that the global market for meat substitutes was valued at US$ 4 Billion in 2017, and is expected to present a CAGR of 7.6 percent between now and 2025, owing mainly to their health benefits. The report notes that in 2016, 1.9 billion adults were overweight and of these over 650 million were obese.
Increasing awareness of health matters amongst consumers is stated to be a major factor in the growth of this market. In addition, consumer preference for eating meat substitutes instead of meat, and rising interest in animal welfare were given factors. The US dept. of Agriculture reported that the aggregate poultry, red meat, fish, edible basis fell to that of 1983.
The report describes that Europe holds the largest revenue of the meat substitute market with a share of 33 percent since 2017 and is expected to maintain dominance through to 2026. The key players in the global meat substitute market were reported to include: DowDuPont Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV.