Plant-Based Meat Market to Almost Double in Value Despite Recent Drop in Sales
A report has predicted that the global plant-based meat market will grow from $7.5 billion in 2021 to $15.8 billion in 2028 — almost doubling in value. A significant CAGR of around 15% is predicted over the forecast period, with growth said to be largely driven by concerns about the health impacts of meat. The report notes that studies have associated red and processed meat consumption with an increased risk of cardiovascular disease, type 2 diabetes, and colorectal cancer. However, labelling restrictions that prevent meat-like terms from being used on product packaging could restrain the plant-based meat market. Currently, alt meat revenue is highest in North America; burgers are the leading revenue-generating products, while chicken alternatives have the largest market share. Over the past year, …