The increasing trend of veganism is providing enormous growth opportunities in the global vegan meat industry.
According to the latest Arizton’s market research report, the plant-based meat market size to cross USD 12 billion by 2025, growing at a CAGR of over 18% during the forecast period.
Global Vegan Meat Market Growth
The increasing trend of veganism is providing enormous growth opportunities in the vegan meat industry. The younger generations are more into the vegan diet, thereby boosting the vegan meat market across the globe. Renowned celebrities and world-class athletes, as well as large companies such as Google, are moving towards the consumption of vegan products, which is also enabling the growth of the vegan meat market. With the rising internet penetration, consumers are becoming more aware of the health benefits in consuming vegan products over animal-based products, which in turn, is creating opportunities for the vendors to expand their businesses in the vegan meat industry.
Growing Investment in Plant-Based Market
The vegan meat industry has skyrocketed over the past few years, supported by recent investments and product launches. Investors have funded the efforts by the brands to make their product lines perfect and to launch new portfolios in the vegan meat market. The rise in new products in the market is contributed by a combination of offerings from start-ups, new products from legacy brands, and the success of younger brands such as Beyond Meat and Impossible Foods. The expansion of product portfolios and entry of new companies have pushed the bigger brands to innovate in the global market.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by source, meat type, storage, distribution, and geography
- Competitive Landscape – 21 Key Company Profiles
Vegan Meat Market – Geographic Analysis
The change in the consumption pattern, the emergence of flexitarian and vegan diets, rising environmental concerns, and the growing demand for “better-for-you” products are driving the demand in the North American vegan meat market. The primary reasons for the shift to consumption of vegan-based proteins include associated health benefits, higher nutritional content than animal protein, and a need to avoid animal-based products in the region. The growing demand for vegan-based products is especially among the young millennials and the industry is expected to witness heavy focus on vegan-based alternatives in the US market. In Canada, as the Canadian food guide is putting high emphasis on the consumption of vegan-based protein an increasing shift to plant-based diets in recent years will significantly contribute to the growth of the market in Canada.
The focus of vendors in the vegan meat market has largely been on drawing the attention of consumers and creating appeal towards vegan products. Biochemists are on a journey to develop products that can convince the finickiest of hard-liner meat-eaters to persuade them to change into vegans. Plant-based meat needs to be more accessible and cheaper if companies want to leave their mark in the bigger meat industry. In the vegan meat industry, the partnership is expected to be vital for expansion in the future. Most of the vendors in the vegan meat market are startups and the market is highly fragmented with the presence of both large and small vendors.
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