As per the recent report published by Fortune Business Insights, titled “Meat Substitute Market Size, Share & Industry Analysis, By Source (Soy-based Ingredients, Wheat-based Ingredients, Textured Vegetable Proteins, and Other grain-based Ingredients), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, Other Retail Channels, and Foodservice), and Regional Forecasts, 2019 – 2026” the market stood at USD 4,340.5 million in 2018.

The global Meat Substitute Market Size is projected to reach USD 8,155.8 million by 2026, exhibiting a CAGR of 8.4% during the forecast period. One of the important factors boosting the growth of the market is the propitious aspect of plant-based products, counted as healthier, sustainable, and eco-friendly. Moreover, the increasing number of vegans around the world will aid in market expansion. According to the Vegan Society, the number of vegans in Great Britain quadrupled between 2014 and 2019. In 2019 there were 600,000 vegans, or 1.2% of the population; 276,000 (0.5%) in 2016; and 150,000 (0.3%) in 2014.

The report delivers information on all the prevailing trends and features of the market. It offers higher insights and shares an all-encompassing statement of all the segments. It is put together after vast research followed by profound analysis to help companies, stakeholders, financers and potential investors. It is designed with an aim to provide a clearer picture of the market, which involves the latest innovations and development, product launches, acquisitions, collaborations & partnerships, and others.

Growing Inclination Towards Veganism to Accelerate Growth opportunities

The increasing popularity of veganism and velleity towards plant-based (vegan) dietary patterns will boost the meat substitutes market trends. The rapid decline in meat consumption in the developed market of Western Europe and North America is expected to create growth opportunities for the market. Furthermore, the increasing awareness about the established link between overconsumption of red processed meat to a variety of non-communicable diseases such as cancer, heart disease, stroke, diabetes, liver disease, lung disease, and kidney disease will further favor market growth in the foreseeable future. The increasing pervasiveness of flexitarians, who are often driven to plant-based meat products because of ethical, environmental and health concerns is likely to fuel the demand for meat substitutes and therefore, promote market growth.

https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239