According to a new report by Global Market Insights, the plant-based meat market, which is currently valued above $150 million, is expected to be worth more than $320 million by 2025. Increased consumer demand for meat alternatives can be attributed to a variety of factors: More awareness of environmental hazards linked to killing animals, animal rights issues, as well as a desire for more vegetarian-based diets due to health concerns.
On a nutritional front, the report also notes: “Plant based meat products are incomplete protein source and lack vitamin B12 which may hinder market growth. Manufacturers are researching to enhance the nutritional profile of plant based meat products by mixing high protein food sources such as quinoa which may fuel product demand.”
Specific sectors that are expected to grow are the following:
- Pea-based meat: 10.5% CAGR from 2019 to 2025
- Wheat-based meat: Increase to more than $40 million by 2025
- Beef wheat-based meat: Expected to grow about 10% by 2025
- Chicken soy-based meat (currently valued at $70 million in 2018)
Regionally, plant-based meat is anticipated to grow 10% by 2025 in North America, with the report pointing to more awareness of the risks associated with contaminated as well as adulterated meat. In Europe, the value of the market is expected to exceed $55 million by 2025.