According to the latest report by IMARC Group, titled “Plant-Based Meat Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global plant-based meat market size reached US$ 8.22 Billion by 2019. Plant-based meat refers to a vegan alternative to meat that resembles meat products in color, texture, appearance, and taste. It is produced by blending plant protein isolates, starch, vegetable extracts, edible oils, and various other ingredients. Plant-based meat reduces meat intake, thereby minimizing the risks of cardiovascular diseases, lowering blood cholesterol, and balancing calories. Furthermore, plant-based meat variants are ecologically sustainable as they reduce high meat consumption.
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The growing trend of veganism, along with the rising concerns towards animal welfare and protection, is primarily driving the market. Furthermore, the increasing health consciousness among the masses, coupled with the high prevalence of obesity, diabetes, cardiovascular ailments, etc., has propelled the product demand due to its low calorie and high-protein content. Besides this, several awareness programs by numerous animal welfare organizations for reducing excessive animal killing for meat production are also influencing the market positively. Additionally, several manufacturers are introducing vegan meat products with better aroma, texture, and high nutritional value to expand their consumer base, which is further expected to drive the global market for plant-based meat products. Looking forward by IMARC group the global plant-based meat market anticipated to reach a strong growth to 2020-2025.
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