Meat Substitutes Experience Surge in Market Growth
Exclusive information provided to foodnavigator.com suggests a rise in market growth for meat-free products.
According to foodnavigator.com, “The total market for analogs [such as tofu] and meat-free products is set to rise by 4.4 percent, from ($4.45bn) to £3.54bn ($5.52bn), in the next five years, according to exclusive data from market analyst RTS Resource.” In addition, the findings indicate that the largest demand for meat-free ingredients is in the ready-made convenience foods sector, while market research firm SymphonyIRI Group revealed that frozen meat substitute sales in 2011 climbed to $267 million. Paving the way for the introduction of new products such as Beyond Meat, earlier this year the Global New Products Database revealed that 110 meat substitute products were introduced into the marketplace in 2010 and 2011.
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