A new report released last week by market research firm Key Market Insights (KMI) predicted the value of the global meat substitute market to increase to $7.02 billion for 2025—an increase from the $4.01 billion the market was worth in 2016. KMI revealed that the industry will grow at a compounded annual growth rate (CAGR) of 6.3 percent from 2017 until 2025. KMI reveals that the top drivers for the growth of meat alternatives are health concerns and a rising consumer preference for a vegetarian diet. “Cashing in on the increasing health consciousness of the people, change in dietary plans, recent outbreak of animal diseases, and the need for an alternative to meat due to harmful effects of over-consumption of meat,” the report states, “the meat-substitute market is expected to witness substantial growth in this sector.” KMI’s report bolsters predictions made by other market research firms about the growth of plant-based alternatives to animal products, including that of Bharat Book Bureau, which places the vegan cheese industry at $4 billion by 2024.
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