The meat alternatives market is expected to reach a global value of $8.1 billion by 2026, according to data from Allied Market Research. The research analyzed a variety of products derived from plant-based sources such as tofu, tempeh, textured vegetable protein (TVP), Quorn, and seitan from key players in the sector, including Amy’s Kitchen, Beyond Meat, Quorn Foods, VBites Food, and Morningstar Farms. The data predicts that these producers are slated to experience a compounded annual growth of 7.8 percent and that tofu and TVP will dominate throughout the forecast period. According to the report, developed markets, including North America and Europe, have witnessed a rise in health and environmental awareness and a decline in per capita meat consumption in recent years, resulting in an increased preference for vegan meat options. “In addition, the rapid development of the food-service industries and attractive marketing and promotional strategies of companies for vegetarianism have positively impacted the growth of the global market,” the report says. Fast-food players such as KFC, McDonald’s, and Burger King are expected to strengthen their meatless product offerings to meet increasing consumer demand. A similar 2016 report predicted this sector would be worth $5.2 billion by this year.
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