The global plant-based meat market is expected to generate approximately $21 billion by 2025, according to a new report by market research company Zion Market Research. The study provides historical data from 2016 to 2018 along with a forecast from 2019 to 2025. Based on the data, it expects the annual growth rate of the market to be approximately 8.6 percent between 2019 and 2025.
By region, the report says the Asia Pacific region is expected to hold a major share of the market in the future, owing to the growing preference for tofu and tempeh across Asian countries like China. North America held a significant share of the global market in 2018. “The growing concerns regarding the environmental impact and sustainability of the meat industry are the major growth driver of the global plant-based meat market,” the report analysis says. “The growing concerns regarding the sustainability of livestock production, meat availability, and change in food preferences have led to many people opting for meat substitutes. This has immensely benefited the plant-based meat market globally.”
The report suggests that changes in manufacturers’ outlooks along with more emphasis on manufacturing plant-based meat are also boosting the market. High production costs and difficult product availability might restrain the market, but a change in food preferences and growing advancements made in the food industry will provide numerous opportunities for market growth. Last month, data from Allied Market Research suggested that the meat alternatives market is expected to reach a global value of $8.1 billion by 2026.
Photo Credit: Impossible Foods