Study: Plant-based meat market expected to register CAGR of 5.8% through 2026
In North America, the U.S. retail value sales for plant-based meat products have been surging over the past couple of years.
The global plant-based meat market is projected to register a CAGR of 5.8% from 2018-2026, according to a report published by Persistence Market Research, New York.
The study, “Global Market Study on the Plant-based Meat Market,” reveals the annual global sales of plant-based meat products has grown at an average of 8% since 2010. In the global market, Asian countries like China have shown a rise in the consumption of plant-based meat products year-on-year, making the country one of the dominant plant-based meat market on the global stage.
On the other hand, the European and North American regions have been tagged as emerging regions for the global plant-based meat market. In Germany, one out of 10 consumers, mostly Millennials, buy plant-based meat products at regular intervals.
Similarly, in Italy, consumers are gradually triggering the demand for plant-based meat products. In North America, the U.S. retail value sales for plant-based meat products have been surging over the past couple of years, surpassing the U.S. animal-based food market. This indicates a rise in the demand for plant-based meat products by U.S. consumers.
The confluence of several critical factors such as higher penetration rate of social media channels, easy availability of critical information regarding the consumption of plant-based food products, consumers' desire for a healthy lifestyle and rise in per capita income in several developing nations triggers the demand for plant-based meat products on the global stage.