The global plant-based meat market was valued at approximately $11.92 billion in 2018, and is expected to generate around $21.23 billion by 2025, at a CAGR of around 8.6% between 2019-2025, according to a report published by Zion Market Research, New York.
The report, “Plant Based Meat Market by Product Type (Tofu, Tempeh, Seitan, RTC/RTE, and Natto), by Source (Soy, Wheat, Mycoprotein, and Others), by End-Use (Retail and Industrial), and by Distribution Channel (Business-to-Business and Business-to-Consumer): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2025,” outlines that despite the rising awareness of inefficiencies associated with the livestock production and other harmful effects of animal agriculture at the industrial-scale, the world is likely to consume more meat per capita this year than ever before.
Tofu is one of the most favored plant-based meat ingredients, while soy-based and gluten-based sources are expected to hold higher market shares in the future, owing to their increasing popularity among the consumers. Based on end-user, the market is bifurcated into retail and industrial. The distribution channel segment comprises of business-to-business and business-to-consumer (convenience stores, traditional stores, food and drink specialty stores, modern groceries and online retail).
By region, Asia Pacific is expected to hold a major share of the global plant-based meat market in the future, owing to the growing preference for plant-based substitutes, such as tofu and tempeh across various Asian countries like China and India.
North America held a significant share of the global plant-based meat market in 2018, due to the change in consumers’ lifestyles.
The European plant-based meat market has improved immensely in the last few years, owing to the growing demand for plant-based meat by the regional population. This can be attributed to the changing food preferences, shift toward a healthier lifestyle and easy availability of raw materials as compared to livestock production.