Global meat substitute market to reach $234.7 billion by 2030
A large market expansion for meat substitute products is expected to take place over the next 8 years. The global meat substitute market size is expected to reach USD 234.7 billion by 2030, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 42.1% from 2022 to 2030. Growing preference for a vegan diet coupled with rising health awareness is expected to fuel market demand in the forecast period. Furthermore, growing awareness of environmental and ethical issues has also accelerated market growth. Plant-based meat is a healthier alternative to traditional meat products. Over half of protein users prefer to consume natural sources in their protein, which is boosting the shift in demand for easily identifiable and clean substances. Researchers believe that the Asia Pacific region is expected to register the fastest growth during the forecast period. Countries such as China and Australia and others are expected to see a rapid surge in the consumption of meat substitutes with consumers across these countries preferring to cut down meat consumption and form healthier dietary habits.
Also, the Mycoprotein segment is projected to register the fastest growth as its more economical to produce and the reduced prices are also expected to drive growth. Last year, the retail channel segment held the largest revenue share due to nationwide lockdowns globally and the resultant increase in at-home consumption of food.
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