The global meat substitute industry generated USD5.4bn in 2020 and is anticipated to generate USD11.2bn by 2030, witnessing a CAGR of 7.6% from 2021 to 2030.
According to a report by Allied Market Research, an increase in the obese population, environmental sustainability and animal welfare, and a surge in demand for clean label and natural products drive the growth of the global meat substitute market. However, the wide availability of substitutes and dissatisfaction with sensory attributes hinder the market growth. On the other hand, product diversity, development, innovation, and untapped developing markets present new opportunities in the coming years.
Based on category, the frozen segment accounted for the largest share in 2020, contributing to more than three-fourths of the global market, and is projected to maintain its lead position during the forecast period. Supermarket & hypermarket chains have increased the shelf space dedicated to frozen meat substitutes, which has notably contributed to the expansion of the meat substitute market. Moreover, the shelf-stable segment is expected to portray the largest CAGR of 10.3% from 2021 to 2030, owing to an increase in demand for shelf-stable meat substitutes.
Source: https://www.frozenfoodeurope.com/global-meat-substitute-industry-to-hit-usd11-2bn/
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