Meat substitutes market to grow by $1.5 billion in the next 4 years
A recent market report issued by Visiongain sets a value of $4.3 billion for the global market of meat substitutes but the figure is expected to grow at $5.8 billion in the next 4 years, at a CAGR of 7.7%.
“Meat substitutes are a part of the wider free-from trend, which is driven by increasing concerns about meta-consumption, and the health & wellness trend. The growing global population is also a significant driver of the market. The UN projections show that by 2050, the global population will reach 8.9 billion people, increasing by 47% since 2000”, informs the company in a press release.
There is a significant growth predicted for the meat alternatives market in the next decade, predicts Visiongain who sees excellent commercial opportunities for the investors in the sector.
In fact, some official authorities and big players in the food industry are already investing in the meat-substitutes enterprises as it is the case of the Canadian government that placed $150 million in this sector, according to Live Kindly magazine.
Recent studies conducted in Canada showed that the population is more and more tempted to adopt a vegan-like diet. “A recent study by Mintel found 53% of Canadians eat vegan meat alternatives, regardless of their dietary stance. Further, survey data released in March showed that nearly 40% of people under the age of 35 living in British Columbia identify as vegan or vegetarian. Another study conducted by Statistics Canada on behalf of the Canadian Meat Council discovered Canadians are eating less meat than what is suggested in the nation’s food guide recommendations”, reports the magazine.
The number of vegan restaurant in the country is also rising. But is not only Canada that is following this trend.
China, a country that is perceived as a meat addicted nation, is making room for meatless businesses as well. Right Treat, a start-up founded by David Yeung, is currently seeking approval from Chinese regulators to start selling a new product called Omnipork.
Despite the name of the product, there is no meat in the recipe of Omnipork. Made from soy, pea, mushroom and rice proteins, the product tries to mimic the taste and feel of real pork.
This year, the Chinese are expected to eat 56 million tons of pork, according to US Department of Agriculture estimates. Still, last year, the demand decreased to a three-year low at 54.8 million tons, as reported by CNN Money.
In 2016, the Chinese government has issued new dietary guidelines for the population that recommends a 50% decrease in meat consumption.
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