Who says meat has to involve animals? Not consumers, who are snapping up plant-based proteins at record rates. According to a new report, the market for meat alternatives will be up to $5.17 Billion by 2020. Specifically, it’s expected to grow at a CAGR (Compound Annual Growth Rate, for laymen) of 6.4% between 2015 and 2020.
“The growing demand for meat-free food products and increasing health concerns are expected to drive the market for meat substitutes globally,” the report release reads. “In addition to this, key factors such as increase in adoption rate of vegan & vegetarian diet and increasing health concerns for pets, increasing environmental issues, and presence of modernized retail chain in emerging markets are projected to support the growth in the meat substitutes market in the forthcoming years.”
The report, released by Markets and Markets, covers tofu and tofu ingredients; tempeh; textured vegetable protein (TVP); Quorn; other soy products; and seitan, among others. The companies at the forefront are: Amy’s Kitchen, Beyond Meat, and MGP Ingredients in the U.S.; Sonic Biochem Extractions Limited in India; and Garden Protein International Inc. (makers of Gardein) in Canada.
This is in line with another recent Markets and Markets report, which showed that the global non-dairy market is expected to reach $19.5 Billion by 2020 (and currently worth $2.09 Billion in the U.S. alone). Overall consumer behavior is also trending towards reduced meat consumption, with a 10% per capita decline since 2007.