The market valuation of plant-based meat will cross $320 million by 2025, according to a new report by Global Market Insights Inc. The increasing health consciousness that's propelling consumers to avoid animal-sourced protein will accelerate the expansion of the global plant-based meat market over the forecast period, the report suggested.
Additionally, the firm relayed that consumers are switching to plant-based meat due to the fact that they believe processed meat is dangerous to their health.
“A growing body of research has associated the consumption of red meat with problems such as cancer, diabetes and heart disease,” the firm reported.
According to the report, the North American plant-based meat market in Canada, Mexico and the U.S. was valued at about $60 million in 2018 and should witness significant growth pertaining to the increasing adoption of veganism and high dependence on meat for dietary protein intake.
The report noted that a “booming food truck, takeaway and delivery industry, along with significant vendor efforts to improve product texture, color and flavor, should further accelerate market growth.”
In particular, the global soy-based meat market will likely register gains of more than 10% by the end of the predicted time frame, owing to growing consumer awareness of the product's health benefits and its rising usage in cookies, crackers, snacks and baked products, Global Market Insights noted, adding that these products offer high protein, vitamin B and iron content, along with bioactive components such as isoflavones, which maintain bone strength and help treat cancer.
Additionally, the firm suggested that a growing prevalence of lactose intolerance and plant-based products' strong resemblance to fish, poultry and meat in color, texture, form and taste should further stimulate market growth.
While demand is expected to rise sharply, Global Market Insights said the plant-based meat market is highly competitive and includes various participants such as DuPont, Quorn Foods, Pinnacle, Sweet Earth Foods, Maple Leaf Foods and Gardein Protein.
“Various manufacturers are engaged in developing new products to attract more customers and achieve market expansion,” the report said.