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Swati Sharma
Swati Sharma
Corporate Communicator
Published Feb 13, 2024
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According to industry reports, the global meat substitutes market is experiencing rapid growth, with projections indicating a substantial increase in market value $4.04 billion by 2027, at a CAGR of 13.5% from 2021 to 2027. This growth is fueled by millennials who prioritize their health and the environment, driving the adoption of plant-based alternatives.
The food industry is undergoing a significant transformation, propelled by the burgeoning popularity of plant-based proteins. As consumers, particularly millennials, increasingly prioritize health, sustainability, and ethical considerations, the demand for meat substitutes is soaring. This paradigm shift is not merely a passing trend but a profound movement reshaping the way we eat and perceive food.
Plant-based proteins, also known as meat alternatives or plant-based meats, offer a sustainable and environmentally friendly alternative to conventional animal-based products. They are designed to replicate the taste, texture, and nutritional profile of meat while being derived from plant sources. This innovation caters to the growing number of individuals embracing vegetarian, vegan, or flexitarian diets.
Plant-based protein ingredients play a crucial role in propelling the meat substitutes market due to several factors:
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Overall, the growing demand for plant-based protein ingredients is driving innovation and growth in the meat substitutes market, making it an increasingly attractive option for consumers seeking healthier, more sustainable, and ethically conscious food choices.
North America's dominance in the meat substitutes market stems from a convergence of factors, including heightened consumer awareness and demand driven by concerns over health, sustainability, and ethics, the presence of key industry players like Beyond Meat and Impossible Foods, widespread availability through retail channels, supportive regulatory frameworks, increased investment, and evolving dietary preferences favoring plant-based alternatives. These dynamics create a fertile environment for continued growth and innovation in the region's meat substitutes industry.
Market Key Players:
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