ResearchAndMarkets.com’s has produced a new report about the status of the meat imitation market showing that the global meat imitation market size reached US$ 6.5 Billion in 2022, and is expected will reach US$ 9.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.6% during 2023-2028.
The report, titled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” uses the term “meat substitute”, but it really refers to imitations of meat made with ingredients other than those which directly come from raising animals and slaughtering them for their flesh (although it seems it does include lab meat, which is actual animal-based meat, and therefore it cannot really be labelled as meat substitute). Additionally, vegetables, pulses, and grains are perfect valid meat substitutes as far as protein is concerned, and yet they are not included in this analysis.
The report states that the meat imitation market is experiencing significant growth, driven by the increasing adoption of veganism, a rising awareness of the ethical concerns related to traditional farm animal practices, and a growing emphasis on health consciousness among consumers.
The authors believe that Europe is the largest market for meat imitations, with various factors contributing to its growth, such as the growing availability of plant-based products, an increasing awareness of the advantages associated with vegan diets, and a heightened environmental consciousness among the population.
The proliferation of vegan options in cafes, restaurants, and fast-food chains is expanding the market’s reach. This trend aligns with the rising popularity of mycoprotein (protein coming from fungi) as a sustainable and nutritious protein source on a global scale, further contributing to market growth.
The report covers other issues such as the impact of COVID-19 on the global meat imitation market, the key regions where it operates, the key players/companies, and the breakup of the global meat imitation market based on the type, source, category, and distribution channel.