PUBLISHER: Grand View Research | PRODUCT CODE: 1552943
PUBLISHER: Grand View Research | PRODUCT CODE: 1552943
The global plant-based meat market size is expected to reach USD 24.77 billion by 2030, registering a CAGR of 19.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market growth over the forecast period.
The growing concern of consumers regarding animal welfare and greenhouse gas emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products in the global market.
The plant based meat is predominantly consumed in the Hotel/Restaurant/Cafe (HORECA) sector. Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints such as Burger King, MacDonald's, and Subway are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers.
The plant based burgers are likely to exhibit steady growth over the upcoming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. The plant-based burgers are known to offer low-gluten and low-fat contents, which makes them a highly favored product amongst health-conscious individuals.