The global plant-based meat market obtained a soaring revenue of over USD 1 billion over 2020, according to a new market research.
According to most of the analysts, this occurred because of the COVID-19 pandemic, which is a driving factor in the industry's success. As a result of this, demand soared and plant-based meat alternatives become a darling of many investment funds and investors in general.
This new data also outlines industry predictions for the coming decade.
Over the year 2020, the alternative protein industry expanded its big wins. During the pandemic, more people became much more concerned about their health and meat consumption. Also, the meat market supply chain saw huge disruptions.
This whole situation led to a growing global hunger for plant-based products and the industry has seen an increase in demand.
All researches data gathered by analyzing the impact of COVID-19 on vegan meat substitutes show these numbers. This includes soy, wheat, and pea proteins, including tofu, tempeh, seitan, and quorn.
Combined, the industry collected a revenue of $1.769 billion last year alone, the reports state.
Soy-based products are predicted to hold the largest share in the market over the next ten years, but Seitan is set to hold the highest growth rate.
Of the many different regions across the world, it is Asia-Pacific that's expected to see the fastest growth in the sector. This is mostly due to the constant increase in the population, however, with North America being the largest market for plant-based meat products, it is also predicted that they will generate the most of the monies.
This is due to ‘growing public preference' and the increase in ‘health awareness” the researchers claim.
Moreover, the report states: “The rising concerns regarding food security and sustainability and rising investments in plant-based protein sources are the key driving factors for the meat substitutes market.”
