According to a new report from leading market research and consulting firm Coherent Market Insights, the global vegan meat market is set to surpass $6.5 billion by 2026.
The report projects rapid growth in the vegan meat market, with a compound annual growth rate of 7.6 percent between 2018 and 2025. What’s more, the research shows that more consumers are expected to shop for plant-based meat in the coming years because of the many health risks linked to consuming animal meat.
Interestingly, Europe accounts for the largest revenue share of the global vegan meat market at 33 percent in 2017 and is expected to remain a leader.
While you might think newer meat substitutes, such as bleeding veggie burgers, are the reason for an increased interest in plant-based eating, the oldest-known meat alternatives, such as tofu and tempeh, are projected to see the most growth. The report explains:
Meat substitute such as tempeh and tofu is expected to drive growth of the market. Meat substitutes offer health benefits such as it lowers the cholesterol level, boosts heart health, and stronger bones. Therefore, these factors are expected to aid in high demand for meat substitutes.
This isn’t the first time market researchers have predicted an increased demand for vegan food. Allied Market Research predicts that the meat substitute market will grow 8.4 percent from 2015 to 2020, potentially reaching $5.2 billion globally. And Lux Research expects plant-based proteins to make up a third of the global protein market by 2054.
What’s more, a recent study commissioned by the Plant Based Foods Association and The Good Food Institute reveals that the plant-based foods market topped $3.1 billion in sales in 2017.
More people enjoying vegan food is great news for the billions of animals who suffer horribly at factory farms. Cows, pigs, and chickens raised and killed for food are subjected to unthinkable cruelties: tiny, filthy cages; burns and amputations; and merciless slaughter.
Thankfully, with more and more delicious vegan products hitting the market, there’s truly never been a better time to switch to a compassionate vegan lifestyle.