Market research company predicts vegetable-based meat alternatives will skyrocket in the next four years.
A new report from Allied Market Research predicts that the meat alternatives market will reach $5.2 billion by 2020. The research profiled meatless meat producers such as Amy’s Kitchen, Beyond Meat, Garden Protein International, Inc. (Gardein), Quorn, and Morningstar Farms to reveal that meat alternatives—such as tofu and soy products but increasingly vegetable-based proteins—are slated to experience a compound annual growth of 8.4 percent overall. According to the report, “increasing health awareness coupled with increasing consciousness towards environmental sustainability and animal welfare have been the major factors driving the growth of meat substitute market.” The report also revealed that while Europe and North America are the largest consumers of meat alternatives, Asia-Pacific is the largest-growing market. While consumers are focused on frozen meatless products, the dry snack market is expected to grow the fastest. “Meat alternatives have seen double-digit growth in recent years, and the report predicts that fast-food companies such as KFC, McDonald’s, and Burger King will “strengthen their meat substitute product line to meet the increasing consumer demand”—a trend that Wendy’s, Subway, Taco Bell, and White Castle have already begun to adapt to with new vegan options.