Categories: Science and Research

Meat Substitutes Market Expected to Reach $5.17 Billion by 2020

Who says meat has to involve animals? Not consumers, who are snapping up plant-based proteins at record rates. According to a new report, the market for meat alternatives will be up to $5.17 Billion by 2020. Specifically, it’s expected to grow at a CAGR (Compound Annual Growth Rate, for laymen) of 6.4% between 2015 and 2020.

“The growing demand for meat-free food products and increasing health concerns are expected to drive the market for meat substitutes globally,” the report release reads. “In addition to this, key factors such as increase in adoption rate of vegan & vegetarian diet and increasing health concerns for pets, increasing environmental issues, and presence of modernized retail chain in emerging markets are projected to support the growth in the meat substitutes market in the forthcoming years.”

The report, released by Markets and Markets, covers tofu and tofu ingredients; tempeh; textured vegetable protein (TVP); Quorn; other soy products; and seitan, among others. The companies at the forefront are: Amy’s Kitchen, Beyond Meat, and MGP Ingredients in the U.S.; Sonic Biochem Extractions Limited in India; and Garden Protein International Inc. (makers of Gardein) in Canada.

This is in line with another recent Markets and Markets report, which showed that the global non-dairy market is expected to reach $19.5 Billion by 2020 (and currently worth $2.09 Billion in the U.S. alone).  Overall consumer behavior is also trending towards reduced meat consumption, with a 10% per capita decline since 2007.

Click here to read/purchase the report from Markets and Markets. 

Follow Latest Vegan News on Facebook, on Twitter @LatestVeganNews, and Google+ , and sign up to receive our daily headlines in your inbox here. 

Copyright secured by Digiprove © 2015 Hannah Sentenac
Hannah Sentenac

A wizard of words, lover of all living things and vegan mac 'n cheese master, Hannah is the vegan girl behind bharmless.com. Her writing has appeared in Live Happy magazine, the Miami New Times, OneGreenPlanet.com, MindBodyGreen.com, FoodRevolution.org and numerous other publications and websites. She's obsessed with vegan pizza and crop tops, the holidays, and all things Los Angeles. You can reach Hannah directly at hannah@bharmless.com.

View Comments

Recent Posts

The 10 Best Vegan Breakfast Sandwiches in Los Angeles

It's early in the a.m. Too early. You might be hungover or sleep deprived; at…

3 years ago

Celeb Hotspot PLANTA Expands Its Empire

Courtesy of PLANTA When it comes to plant-based purveyors, PLANTA is one of the hottest…

4 years ago

No Waste Plant-Based Meal Kit Comes to SoCal

There's no debating that meal kits are an awesome way to make life easier in…

4 years ago

You Can Now Have a Meatless Filet Mignon Delivered to Your Door

Courtesy of Juicy Marbles The wait is over: tender, marbled, savory steaks are now on…

4 years ago

Vegan Travel Poised to Blow Up Post-COVID

Veganism is all over the place these days, with everyone from athletes to musicians to…

4 years ago

Your Guide to Cruelty-Free Eyelashes

Photo courtesy of Hayley Kim Design. Dramatic, sweeping lashes are totally on trend, but who…

4 years ago