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Meat substitute market size worth US$235 bn by 2032 at 33.6% CAGR
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Thursday, 15 December, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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The global meat substitute market is forecast to flourish at a stupendous CAGR of 33.6% to reach US$235 bn by the end of the 2022-2032 assessment period, concludes a recently published Fact.MR study. As of 2021, the market was valued at US$10 bn. An increasing tilt towards consumption of meat analogues amid mounting environmental and health concerns is attributed as one of the primary reasons behind the market’s growth.
As per the study, sales of meat substitutes expanded at a CAGR of 38% from 2017-2021. The trend of healthy eating acquired massive momentum during the pandemic crisis, which is also one of the key reasons behind the industry’s rapid expansion. Prominent manufacturers are experimenting with different combinations, while simultaneously retaining the meaty texture and taste of traditional animal-based foods.
With the ever widening popularity of vegan foods, demand for meat substitutes is expected to take a turn for the better. According to the Vegan Society, over 60,000 products from more than 2,500 companies are registered globally, including 18,000 food & beverage items. In 2021 alone, the society registered over 16,000 products with the vegan trademark.
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