The plant-based meat market will rise from US$150 million in 2018 to over US$320 million by 2025, according to a 2019 Global Market Insights, Inc. report.
Consumers are wanting more meat alternatives, such as those based on wheat, soy, pea, lentils or oats, as awareness about the health benefits of plant based options rises.
Consumers are now more aware of the environmental problems and it has changed the way they buy, with plants requiring less water and space to grow.
The 2019 Global Market Insights’ latest report showed that the pea-based meat market demand has significant gains at over 10.5 per cent by 2025.
In 2018, ground meat wheat-based meat market size was at about $3 million.
The report found that plant-based brands including DuPont, Amy’s Kitchen, Quorn Foods, Maple Leaf Foods, The Vegetarian Butcher, Impossible Foods and Gardein Protein are the key players in the market currently.
Many companies are now planning to expand their products with alternatives to exotic red and white meat such as veal, turkey, quail, tune, rabbit, ostrich, venison and elk.