North America To Dominate Meat Substitutes Market during 2021–2030

Factors such as the increasing concerns about food nutrition, security, and sustainability and mounting investments in plant-based protein sources will drive the meat substitutes market growth during the forecast period (2021–2023). According to P&S Intelligence, the market generated ~$2 billion in revenue in 2020. At present, the surging consumer preference for vegan diets has become a prominent market trend, owing to the growing public awareness of healthy eating habits, hygienic food, and weight management. 

Meat Substitutes Market Outlook

One of the key growth drivers of the market is the mounting concerns being raised over food security, nutrition, and sustainability. Food security refers to the state of having reliable access to a substantial quantity of nutritious and affordable food. As per the Climate Change and Land report of the United Nations (UN), food security may be compromised unless there is a transition away from red meat and animal protein sources, such as dairy products, eggs, and pigs to plant-based foods, such as legumes, fruits, and vegetables, which emit lower amounts of greenhouse gases (GHGs) than red meat over their lifetime.

Globally, the North American meat substitutes market is expected to generate the highest revenue during the forecast period, due to the rising customer preference for meat alternatives derived from plant-based ingredients and escalating health awareness among the populace of the region. As per the Academy of Nutrition and Dietetics, vegans are less likely to develop cancer, heart disease, high blood pressure, and diabetes than meat-eaters. Moreover, the weight of vegans is nearly 20 pounds less than meat-eaters.  

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Therefore, the rising concerns regarding food nutrition, sustainability, and security and increasing shift toward vegan diets will catalyze the market growth in the forthcoming years.