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.
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| 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.
