According to a new report, the global vegan meat market is projected to be worth $8.3 billion by 2025.
The report—entitled “Plant-based Meat Market by Source, Product, Type, Process, and Region – Global Forecast to 2025”—was conducted by market research firm MarketsandMarkets. It estimates the current vegan meat market has a value of $4.3 billion.
The firm credits the surge in value to the “growing vegan and flexitarian populations across the world.” This is due to an increased awareness of the health benefits of plant-based meat products compared to their animal-derived counterparts.
Investments into the plant-based meat sector, as well as government initiatives, are also driving the global vegan meat market, according to MarketsandMarkets.
Vegan Meat Market Growing in Popularity
Of all of the vegan meat products on the market, the report reveals soy accounts for the largest share in the plant-based meat sector.
Soy is used to make a number of plant-based meat products, including meatballs, burgers, and sausages. Soy is a favorable ingredient because it is naturally free of cholesterol. It’s also a good source of protein, vitamins, fibers, and other minerals.
MarketsandMarkets notes vegan chicken is also in high demand. The report’s authors wrote that vegan “chicken accounted for the second-largest dominating segment in the plant-based meat market.”
Companies have been churning out vegan chicken products to meet the growing demand. Tyson, one of the largest meat producers, recently removed egg whites from its plant-based chicken nuggets. Its Raised & Rooted range is now vegan. The line features the pea protein-based nuggets in original and spicy flavors and whole-grain tenders.
Major chains like Burger King and KFC are also taking advantage of the trend. The burger chain debuted vegan nuggets in Germany and the fast-food chicken giant launched its vegan chicken in Canada.
Launches like these are taking place in countries around the world. But MarketsandMarkets says companies should keep an eye on North America. Its report finds it’s “the fastest-growing region in the global plant-based meat market.”