Plant-Based Meat Goes Mainstream
As Environmental Concerns and Vegetarian Diets Grow, so Are Plant-Based Meat and Drink Options
WELLESLEY, Mass., November 2, 2020 (Newswire.com) - The global market for plant-based meat was worth $5.3 billion in 2019 and is growing at a CAGR (compound annual growth rate) of 14.5%, when it is estimated to reach $11.9 billion in 2025, according to the BCC Research report Plant-based Meat: Global Markets.
One major player in the plant-based meat market—Impossible Foods, the company behind the famed Impossible Burger—recently announced that they raised a record $700 million in 2020.
The company also revealed their newest prototype—milk. Fully functional, nutritionally complete, creamy and made entirely from plants and nuts, it's designed to taste, look and froth like the real thing.
While it'll be some time before Impossible Milk hits the shelves, this product is an answer to a growing consumer demand for alternative milk and meat options.
Report Highlights
- Plant-based meat made from soy accounts for about 60% of total plant-based meat sales, the largest source of all plant-based meat sources, though plant-based meat made from pea holds a significant share, as well.
- Key drivers of the global plant-based meat market include: growing per capita meat consumption; advancements in plant-based meat technology; increasing investments for the commercial development of plant-based meat; and growing environmental and health concerns of consumers.
- The U.S. is expected to dominate the plant-based meat market in North America with revenues totaling $1.2 billion by 2020, with an estimated CAGR of 14.8% through 2025.
Read the full report here: https://www.bccresearch.com/market-research/food-and-beverage/plant-based-meat-market.html
About BCC Research
BCC Research publishes market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering current and emerging industrial and technology sectors. For more information about BCC Research, visit bccresearch.com.
Source: BCC Research
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Tags: alternative dairy products, alternative meat products, environmental concerns, Impossible Burger, Impossible Foods, plant-based meat, plant-based milk, soy burger
