Global sales of meat substitutes reached $19.5 billion last year, according to research from Euromonitor International. The firm's Lifestyle's survey found nearly one-quarter of the world's consumers are trying to cut down on meat intake, which drove the market for alternatives.
The diminishing appetite for meat is largely due to healthier eating habits and concerns about climate change, says David Hedin, consultant at Euromonitor. About 42 percent of consumers think climate change will impact their life between 2019 and 2024. People are also turning to meat alternatives amid increasing focus on the welfare of animals, farmers, societies, and employees.
But "despite the global growth of meat substitutes sales and consumption, the meat industry is still expected to grow at a faster rate by 2023. Pricing and availability of meat substitutes are two key factors that currently hold back its penetration worldwide," explains Hedin.
Related: Lab-Grown Meat Producers Target Premium Market; Plant-Based Burgers Not Taking Away from Meat Sales.
from Industry Operations http://bit.ly/2JqiVDg
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