According to a report released in August, the faux 'meat' industry is expected to reach $5.17 billion by 2020. ...That's a lot of veggie burgers!
According to Markets and Markets, the faux meat industry will increase to $5.17 billion by the year 2020. Specifically, it’s expected to grow at a CAGR (Compound Annual Growth Rate) of 6.4% between 2015 and 2020.
The report release reads:
“The growing demand for meat-free food products and increasing health concerns are expected to drive the market for meat substitutes globally. In addition to this, key factors such as increase in adoption rate of vegan & vegetarian diet and increasing health concerns for pets, increasing environmental issues, and presence of modernized retail chain in emerging markets are projected to support the growth in the meat substitutes market in the forthcoming years.”
The report covers tofu and tofu ingredients, tempeh, textured vegetable protein (TVP), Quorn, other soy products, and seitan, among others, shares Latest Vegan News.
No surprise, the companies at the forefront in the U.S. are: Amy’s Kitchen (which opened an organic drive-thru restaurant earlier this year), Beyond Meat, and MGP Ingredients.
In India, the leading company is Sonic Biochem Extractions Limited, and in Canada, Garden Protein International Inc. (makers or Gardein) is paving the way to cruelty-free dinners.
This shift, according to researchers and celebrities, is essential, for the only way to prevent climate change from worsening is to curb meat and dairy consumption.
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