The global plant-based meat market is experiencing a significant surge and is expected to witness double-digit growth during the forecast period. With a projected CAGR of 18.9%, the market is anticipated to exceed US$13 billion by the end of 2026. The increasing adoption of a vegan diet and the growing concern for animal welfare are driving the demand for plant-based meat products. As the number of vegan individuals continues to rise worldwide, the market is poised for substantial expansion.
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Embracing the Vegan Lifestyle
In recent years, there has been a remarkable increase in the number of people opting for vegan diets. In the United States, over 39% of the population is incorporating vegan food options into their meals. The statistics reveal that the number of vegans in the U.S. grew by an astonishing 600% from 2014 to 2018, reaching 20 million individuals. Similarly, the United Kingdom witnessed a 350% rise in the adoption of vegan diets in 2016 compared to the previous decade.
Addressing Gluten Sensitivity
In addition to the rise in veganism, there is also a notable demand for gluten-free food products due to the increased prevalence of celiac disease. In the United Kingdom, approximately 1 in every 100 individuals suffers from celiac disease, affecting 13% of the country's population. Plant-based meat products, composed primarily of gluten-free ingredients, are catering to this specific dietary requirement. Manufacturers such as Sunfed and Meatless Farm are actively promoting their products as gluten-free, contributing to the growth of the plant-based meat market.
Plant-Based Meat Market Outlook
The rising trend of plant-based diets is extending beyond individual choices and making its way into the retail and foodservice sectors. Retail shelves are witnessing a significant increase in the availability of plant-based meat products, as manufacturers tap into this growing market. The Plant-Based Foods Association reports a substantial 27% growth in retail sales of plant-based food in 2020. Moreover, manufacturers are expanding their reach by making their products accessible in various stores, further propelling the plant-based meat market's expansion.
The global surge in plant-based meat consumption is not confined to international boundaries, as it has reached the shores of Spain. The Spanish market for plant-based meat products is witnessing remarkable growth, fueled by the increasing penetration of the plant-based trend in retail and foodservice sectors. With the same statistics mentioned earlier, the plant-based meat market in Spain is anticipated to experience a significant upswing, aligned with global trends.
Spain has witnessed a growing population embracing veganism, with a notable increase in the number of individuals opting for plant-based diets. This changing consumer preference has created a substantial market opportunity for plant-based meat manufacturers in the country. As a result, retailers are expanding their product offerings to meet the rising demand for plant-based alternatives, driving the growth of the plant-based meat market in Spain.
To cater to the evolving needs of Spanish consumers, plant-based meat manufacturers are actively partnering with local retailers and restaurants. By establishing strategic collaborations, these companies aim to increase their market presence and ensure that plant-based meat products are readily available to consumers across Spain.
The Spanish market for plant-based meat is anticipated to witness significant expansion in the coming years. As consumer awareness regarding sustainability, animal welfare, and health continues to grow, the demand for plant-based alternatives is expected to soar. With its double-digit growth rate, the plant-based meat market in Spain presents promising opportunities for both existing players and new entrants in the industry.
Conclusion
The global plant-based meat market is experiencing remarkable growth, driven by the increasing adoption of vegan diets and the rising concern for animal welfare. The significant surge in the number of vegans worldwide, along with the demand for gluten-free food, has propelled the market forward. With the expansion of plant-based meat products in retail and foodservice sectors, the market is poised for exponential growth.
As the plant-based meat market continues to evolve, it presents tremendous opportunities for manufacturers, retailers, and consumers alike. By capitalizing on this growing trend, stakeholders can contribute to a more sustainable and compassionate future while meeting the changing preferences of consumers.
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