(Updated May 26, 2019.) The global vegan meat market is set to surpass $6.5 billion by 2026, according to a new report released by market research and consulting firm, Coherent Market Insights.
The new data show strong growth in the vegan meat market, with a CAGR of 7.6 percent between 2018 and 2025. The research shows that more consumers are expected to shop for plant-based meat in the coming years due to the health risks associated with animal meat. The health benefits of a vegan diet, such as a reduced risk for a wide variety of chronic conditions, is another factor leading consumers to increasingly choose plant-based food.
Europe, which accounted for the largest revenue share of the global vegan meat market at 33 percent in 2017, is expected to continue leading the way for the forecasted period.
And vegan meat could capture 60 percent of the global meat market by 2040, according to recent research.
“We are facing nothing less than the end of meat production as we know it,” said Carsten Gerhardt, partner and agricultural expert of AT Kearney, which released the data. “As early as 2040, only 40 percent of the meat products consumed will come from animals.”
Vegan Meat Demand
It is worth noting that it is not the new breed of realistic vegan meats from brands such as California-based food companies Beyond Meat and Impossible Foods, nor established companies like Tofurky, that are driving the market. Rather, it is two of the oldest-known vegan meats — soy-based tofu and tempeh — that are expected to be the customer’s top choice.
the health benefits of vegan meat
Both tofu and tempeh are made from high-protein soybeans, are minimally processed, appealing to several emerging consumer trends such as “natural” and “better-for-you” foods.
Vegan food has been linked to a number of health benefits, such as lower risk for cardiovascular disease and certain forms of cancer including colorectal, lung, stomach, pancreatic, and prostate. According to research published by the World Cancer Research Fund, switching to a whole foods, plant-based diet can potentially reduce one’s risk of cancer by up to 40 percent. Multiple studies have also linked saturated animal fat to a higher risk of developing heart disease and type-2 diabetes.
Many medical professionals are taking notice of the role of plant-based foods in disease prevention. NYC’s Bellevue Hospital, the oldest public hospital in the country, recently launched Plant-Based Lifestyle Medicine, a landmark pilot program to help patients incorporate healthy vegan food into their diets. The upcoming International Plant-Based Nutrition Healthcare Conference will focus on teaching medical professionals from all fields how to speak to clients about the relationship between diet and health.