Forecasters at Allied Market Research estimate that the meat substitute market will generate £5.2bn (€6.6bn) in global revenue between 2015 and 2020. Asia-Pacific will be the big driver, in terms of growth, but the European market is also going from strength to strength with even the more carnivorous Europeans dabbling in ‘flexitarian’ diets.
In Germany, for instance, the compound annual growth rate for processed meat volume sales will fall 1% by the end of the decade, whilst meat substitute sales will jump 12% (Euromonitor International figures). We’re talking about David and Goliath markets of 13,000 tonnes and 5.2 million tonnes respectively, but meat substitutes are worth “keeping an eye on” especially in developed markets, according to Euromonitor’s Wiebke Schoon.
So, why are shoppers turning to meat-free alternatives in increasing numbers?