The report said growing consumer concerns associated with the consumption of meat products, in the wake of the COVID-19 outbreak, and the adoption of vegan diets owing to rising health awareness were expected to drive the growth of the plant-based meat industry.
It added that COVID-19’s association with animal sources would result in a large population shift from meat-based proteins to plant-based proteins, due to various health and environmental concerns.
It also predicted that long-term adoption of meat alternatives would drive the demand for plant-based meat products from e-commerce channels post-COVID-19.
North America was projected to be the largest and fastest-growing market.
Plant-based brand Meatless Farm welcomed the report by Research & Markets.
Morten Toft Bech, founder of Meatless Farm, said: “This analysis of strong growth in plant-based mirrors what we are seeing on the ground. Demand in the US, Europe, UK and Asia is growing rapidly, and we are gearing up to meet the hungry demand of consumers for healthier and more sustainable meals.”
Meatless Farm has reported a 210% increase in sales year-on-year in the UK, and the brand is supporting its products with its first nationwide TV campaign with Channel 4.
It recently revealed that it had launched its “next generation” burger and sausage recipes, using pea protein to replicate the taste and texture of meat.
Last month, the company recruited its second senior executive from Lidl to spearhead its international expansion. Erwin Meijer joined the Meatless Farm board after 25 years in leadership roles at Lidl and will oversee plans to expand across Europe, the Middle East and Africa.