The Plant Based Meat Market valued USD XX billion in 2018 and is estimated to reach USD XX billion by 2026, at a CAGR of XX% during the forecast period.
Plant-based meat is a meat substitute derived from plant and other non-animal products to mimic natural meat in flavor, texture and all other properties. These products are majorly designed to be use as an effective alternative to chicken meat, pork, and beef. These plant based meat products are considered as sustainable solution to environmental concerns. The retail stores across the western countries are focusing towards sale of these products to cater the demand from growing vegan and vegetarian population.
The growing demand for meat coupled with rising population and consumer preferences towards meat products is resulting in over slaughtering and depletion of animal sources. This is resulting in evolution of sustainability as a key purchasing factor among population particularly in millennials and GenX.
The growth of the market is also attributable to the health benefits associated with plant derived diets. The growing trend of veganism and vegetarianism is providing immense growth potential to the market in future.
Confectionery is a well-established market since decades in most of the American and European countries. The availability of cocoa and other confectionery ingredients made them the early adopters of sugar and chocolate confectionery products.
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