Plant-Based Meat Sales Hit $19.5 Billion in 2018

The global plant-based meat industry clocked sales at $19.5 billion in 2018, according to a report by market research firm Euromonitor International. The report identified that climate-change concerns are the primary driver for increased sales of plant-based meats worldwide. “Meat intake is mostly reduced by consumers trying to reinforce healthier eating habits and worrying about climate change. Growing attention to welfare for animals, farmers, societies, and employees at large is also noticed among them,” Euromonitor International consultant David Hedin said. According to Euromonitor International’s Lifestyles survey, 41.9 percent of respondents believe that climate change will impact their lives adversely between 2019 and 2024, with residents in the United Kingdom, United States, and Russia voicing the greatest amount of concern among global citizens about environmental issues. “Despite the global growth of meat substitutes sales and consumption, the meat industry is still expected to grow at a faster rate by 2023,” Hedin said. “Pricing and availability of meat substitutes are two key factors that currently hold back its penetration worldwide.” When it comes to vegan dairy products, the global market is currently worth $17.3 billion and research firm MarketsandMarkets predicts that it will nearly double to $29.6 billion by 2023.

Photo Credit: Impossible Foods