Around the world, demand for meat alternatives is rising and will continue to do so as plant-based diets become more accepted, and evidence of the benefits of such diets for individual health, animal welfare, and climate change accumulate. In fact, according to Euromonitor, the global plant-based meat industry is currently worth a huge $20.7 billion and is predicted to be on track to grow to a value of $23.2 billion by 2024.

However, there are still a number of barriers to cross in different global regions before the industry can fully realize its potential. Cultural barriers and communications from meat companies, for example, are hindering the industry’s growth potential.

Veganism and Vegetarianism Grow in Popularity

Veganism and vegetarianism have rapidly grown in popularity around the world in recent years. In the US, for example, around 6% of people now claim they are vegan, representing a 6-fold increase since 2014.

This recent boost in interest in plant-based diets can be attributed to the increasing concern over climate change and the growing evidence that suggests a meat-free diet could reduce a person’s carbon footprint by anything from a conservative 3% up to an impressive 30%. Additionally, information regarding animal welfare as well as the health impact of vegan and vegetarian diets has become much more widely disseminated in recent years, which is also thought to have influenced people’s dietary choices.

Barriers for the Plant-Based Industry to Overcome

Unfortunately, the perception of plant-based meat alternatives is different depending on the global region. In some places, such as in China, plant-based options have a less-appetizing perception in comparison with other regions. Traditionally, non-meat options have been associated with Buddhists, and their taste and texture have been perceived as basic, a view that limits the potential of meat-free food in the country.

In other countries, on the other hand, meat companies are limiting the potential of meatless options. For instance, in the US, meat producers have been lobbying their governments in an attempt to prevent plant-based products from using the term "meat" in order to stymie their advertising.

Overall, while the plant-based meat industry faces significant challenges ahead, it looks as though this will not derail their significant growth trajectory.

Stay in the Loop with Export Portal

At Export Portal, we are dedicated to supporting international traders by communicating key industry news to allow business owners to thrive in a dynamic marketplace. Stay ahead of all the latest industry updates by subscribing to our newsletter today!

to your tents o' israel.

every industry now is growing rapidly. and america is leading everywhere.