Worldwide plant based meat market was US$ 5.6 Billion in 2020 and will grow with a double-digit CAGR of 15% during the forecast years of 2020-2027 to reach US$ 14.9 Billion by 2027.
The knowledge that vegan diets are compatible with sports performance has the potential to encourage athletes and their families, coaches, and experts in health and sports to be more open-minded when an athlete expresses his/her desire to adopt a vegan diet.
In recent years, a growing trend toward vegetarianism and veganism has arisen among young people due to their increasing awareness of health, the environment and compassion for animals.
According to a recent poll conducted by the independent research firm Harris Interactive, the number of vegetarian youth in the United States has increased 70% in just the last few years. Another poll conducted by a non-profit organization dedicated to educating the public on vegetarianism, revealed that 0.5% of all U.S. children aged 6-17 are vegan.
The market for vegetarian and vegan products around the world is being driven by rising inclination towards healthy lifestyle, growth in government initiatives, and major food players introducing plant-based menu options to the mainstream, amongst other factors.
Industrialized animal agriculture has been intensively impacting our environment, sustainability, human health, and animal welfare over the past several decades, which has led to environmental issues such as greenhouse gas (GHG) emissions.
The plant based food market is expected to grow at a CAGR ( smoothed growth rate per year) of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.
As the demand for plant-based food sweeps the globe, large-scale conglomerates that have acquired their wealth through the exploitation of animals are investing in, and sometimes even acquiring, smaller vegan companies.