Nils-Gerrit Wunsch
Research expert covering foods trends in North America, Europe, and the global food system
Get in touch with us nowThe global market for vegan and plant-based products
Vegan or plant-based products are not only for those who try to avoid eating meat and animal products: they have a much larger target audience. This is especially true for meat substitutes. Pat Brown, the founder of Impossible Foods, even sees vegetarians as the wrong audience for these kinds of meat replacements, which are specifically designed to imitate meat despite being plant-based. As such, meat substitutes are targeted at meat eaters, making the transition to a plant-based diet much easier for them. The global vegan food market has reached a value of 24.6 billion U.S. dollars and is forecast to grow further in 2024. The global plant-based meat market is estimated to generate 10.2 billion U.S. dollars in revenue.Milk substitutes
Although meat alternatives are all the rage in the media, the less trendy global milk substitutes market is several billions of U.S. dollars larger than the global meat substitute market. In total, the milk substitute market is valued at 23.2 billion U.S. dollars. China and the United States are the leading milk alternatives markets: together they account for over 12.5 billion U.S. dollars of revenue.
