The global meat substitute market is predicted to rise by 7.5 percent over the next seven years.
The growth will be the expected result of rising health awareness and shifting dietary preferences in diets, according to a report from Hexa Research.
Meatingplace reports The California-based market research firm said the market should reach $5.8 billion by the year 2022, higher than the $3.3 billion posted in 2014, with Europe continuing as the leading regional market for meat substitutes.
Textured vegetable protein has emerged as the leading product segment for meat substitutes, making up nearly 44 percent of the total market revenue in 2014.
Soy was the major raw material used to produce meat substitute products, accounting for 80 percent of the total market revenue last year.
The report notes that recent animal disease outbreaks and a growing number of several lifestyle-induced diseases like obesity and diabetes should also lead to increase in the meat substitute market in the coming years.
