The market, which was valued at $1.98 billion (€1.8 billion) in 2021, is expected to reach $5.07 billion (€4.6 billion) by 2029, the study found.
However, alternative protein sources such as pea, wheat, and mycoprotein are expected to gain popularity in the coming years, Adroit Market Research said, due to their nutritional benefits and environmentally-friendly production methods.
Supermarkets and hypermarkets currently account for over 50.05% of the meat alternatives market, making them the most widely used distribution channels.
However, the e-commerce sector is predicted to experience the highest compound annual growth rate (CAGR) during the projection period, as online shopping continues to gain popularity and consumers seek out convenient purchasing options.
North America Leads The Way
Geographically, North America currently dominates the meat alternatives market with a commanding 35.03% market share in 2021, the research found.
Europe and the Asia-Pacific region follow closely behind, however, the Asia-Pacific region is expected to see the highest CAGR in the coming years due to a growing interest in vegetarian and vegan diets, increased concerns over food safety, and greater awareness of the health benefits of plant-based foods.
'Concerns about health, animal welfare, and the environment have all contributed to the rise in popularity of meat alternatives in the twenty-first century,' Adroit Market Research said in its report.
'Plant-based burgers and other meat alternatives have become quite popular, even among meat aficionados, thanks to businesses like Beyond Meat and Impossible Foods. As the market for meat replacements expands, future advancements in food technology are expected to result in the creation of increasingly more sophisticated and practical meat substitutes.'