Meat Substitutes Recorded $19.5 Billion Sales Globally in 2018
The US, Russia and the UK show the highest increases in the share of consumers worrying about climate change
Global market research company Euromonitor International unveiled new research about the impact of climate concerns on dietary habits during the webinar, “The driving forces behind plant-based diets”.
According to Euromonitor International, 24% of the surveyed global consumers are trying to cut down their meat intake, driving sales of global meat substitutes to reach $19.5 billion in 2018.
“Meat intake is mostly reduced by consumers trying to reinforce healthier eating habits and worrying about climate change. Growing attention to welfare for animals, farmers, societies and employees at large is also noticed among them,” says David Hedin, consultant at Euromonitor International.
“According to Euromonitor International’s Lifestyles survey 41.9% of respondents think climate change will increasingly impact their life in 2019-2024,” Hedin adds.
The US, Russia and the UK show the highest increases in the share of consumers worrying about climate change. In India, Brazil and China, at 77, 72 and 66% of respondents, respectively, most consumers try to have a positive environmental impact through their everyday actions.
“Despite the global growth of meat substitutes sales and consumption, the meat industry is still expected to grow at a faster rate by 2023. Pricing and availability of meat substitutes are two key factors that currently hold back its penetration worldwide,” explained Hedin.