Global meat market revenues are expected to almost double over the next 20 years; however, its growth looks set to be driven by the plant- and cell-based meat subsectors. Plant-based products should dominate the meat alternatives space over the next five years, where innovation is creating a credible consumer proposition. Products can now mimic the sensory profile of conventional meat, where tastes and textures offer a meat-like experience. Kearney estimates that revenue for the global plant-based meat market is projected to grow from US$46bn to US$120bn between 2018 and 2025, representing a 15% CAGR. Longer-term growth projections vary greatly, with revenue estimates for the global market in 2030 ranging from $140bn (Barclays) to $252bn (Kearney). The number of companies entering the market is proliferating, including a number of large multinationals that can support significant R&D investment. That said, the plant-based meat market is still in its infancy and faces several headwinds, including the threat of competition and regulatory scrutiny.

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