The world market for alternative meat will grow to $ 23.2 billion by 2024, analysts at Euromonitor International predict reports CNBC.
The market is already valued at $ 20.7 billion. It is taking off thanks to many factors, from animal welfare to food security and the coronavirus pandemic. The experts also added that the growing popularity of plant-based foods on social networks is one of the reasons for the market’s growth.
The demand for artificial meat will increase, analysts are sure. However, cattle farmers could hinder the development of alternative meat, especially in the US.
Previously, the Singapore Food Agency (SFA), after checking, allowed the sale of artificial meat, which is produced by the American company Eat Just. This is the first such case in world practice. Beyond Meat and Impossible Foods, which have entered the market, produce meat from plant materials, while Eat Just uses the muscle cells of animals grown in laboratories.