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Western region to dominate US vegan meat market until ’24, finds study
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Saturday, 08 June, 2019, 08 : 00 AM [IST]
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United States vegan meat market is anticipated to witness formidable growth during forecast period (i.e., until 2024). These were among the findings of research based global management consulting firm TechSci Research’s report, titled United States Vegan Meat Market By Product Type, By Source, By Type of Sales, Competition, Forecast & Opportunities, 2024.
Vegan meat is basically meat derived from plant sources that mimics the flavour, texture and feel of natural meat. Notably, this type of meat is ensuring that the vegetarians are not missing out on the eating experience as well as nutrition.
The demand for vegan meat is increasing rapidly due to the rising disposable incomes and the growing demand for healthy food backed by immense focus on both nutrition as well as well-being.
Moreover, there is a high inclination among the American population to consume meat. Though a considerable portion of that population is now intentionally reducing meat consumption as a result of growing cost and health concerns.
Additionally, approximately 20 per cent of Americans do not prefer meat on account of both animal rights and environmental concerns. Thus, artificial meat can help people to replace meat.
Regionally, the United States vegan meat market has been segmented into West, North-East, South and Midwest. Among these regions, the western region is anticipated to hold a significant share of the vegan market in the United States.
The vegan meat market is growing in the western region of the country owing to the rising inclination towards healthy food and the increasing concern among customers towards brutality faced by the animals in meat factories and animal meat farms.
The report stated, “Food companies are focussing on health-conscious customers, as well as those developing a taste for innovative and different flavoured foods. Thus, the rising health consciousness and shifting preferences are likely to positively influence the United States vegan meat market.”
“Furthermore, there is a growing realisation among customers that to lead a healthy life, they need to change their eating habits. Additionally, with the new generation entering the market space, there is a more holistic approach towards food, which is likely to aid the growth of vegan meat market across the United States,” said Karan Chechi, research director, TechSci Research.
The report has evaluated the future growth potential of the United States vegan meat market and provides statistics and information on market size, structure and future market growth.
It offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, it also analyses the evolving market trends, along with the drivers, challenges and opportunities in the United States vegan meat market.
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