Euromonitor shows growth perspective of US$ 23 billion until 2024 while half of Brazilians reduced meat consumption in 2020
Plant-based meat market was estimated in US$ 20.7 billion in 2020 and, according to a survey carried out by the Euromonitor, the growth perspective is of US$ 23.2 billion until 2024. Among the main reasons for the demand for alternative meats, there are concerns on animal well-being and food safety.
In this scenario, the obstacles and challenges for this market are cultural barriers, meat industry objections and the price/availability of such products. The first obstacle, cultural barriers, they exist mainly because Brazil is the third largest consuming market for beef in the world, according to data from the OECD (Organization for Economic Co-operation and Development).
However, another survey carried out by The Good Food Institute Brasil (GFI) in cooperation with Ibope, shows that half of Brazilians reduced the consumption of meat in 2020. That means that the cultural barriers are being knocked down little by little.
In Brazil, objection on the plant-based meat market resulted on the bill (2876/2019), which defends the prohibition of using the word “meat” and synonyms on the label of plant-based foods.
The main issue that discourages the buying of plant-based food is related to high prices when compared to animal origin products. By making plant-based meat cheaper, large-scale production will become inevitable, as its limited distribution, compromising availability to the consumer.