The market for meat substitutes may grow $4.4 billion in value by 2028, according to one research firm's predictions.

Technavio released its report about the market on Friday. The market's projected compound annual growth rate (CAGR) between 2023 and 2028 is 11.98%.

According to the firm, European consumers will contribute 40% to the global market's growth. Health-conscious consumers and a surge in popularity of vegetarian and vegan products are main reasons for the projected success.

"The growth narrative in the Meat Substitutes market is underpinned by several factors, particularly the surging popularity of plant-based protein products and the growing health consciousness among consumers in the European region," Technavio's release read. 

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New product launches are also expected to drive market growth, as food scientists are actively developing products that mimic the taste of real meat or dairy. 

"The market is set to witness substantial growth with an influx of new players and a surge in product launches."

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Despite the optimistic report, Technavio acknowledged that the high price of meat substitutes compared to meat products may hamper growth.

"The relatively high price of meat substitutes is a significant challenge hindering market growth," the press release said.

Key players in the market include Beyond Meat Inc. and Kerry Group Plc., which produces meat substitutes for European consumers.

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In September, Technavio predicted that the plant-based burger patty market would grow $2 billion in value by 2026. Its projected CAGR was a whopping 41.1%.

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