According to this latest publication from Meticulous Research®, the global meat substitute market is expected to grow at a CAGR of 15.1% from 2020 to 2027 to reach $17.5 billion by 2027. The rising intolerance for animal proteins, growing consumer awareness about healthy food, growing number of vegan & vegetarian population, and rising investment and venture capital funding are some of the major factors driving the growth of this market. Moreover, continuous product innovation, growing R&D by meat substitute & protein alternative manufacturers, and growing demand for vegan products in emerging economies are expected to create lucrative opportunities for players operating in this market. However, expensive meat substitutes and preference for animal-based and soy & gluten-free products are expected to hamper the adoption of meat substitute to some extent.