As vegetarianism, veganism, and other “eco-friendly” ways of eating continue to trend and proliferate around the world, the market for meat substitutes is also growing. While the substitutes market still represents a small fraction of the market relative to meat produced from animals, the growth in meat alternatives is remarkable. According to this study, it is largely attributed to “increasing awareness about health and wellness, increasing health concerns for pets, and increasing environmental issues,” among other factors. Recent research highlighted in this press release and this report from Markets and Markets, the global market for faux meat is projected to reach $5.17 billion by 2020, with an annual growth rate of 6.4% per year from 2015. Perhaps unsurprisingly, tofu and tofu ingredients hold the biggest market share (41%).

Europe and North America currently spend the most on meat substitutes. The report notes that soy products are the most common and popular, and they are also expected to see the most growth in the next five years. But there are other options making waves as well: everything from seitan to mycoproteins to pea protein are seeing increases in sales. The report also notes that the “major restraining factors of the market are the increasing prices of meat substitutes and the ill effects of meat substitutes,” though it doesn’t say what it means by “ill effects.” For animal advocates, the report is another solid sign that vegetarianism and veganism are growing, which will encourage further growth in the meat substitutes market as time goes on.