The meat-free market is expected to continue its nascent boom in the next five years.

According to new research, the meat-free substitute market will account for around $6.99bn in terms of value by the end of 2027.

Meat-free substitutes, including tofu and jackfruit, have exploded in popularity in the last decade alongside dietary and lifestyle preferences such as veganism.

The plant-based meat market is expected to continue its growth at an impressive compound annual growth rate of 7.6%.

The findings, published by Coherent Market Insights, show an observable market shift away from meat to plant-based and meat-free alternatives.

It was announced last month that McDonald’s, known for its affordable meat offerings, would now serve the McPlant burger, consisting of a plant-based patty, vegan cheese and vegan sandwich sauce.

Other fast-food corporations have also adapted, with menus often including at least one vegetarian and one vegan option.

More and more consumers continue to turn their backs on meat, the report shows, as individuals experiment with more environmentally friendly options like beef mince made from soya or tuna made from chickpeas.

According to the report, there are now around 9.7 million people in the U.S. who have chosen to live a vegan lifestyle as consumers learn more about animal welfare and the detrimental impact meat production has on the environment.