Bloomberg Intelligence: “Plant-Based Foods Market to Hit $162 Billion in Next Decade
Animal-free food could make up to 7.7% of the global protein market by 2030 reveals a new report into the rapid rise of plant-based alternatives.
Credit: Impossible Foods
The plant-based foods market could be worth over $162 million by 2030, up from $29.4 billion in 2020, according to a new report by Bloomberg Intelligence.
The report, Plant-Based Foods Poised for Explosive Growth, reveals that plant-based protein could make up a staggering 7.7% of the global protein market by 2030. This market projection signals a substantial move away from animal-based meats towards more sustainable plant-based protein products.
Popular plant-based brands including Impossible Foods, Beyond Meat, and Oatly are name-checked in the report as companies which are helping to drive the mainstream popularity of plant-based foods.
And their success with consumers is leading the plant-based trend to be adopted by the world’s biggest food companies including Kellogg and Nestlé, as well as international restaurant chains like KFC, Pizza Hut, and Starbucks.
“Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow”, explains Jennifer Bartashus, a senior analyst at Bloomberg Intelligence. “The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world.”
Health and sustainability benefits are said to be the “driving forces” behind consumers choosing more plant-based food, as well as a continuing decline in product price, says the report.
“If sales and penetration for meat and dairy alternatives continue to grow, our scenario analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike” predicts Bartashus. “Meat and dairy alternatives could even obtain 5% and 10% of their respective global market shares in the next decade.”
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