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.”
More stories:
Species Unite
A collection of stories of those who fight the good fight on behalf of animals.
The footage was reportedly recorded at Marshall BioResources in North Rose, New York, where up to 22,000 dogs - mostly beagles - are being bred for animal experimentation.