Published 11 Aug,2021 via Bloomberg Markets - The global market for plant-based foods could see fivefold growth by 2030 helped by rising demand for sustainable products, according to a Bloomberg Intelligence report.
Sales of plant-based dairy and meat alternatives reached $29.4 billion in 2020, and could increase to $162 billion by 2030, comprising 7.7% of the global protein market.
Demand is increasing as companies like Beyond Meat Inc., Impossible Foods Inc. and Oatly Inc. bring alternative protein products to more restaurants and grocery stores. Legacy food companies like Tyson Foods Inc., Kellogg Co. and Nestle SA are also competing in the space with their own plant-based burgers and milks. They’re using their scale to drive distribution and working with retailers on promotions and marketing.
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Elizabeth Elkin