Plant-based food market to reach US$162bn in a decade

By Helen Adams
The plant-based food market, from non-dairy milk to faux-fish, is expected to reach US$162bn in a few years, as consumers search for more sustainable food

A recent report by Bloomberg Intelligence (BI) has found that the plant-based meat and dairy sectors are ready for growth - BI anticipates that the market will exceed US$162bn within ten years.

 

Food retailers and restaurants adapt to plant-based food

During the lockdown period, many consumers re-evaluated their eating habits and lifestyles. In conjunction with the obvious impact of climate change in recent months, consumers are calling for more sustainable options.

In the post-Covid world, food retailers and restaurants are arranging partnerships with plant-based food companies to assure consumer demands.

Elsewhere in the report, BI claimed:

  • Europe and North America will generate up to US$40bn
  • Africa, the Middle East and Latin America will all generate between US$8-9bn
  • Plant-based popularity in the Asia-Pacific region could reach US$64.8bn by 2030. The growing population means there will be less farmland available for animals to graze upon

 

Plant-based food is no fad - it’s a sustainable alternative

BI also believes that: 

  • Plant-based dairy could make up 10% of the entire dairy market by 2030
  • The alternative meat market could reach US$74bn

“Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow”, said Jennifer Bartashus, Senior Consumer Staples Analyst at BI. “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. 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. Meat and dairy alternatives could even obtain 5% and 10% of their respective global market shares in the next decade.”

Share

Featured Articles

Livestock data management platform Breedr raises £12mn

Breedr helps farmers improve their livestock productivity & sustainability. Investbridge Capital led a £12mn funding round to build better farm trading

Coca-Cola, Diginex & Reckitt tech to support supply chains

Respect for human rights is critical to good business, says Coca-Cola’s Paul Lalli, as the company joins diginexLUMEN to catch supply chain forced labour

Luxury food manufacturer Venchi on sustainable packaging

Cècile Osti, of luxury chocolate manufacturer Venchi, on Easter 2022, Sorrento lemons, sustainable packaging, natural ingredients & the pleasure of food

How has the pandemic affected sales at General Mills?

Food

Morrisons partners with Nestle in sustainability scheme

Retail

PepsiCo Launches pep+ a Strategic End-to-End Transformation

Drink