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Market researchers have predicted the plant-based food market will be worth more than $74 billion by the year 2027.
In a new report conducted by Meticulous Research, the plant-based market is expected to grow at a CAGR of 11.9 percent from 2020 for the next seven years.
Drivers for the increase include an ‘increased’ vegan population, ‘significant investments in plant-based product companies, and ‘increasing incidences of intolerance for animal protein’.
“[COVID-19] has led to some best practice models for plant-based products industry as the pandemic has conveyed to the forefront the connection between public health and animal meat consumption, which provides consumers a ground to go for a plant-based diet,” the report states.
“From a manufacturing and distributing point of view, this industry has faced unprecedented demand from manufacturers as well as consumers, particularly for some products such as meat analog and plant-based milk.
“Many companies in the space of alternative protein products have already started changing their strategies, owing to the sudden growth in demand.”
Recently, U.S vegan meat sales skyrocketed by 280 percent amid the coronavirus pandemic.
The crisis, which has resulted in meat shortages and temporary closure of slaughterhouses around the world, is said to have boosted the sales of plant-based meat as more people are afraid of ‘animal-borne illnesses’.
You can read the full report here