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 US$29.4 billion in 2020, and could increase to US$162 billion by 2030, comprising 7.7 per cent 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.
Meat and dairy substitutes are marketed as healthier and more sustainable than the products from animals that they aim to replace. They’re getting popular just as consumers become more conscious of the environmental footprint of food, and aim for healthier eating. Asia will also be a significant driver of plant-based protein sales because it’s vulnerable to limited food supplies, the report said.
Alternative dairy alone could double by 2030, according to the report, buoyed by the popularity of oat milk and growth in ice cream, cheese and butter alternatives.