The plant based market is sprouting – and fast.
In fact, “Plant-based popularity is shifting the foodservice sector towards more sustainable and healthier ingredients, in light of both the climate crisis and the pandemic. The trend is occurring across the entire market, marking a significant shift in both restaurant sourcing and consumer demand. The report also found that 9.2 percent of restaurants in the US incorporate vegan meat in their menus,” as noted by TheBeet.com.
That’s big news for companies such as Komo Plant Based Foods (CSE:YUM)(OTC:KOMOF), Rritual Superfoods Inc. (CSE:RSF)(OTC:RRSFF), Very Good Food Company Inc. (CSE:VERY)(OTC:VRYYF), good natured Products Inc. (TSXV:GDNP)(OTC:SLGBF), and Oatly Group (NASDAQ:OTLY). In addition, analysts at Credit Suisse say the market could grow 100-fold by 2050. They also believe that a plant based shift in global food systems in “inevitable,” as noted by The Beet, and that the market could reach $1.4 trillion by 2050.