$162 Billion Plant Based Market Starting to Sprout

The plant based food story shows no signs of slowing. In fact, it’s only set to grow, with some analysts saying plant based food sales could increase five-fold by 2030, says Fortune. “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,” they noted.  “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.”

News like that is creating incredible momentum 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).

Also, “Plant-based diets are fast becoming mainstream, but the change hasn’t been a steady one,” said Kelly Fairchild, global business development manager at Ipsos Retail Performance, as quoted by Vegconomist. “Recent years have seen rapid adoption of vegan diets and more meat-free products making their way onto shelves. As the dialog around veganism shifts from one of animal welfare, to wider concerns around climate change and personal health, we are seeing more and more people adopt this once minority dietary preference.”