Plant based product demand shows no signs of slowing.
In fact, right now, there are about 80 million vegans around the world. In the U.S., the number of vegans soared 600% over the last seven years, according to Deals on Health. Even more impressive, by 2026, the vegan market could be worth up to $24.3 billion. The plant based meat industry could be worth $9.43 billion by 2027. Even the vegan cosmetics market could be worth $20. 8 billion by 2025. However, that’s just the start, with no signs of slowing growth.
That’s big news for companies such as Komo Plant Based Foods (CSE:YUM)(OTCQB:KOMOF), Oatly Inc. (NASDAQ:OTLY), Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL), Plant Veda Foods Ltd. (CSE:MILK)(OTC:PLVFF), and Organic Garage Ltd. (TSXV:OG)(OTCQX:OGGFF).
In addition, with millions switching to plant based alternative diets, analysts at Credit Suisse say the market could grow 100-fold by 2050. In fact, they believe that a plant-based shift in global food systems in “inevitable,” as noted by The Beet.