The plant-based food market show no signs of slowing.
In fact, 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, and that the market could reach $1.4 trillion by 2050. Even vegan cheese is getting caught up in the boom. According to Research and Markets, the global vegan cheese market could be worth $4.578 billion by 2025 from $2.743 billion in 2018.
All of which is beneficial for companies like Feel Foods Ltd. (CSE:FEEL)(OTC:FLLLF), Beyond Meat (NASDAQ:BYND), Sol Cuisine Ltd. (TSXV:VEG), Komo Plant Based Foods Inc. (CSE:YUM)(OTCQB:KOMOF), and The Very Good Food Company (TSXV:VERY)(NASDAQ:VGFC).
In addition, according to Research and Markets, “Growing awareness about the negative impact of high meat consumption on the environment is one of the major factors behind the rising popularity of plant-based products, including vegan cheese. Greenhouse gas emissions due to grazing are pressurizing the whole world to increase focus on plant-based products which in turn is driving the growth of the vegan cheese market. Rapid shift towards vegan diet adoption is also boosting the demand for cheese along with other plant-based protein products in various parts of the world.”