Global retail sales of plant-based food could be on course for $162 billion in sales by 2030, says Bloomberg Intelligence.
“Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay — and grow,” said Jennifer Bartashus, senior consumer staples analyst at Bloomberg Intelligence, as quoted by SupermarketNews.com. “The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world.”
That could be substantial news for companies such as Komo Plant Based Foods (CSE:YUM)(OTCQB:KOMOF), Vejii Holdings Ltd. (CSE:VEJI), Guru Organic Energy Corp. (TSX:GURU)(OTC:GUROF), Goodfood Market Corp. (TSX:FOOD)(OTC:GDDFF), and Oatly Inc. (NASDAQ:OTLY).
That’s just the start, though. According to an early 2020 by Ipsos Retail Performance, as noted by The Beet, over 9.7 million Americans now follow a plant-based diet up from just 290,000 in 2004. Tyson, Smithfield, Perdue, Hormel, and Nestle are incorporating plant-based products. Even fast food chains are jumping on the bandwagon. McDonald’s for example just announced a meatless burger called the McPlant. Pizza Hut just partnered with Beyond Meat to offer plant-based pizzas across the country. Even Papa John’s now has over 500 vegan friendly stores across the UK. Subway launched meatless sandwiches.