Plant-Based Food Market Overview

The plant-based foods market could make up to 7.7% of the global protein market by 2030, with a value of over $162 billion, up from $29.4 billion in 2020, according to a new report by Bloomberg Intelligence (BI)

The Asia-Pacific region has limited food supply, with an expected population of 4.6 billion by 2030. As a result, the region is likely to dominate the plant-based protein market reaching $64.8 billion by 2030, up from $13.5 billion in 2020. As a result, the region is likely to dominate the plant-based protein market reaching $64.8 billion by 2030, up from $13.5 billion in 2020

The global meat alternatives market could grow from US$ 5 billion in 2020 to a range of US$ 10.8 billion up to 252 billion by 2030

Global animal and dairy protein demand is poised to reach $1.2 trillion by 2030

Growing adoption of vegan and vegetarian diets, Favorable Government initiatives for the plant-based food & beverage industry revolve around increasing the value of agricultural products. In addition, aim to guarantee the food supply chain’s sustainability and greater producer returns

Industry giants such as Beyond Meat, Impossible Foods and Oatly are driving an increase in plant-based food options as they partner with restaurants and major chains

Kellogg and Nestlé, are looking to gain an edge by ramping up their distribution of plant-based products, and producing promotional campaigns that showcase their variety of options. As consumers become familiarized with plant-based products and initiatives.

Key Facts and Figures:

1. 6 in 10  U.S. households purchased plant-based foods in 2023, like the prior year
2. 1.1% Plant-based foods made up 1.1 percent of total retail food and beverage dollar sales in 2023
3. 95% of households that bought plant-based meat and seafood in 2023 also bought animal-based meat