Plant-Based Profitability

Businesses are Taking Notice!

1. Bloomberg forecasts plant-based industry at $162 billion by 2030.

2. 80% of the most prominent US meat producers have expanded their offer to include vegan foods, including Tyson, JBS, Nestle, Kraft Heinz, and many others. 

3. In 2023, over 60% of US households purchased plant-based alternatives.

4. In the US, the sales value of plant-based milk alone reached $2.9 billion in December 2023—more than meat alternatives, protein powders, and egg substitutes combined.

5. According to Bloomberg, plant-based foods could account for 7.7% of the protein market worldwide by 2030, with meat alternatives potentially making up 5% of the global meat market.

6. In the US alone, the plant-based retail market was worth 8.1 billion in 2023, making up nearly 33% of the global plant-based market if we go by the most conservative estimates.

7. 25% or more of people across 39 countries were already trying to eat less meat in 2023. Morocco, Germany, and Austria had the highest share of reducetarians, at over 40%.

8. According to recent data, the plant-based food market is experiencing significant growth, with hundreds of new plant-based products hitting retail shelves every year, driven by large food companies actively adding plant-based options to their portfolios, including meat alternatives like plant-based steak, salmon, and even foie gras, alongside dairy-free versions of popular products like cream cheese and cheese slices; this trend is further supported by major fast food chains incorporating plant-based options on their menus, indicating a substantial rise in consumer demand for plant-based alternatives.

9. New manufacturing facilities dedicated to plant-based products are being built and expanded, indicating increased production capacity. 

10. Restaurant Menu Additions: Fast food chains like Burger King, Subway, and Taco Bell are adding plant-based options to their menus globally.