The following content is sponsored by The Very Good Food Company
The 2020s: A Watershed Decade for Plant-Based Food
Are you among the millions of people who have been eating less meat in recent years? Plant-based alternatives are exploding in popularity, a trend that has become especially apparent during the pandemic.
This infographic from the Very Good Food Company (VGFC) sheds light on why the global plant-based market is expected to go from a novelty to a new normal within the next decade.
The Market Outlook for Plant-Based Alternatives
Ever since the first vegetarian society was formed way back in 1847, plant-based diets have come a long way.
The U.S. plant-based food market is growing at impressive rates, as plant-based alternatives to conventional meat and animal products are flying off the shelves.
|Total U.S. plant-based food market||Grocery sales of plant-based alternatives||Global plant-based market value|
|2019: $5.5 billion||2019: $850 million||2020: $29.4 billion|
|2020: $7.0 billion||2021: $1.3 billion||2030P: $162 billion|
|National growth in sales of plant-based food outpaced regular retail food by nearly double between 2019 and 2020.||This represents a 53% increase in just two years.||Plant-based alternatives will make up 7.7% of future global protein demand.|
Despite a slight dip in U.S. sales in the latter half of 2021, the big picture outlook for the industry remains promising for investors.
There are three factors powering this eye-watering growth: a more reliable supply chain, a boost in conscious consumers, and a move towards local, ethical (Read more...)