Global plant protein industry to exceed 520 billion by 2027
Market researchers predict that the plant-based products industry will continue to grow, and investment circles will continue to throw olive branches to companies that produce alternative meat, dairy and eggs.
The global plant-based food industry is expected to be worth $74.2 billion by 2027, according to data compiled by market research firm Meticulous Research. In its report, the market research firm forecasts that the global plant-based food industry will grow at a CAGR of 11.9% from 2020 to 2027, with the growth of the plant-based dairy industry expected to dominate the plant-based market.
The report states:
“Key issues such as global warming and increasing pressure on land and water resources are helping the plant-based industry to grow rapidly. This also provides huge business opportunities for plant-based products, because plant-based products can also meet food, nutrition, and the need for environmental sustainability.
The study pointed to new consumer demands brought about by growing urbanization and the increased popularity of plant-based diets as key factors driving the rapid growth of the plant-based food industry.
The report also said a boom in investment capital has also fueled the growth of the plant-based food industry. In the US alone, plant-based meat, cheese dairy and egg substitute companies received $741 million in investment in the first quarter of 2020 (equivalent to about RMB 52 million), despite investor confidence taking a hit during the ongoing pneumonia epidemic. 100 million), a figure that is almost equal to all investment raised by the plant protein industry in 2019.
Impact of Covid-19
In April, another market research firm, Zion Market Research, released its own forecast for the global plant-based food market – an industry that will be worth around $21 billion by 2025. But as the plant-based food industry grows, so does the forecast. According to Meticulous Research, the emergence of the Covid-19 has transformed the food industry worldwide – the report states: “The ongoing outbreak is reshaping everything from the global economy to product categories, prices, inventories to consumer behavior.” People are re-evaluating their diet because it highlights the link between food, health and immune response. The impact of the COVID-19 pandemic is providing an unexpected boost to the plant-based products industry. ”