A Look at the Companies Which are Fueling the Multi-Billion-Dollar Plant-Based Food Industry
It started with milk, then yogurt and now meat that's taking the spotlight, but another massive market is looking for plant-based options: The global infant formula market. And this is really just the tip of the iceberg.
PM NEWSWIRE: ‘It started with plant-based milk, then plant-based yogurt and now it’s plant-based meat that’s taking the spotlight… Plant-based foods are here to stay and the market is expected to continue on its upward trajectory for the foreseeable future. In the past year, plant-based food sales in the US increased by 11% to an impressive $4.5 billion USD , while the global vegan foods market is estimated to hit $24.3 billion USD by 2026 . The leading drivers behind this growth are plant-based dairy and plant-based meats, with sales increasing by 39% and 37% respectively in the last year.
The plant-based meat market alone is expected to grow significantly in the next few years at a CAGR of 14.8% to reach $30.92 billion USD by 2026… The leading drivers behind this growth are plant-based dairy and plant-based meats, with sales increasing by 39% and 37% respectively in the last year… While everyone is focusing on meat alternatives, another massive market is looking for plant-based options. The global infant formula market is on track to grow at a CAGR of 9.3% and reach $90 billion USD by 2025…
And this is really just the tip of the iceberg… Get used to it, plant-based foods are here to stay… Whether consumers are going full-blown vegan, becoming flexitarians, or sticking to their meaty diets, one thing is clear: plant-based foods are here to stay. It won’t be surprising to see more companies like Hormel Foods Corporation, ConAgra Brands, Inc., and Tyson Foods Inc. launching their own meatless alternatives to this growing market’. SOURCE…
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