Bloomberg Intelligence has reported the global plant-based foods market is forecasted to have dramatic growth in the coming years. The expected sales of plant-based foods could reach $162 billion by the year 2030, up from $30 billion in 2020.
The two largest subcategories of plant-based alternatives -- dairy and meat -- are expected to continue as the largest segments. Bloomberg foresees growth to be found in new formulations and products such as plant-based ice cream, cheese, sour cream, and butter. An increase in consumer concerns about health and sustainability and the continued growth of vegetarians and ‘flexitarians’ are also predicted to be drivers of growth.