The global plant-based market will grow from US $30 billion in 2021 to a staggering US$160 billion by 2030, making up to 7.7% of the global protein market by 2030 according to Bloomberg Intelligence.
According to the new report, industry giants including Beyond Meat, Impossible Foods and Oatly are driving an increase in plant-based food options as they partner with restaurants and major chains. More traditional, established competitors, like Kellogg and Nestlé, are looking to gain an edge by ramping up their distribution of plant-based products, and producing promotional campaigns that showcase their variety of options.