The global plant protein market could surpass $162 billion by 2030, making up 7.7 percent of the global protein market, according to research by Bloomberg Intelligence, reports Food Business News.
Sales of plant-based meat and fish alternatives may reach 5 percent of the total meat and fish market by 2030 and plant-based dairy could reach 10 percent of the total dairy market by the same year, according to the report.
Bloomberg Intelligence predicts that the Asia Pacific region is likely to dominate the plant-based protein market and reach sales of $64.8 billion by 2030. The region is expected to have a population of more than 5 billion by 2030, putting a strain on resources and driving demand for plant-based protein.
“Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay—and grow,” said Jennifer Bartashus, senior consumer staples analyst at Bloomberg Intelligence. “The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world. If sales and penetration for meat and dairy alternatives continue to grow, our scenario analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike.” Full Story
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