Plant based food demand shows no signs of cooling.
In fact, according to Fortune, sales are expected to increase five-fold by 2030. “Sales of plant-based dairy and meat alternatives reached $29.4 billion in 2020, and could increase to $162 billion by 2030, comprising 7.7% of the global protein market.”
That’s substantial news for companies such as Komo Plant Based Foods (CSE:YUM) (OTC:KOMOF)(FSE:9HB), Beyond Meat Inc. (NASDAQ:BYND), Very Good Food Company Inc. (TSXV:VERY)(OTC:VRYYF), Tattooed Chef Inc. (NASDAQ:TTCF), and Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL).
“Plant-based is the grocery category to watch right now as brands continue to innovate by using new ingredients and processes that make plant-based products exciting for shoppers,” said Parker Brody, Senior Global Category Merchant for Plant-Based at Whole Foods Market. “And in the laid-back days of summer, we find that customers are breaking out of their routines and are more open to trying something new, whether they’re longtime vegans or just starting to experiment with plant-based eating.”