Plant-based product demand is only growing. Look at food products for example. McDonald’s (NYSE:MCD) for example has a global partnership with Beyond Meat (NASDAQ:BYND) and Yum! Brands Inc. (NYSE:YUM), which has been dubbed the “clearest sign yet that the future of meat will be plant-based.”
In fact, food industry expert Bruce Friedrich, as noted by Plant Based News says, “With these two deals, the world’s largest restaurant chains are placing plant-based meat directly on the plates of millions of customers around the world. McDonald’s and Yum! Brands have doubled down on plant-based meat and have demonstrated the long-term potential they see in the category. This is the clearest sign yet that the future of meat will be plant-based.”
However, it’s not just food products seeing bigger demand. Beauty companies, like Ulta Beauty Inc. (NASDAQ:ULTA) are seeing it, too. “We know consumer interest in sustainability and vegan-friendly formulae is increasing,” says Jenni Middleton, director of beauty at the trend forecasting company WGSN, as quoted by Vogue. “People will shun animal-derived ingredients as they now understand the zoonotic origins of coronavirus, and want to turn to nature’s apothecary to provide tried, tested and time-honored beauty and wellness solutions.”
There’s so much demand, the plant-based cosmetics market could be worth up to $20.8 billion over the next five years, according to Grand View Research.