These days, it seems there’s a plant-based fast-food restaurant around every corner in major cities. The plant-based category has endured its share of challenges in 2022, but there remains undeniable interest in the segment from investors.
Food and beverage manufacturers are also innovating rapidly in the plant-based category, said Rashmi Phutalia, senior analyst with Market Research Future, adding that “There are various market players, ranging from small private companies to big international players in the industry, that have significant growth potential.”
Did You Know?
- In 2021, U.S. retail sales of plant-based foods grew 6.2% over a year prior, bringing the total plant-based market to $7.4 billion.
- Plant-based Food Retail Sales Grew 3x Faster than Total Food Retail Sales in 2021.
- Bloomberg’s plant-based market forecast suggests that alt-meat products could reach $75 billion by 2031.
In this industry report, we take a closer look into the evolution of plant-based foods in the food and beverage market.