DIET - Plant-based retail sales predicted to reach $162 billion by 2030
The vegan revolution has changed the way people shop for groceries, how they farm food, and even what sneakers they buy. And the in-demand industry just seems to keep on growing. According to a report by Bloomberg Intelligence, by 2030 the global plant-based market is predicted to hit $162 billion in retail sales—up from $29.4 billion in 2020.
The rising popularity in plant-based products comes not only from obvious ethical reasons, but also those seeking a more health-conscious lifestyle, and cutting-edge developments in meatless protein alternatives.
The alternative-meat market is also set for explosive growth, with the report predicting that it will hit $28 billion by 2025. In 2020 plant-based meat made up for only 0.3% of total meal sales but as more products become available and consumers become more aware of the market, plant-based meat sales volume is likely to significantly increase.
The growth will likely come from shoppers looking for healthier alternatives from meat proteins, according to Bloomberg’s report. A third of Americans are already following primarily vegetarian diets and are a key demographic for meat alternatives, according to the Good Food Institute .
Another factor that will likely increase purchases of meat alternatives is when pricing can match that of traditional meat products and can scale at the same pace.
“Scale is key because higher production volumes will help lower costs, which in turn will help shrink the price gap with conventional proteins and aid long-term adoption,” the report said. “Major players in the global plant-based protein market — including Archer Daniels Midland, Cargill, Roquette, Ingredion, Glanbia and Kerry Group — have expanded their plant-protein capabilities in recent years.”
Certain other factors will also propel the market forward in years to come as consumers make the switch to plant-based a permanent change. According to the report, this includes “expansion of retail distribution points, growing consumer interest in healthier lifestyles, more consistent supply as companies improve forecasting and manufacturing capabilities, greater raw material availability, achieving price parity with conventional products and ongoing trials at restaurants”.
With the plant-based boom, it only makes sense that investors are wanting to get in on the space. But with so many plant-based companies popping up, it can be tricky to know where to get started.
Veiji
Vejii Holdings Ltd. (ticker: CNSX:VEJI) operates its online marketplace ShopVejii.com in the US through its wholly-owned subsidiary Vejii Inc and the new marketplace is filling the online vegan grocery shopping niche in BC and the US.
The Vejii marketplace caters towards vegans, vegetarians, flexitarians and anyone looking to integrate more plant-based foods into their diet. CEO Kory Zelickson says he plans for the company to be the largest online vegan shopping platform, recently launching Vejii Express, a new service that offers guaranteed shipping within two business days for selected products across the US.
If you’re keen to catch this early opportunity to capitalize on the booming vegan e-commerce market, keep an eye out for its recent listing.
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