Plant-Based Food Sales to Increase Fivefold By 2030, BI Says

(Bloomberg) — The global market for plant-based foods could see fivefold growth by 2030 helped by rising demand for sustainable products, according to a Bloomberg Intelligence report.

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.

Demand is increasing as companies like Beyond Meat Inc., Impossible Foods Inc. and Oatly Inc. bring alternative protein products to more restaurants and grocery stores. Legacy food companies like Tyson Foods Inc., Kellogg Co. and Nestle SA are also competing in the space with their own plant-based burgers and milks. They’re using their scale to drive distribution and working with retailers on promotions and marketing.

Meat and dairy substitutes are marketed as healthier and more sustainable than the products from animals that they aim to replace. They’re getting popular just as consumers become more conscious of the environmental footprint of food, and aim for healthier eating. Asia will also be a significant driver of plant-based protein sales because it’s vulnerable to limited food supplies, the report said.

Alternative dairy alone could double by 2030, according to the report, buoyed by the popularity of oat milk and growth in ice cream, cheese and butter alternatives.

More stories like this are available on bloomberg.com

©2021 Bloomberg L.P.

Follow us on social media for the latest updates in B2B!
Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

mindset
Rob Paylor’s Mindset Masterclass After a Life-Changing Rugby Injury: Rise, Recover, and Redefine What’s Possible
December 16, 2025

Every year, an estimated 17,000 Americans suffer spinal cord injuries, many of which permanently alter the course of their lives.. For former collegiate rugby player Rob Paylor, a devastating injury left him paralyzed from the shoulders down. Doctors told him he would never walk or move his hands again. But instead of accepting that fate,…

Read More
inclusion
Inclusion Beyond Compliance: What It Really Takes to Build Workplace Cultures Where People Feel Seen, Supported, and Free to Belong
December 16, 2025

Inclusion is often reduced to policies and checklists, but its true measure shows up in everyday experiences — in whether people feel seen, supported, and able to contribute without hiding parts of who they are. When organizations move beyond compliance and toward genuine understanding, they open the door to talent, perspective, and potential that…

Read More
healthcare
How Simulation-Based Education Is Transforming Healthcare Leadership and Decision-Making Worldwide
December 16, 2025

As healthcare systems worldwide face rising costs, workforce shortages, and increasing pressure to balance quality with financial sustainability, traditional classroom-based management education is struggling to keep pace. According to the World Economic Forum, healthcare spending now accounts for nearly 10% of global GDP, making leadership decision-making more consequential—and more complex—than ever. At the same…

Read More
work-based learning
Scaling Work-Based Learning in the Curriculum: How Riipen Powers Real Employer Projects at Scale
December 15, 2025

Higher education is facing renewed scrutiny over how well it prepares students for life after graduation. Employers are increasingly signaling that many graduates enter the workforce without real-world, job-ready experience—placing new pressure on higher education to rethink how learning connects to work. Research on high-impact practices consistently shows that experiential and work-based learning boosts…

Read More