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

skilled trades mentorship
Blue-Collar, High-Voltage, and High-Stakes: Rebuilding the Workforce Pipeline with Skilled Trades Mentorship at TradeMentor
April 7, 2026

The skilled trades are getting squeezed from both sides: demand is rising—driven by grid upgrades, battery storage buildouts, and the reshoring of manufacturing—while the workforce pipeline keeps narrowing. Across construction, manufacturing, and other skilled trades, employers are facing a demographic cliff: for every five workers who retire, only two replacements enter the workforce. Contractors…

Read More
Student
How Business Schools Can Scale Co-op Without Losing the Student Experience
April 6, 2026

Experiential learning has shifted from a differentiator to an expectation in higher education, especially as employers place more value on job-ready graduates who can adapt quickly to changing workplace demands. At the same time, AI is reshaping entry-level work, making durable skills like judgment, communication, and adaptability more important than routine task execution. In that…

Read More
Solo Stove
From Firepits to Full Backyard Experiences: How Solo Stove Is Rebuilding Connection Through Product Innovation
April 3, 2026

As consumer brands navigate a post-pandemic world shaped by digital saturation and rising loneliness, the most successful companies are rediscovering something analog: human connection. A 2025 World Health Organization report found that 1 in 6 people globally are affected by loneliness, highlighting a growing public health challenge tied to weaker social bonds and reduced…

Read More
Doable
Rethinking Leadership: Why “Doable” Might Be the Most Powerful Strategy in Education Today
April 3, 2026

At a time when educator burnout is rising and schools across the U.S. are facing ongoing teacher shortages, leaders are being forced to rethink what sustainable success actually looks like. Research shows that teacher attrition is closely tied to working conditions, job-related stress, and workload demands. As districts push for innovation, data-driven instruction, and…

Read More