News Feature: Plant-Based Food Market To Be Worth $74.2 Billion By 2027
Meticulous Research conducted a market study that concluded in a prediction of plant-based food soaring to $74 billion by 2027. The report did not exaggerate when it said that in about seven years from today, an 11.9 percent growth is to be expected in the plant-based market. Dietary supplements, soy protein, wheat protein, plant-based eggs and confectionery have become the new consumer aspirations according to the report.
Amidst the pandemic, Nielsen reports show a change in shopping habits. In the US alone, the vegan market sales increased to 279.8 percent. It seems people are becoming more conscious of their health. Goods such as toilet paper, hand sanitizers, and the like have particularly been running out of stock in grocery stores along with healthy meat options.
If this trend continues, the rapidly expanding plant-based food sector will soar to the predictions of Meticulous Research. Last year, the alternative meat sector grew by 18 percent. Burgers, having the most sales by 123 percent, reaching $283 million.
The sudden growth in demand is unprecedented. Meat shortage arose because of the pandemic. The slaughterhouses closed which led to the boost in sales for plant-based food. According to PlantBasedNews, beef burgers from different fast-food chains were removed from the menu. Another report said 650 workers have tested positive for the Covid-19 virus in just one slaughterhouse that led to the closure of the meat factory.
The pandemic has led the world to close big businesses and choose the alternative and even better option. The connection between public health and plant-based food consumption has never been viewed more clearly with the rise of the need for a healthy lifestyle.
The challenge now is for vegan and plant-based food manufacturers is to change their strategies in making their products available in more markets as the demand is predicted to a steady favorable rise in the next seven years.