Plant-based food sales to rise fivefold by 2030, says report

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 ( ₹ 2 trillion approx) in 2020, and could increase to $162 billion ( ₹ 12 trillion approx) 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.

In India, the demand for alternative meats is driven by flexitarians—think of those who avoid non-vegetarian on Tuesday and Saturday; others who have eggs and fish, but not chicken and mutton; and a handful who are strictly vegetarian at home, but would 'indulge' in non-vegetarian dishes only when they're eating out. It is a complex and fascinating phenomena. Alternative meat start-ups, such as GoodDot, Blue Tribe Foods and BVeg Foods are optimistic about the growth of plant-based meats in India. Actors Genelia and Riteish Deshmukh would agree too. They are ready to launch a mock meat venture name Imagine Meats. On the Instagram page of the brand, the bio reads, “We give zero clucks about enjoying meat on a Mangalvar!”

The story has been lightly edited for style.