Innovation in plant-based foods
Plant-based meat alternatives and products made from plants are expected to grow $5 billion over the next four years.
Companies are disrupting industry. They’re providing consumers with plant-based alternatives to meat, chicken, and fish that have a taste and texture as close as possible to their animal-based counterparts. Both companies have seen exponential growth in their stocks over the last few years. And if their success continues, it’s no wonder that more plant-based food brands are popping up.
One example of a success story is Beyond Meat, which sells plant-based products like beefless burgers, chicken less nuggets, and eggless eggs. The company was valued at $1.6 billion after its latest round of funding this year.
People are looking for healthier lifestyles, so it’s no surprise that plant-based milk sales are expected to hit $14 billion by 2028, with a global market share of 20 percent. This will be driven by demand for almond milk and soy milk, which is projected to maintain their position as the most popular plant-based milk for another five years before giving way to plant-based coconut milk.