The plant-based food and beverage alternatives market is expected to reach $80.4 billion by 2024, rising at a compound annual growth rate of 13.8% between 2019 and 2024, according to “Global Plant-Based Food and Beverage Alternatives Market — Analysis and Forecast, 2018-2024,” a new report from Fremont, Calif.-based BIS Research.
Growing concerns over food safety, animal welfare and environmental sustainability have resulted into a greater appreciation of plant proteins by consumers across the globe, BIS Research said. In fact, nearly one-third of the U.S. population is following a flexitarian diet.
The global food and beverage industry is presently undergoing an unparalleled technological disruption, propelled by the massive growth of viable plant-based alternatives, BIS Research said. The industry is witnessing increased participation by startup and disruptor companies that are launching innovative products into the market to meet the rising consumer demand for healthy and sustainable food options.
"There has been significant investment in the plant-based food and beverage alternatives industry in the last five years,” said Rakhi Tanwar, principal analyst at BIS Research. “The industry is receiving investment from high-profile individuals, financial investors and companies.”