Global plant-based alternatives market expected to reach $80.4 billion by 2024
According to BIS Research, growth contributors include concerns about food safety, animal welfare and environmental sustainability.
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.