According to a report by Bloomberg Intelligence (BI), the plant-based foods market could account for up to 7.7% of the global protein market in the next decade, with a value of over $162 billion, up from $29.4 billion in 2020.

The report outlined the growth expectations for the plant-based foods market through 2030. As consumers become familiarised with plant-based products and initiatives, BI has predicted a change in consumer habits over the next decade.

Global animal and dairy protein demand, the report said, is expected to reach $1.2 trillion by then.

Jennifer Bartashus, senior consumer staples analyst at Bloomberg Intelligence, explained that meat and dairy alternatives “could even obtain 5% and 10% of their respective global market shares in the next decade.”

Meat alternatives, the report said, will have a substantial share of all plant-based food opportunities through 2030. If the alternative meat market follows a similar growth pattern to that of plant-based milk, BI projected the alternative meat market to expand in size from $4.2 billion to $74 billion in the next ten years. Major drivers of plant-based meat growth include the declines in product prices.

International restaurant chains were also identified as significant players in increased sales and consumption of plant-based alternatives. BI also predicted faux-chicken to be particularly primed for growth over the next year.