The plant protein business is booming
Plant-based alternative food grows its share in the industry, while the global food system transforms to the direction where plant-based options are accessible to all. Plant protein sales surge and food chains and manufacturers hardly keep up with demand.
Research from U.K. investment bank Barclays last year forecast that the value of the global plant-based food and drink market could soar by more than 1,000% over the next decade. This forecast is backed by facts: famous chains such as Burger King, McDonald’s, Pizza Hut and Taco Bell debut with their own plant-based menu additions.
It is evident that the market goes far beyond vegans and vegetarians. The global plant-based craze is joined by customers who use animal products as well.
Having in mind that the world’s cattle produce more greenhouse gases than all its automobiles, food industry companies include and develop plant-based food production as a common sense choice of their sustainability strategies. For example, a food giant Unilever is leading its new push into veggie products. In November, Unilever unveiled a plan to boost its sales of plant-based foods over the next few years to €1 billion a year – a fivefold increase.
Companies, dedicated entirely to manufacturing a global supply of textured plant protein that mimics beef and pork products, pop up worldwide. The main ingredients of manufacturers’ choice are yellow peas, fava beans, hemp and other legumes.
