Increasing Global Appetite for More Sustainable Meat Alternatives a Big Boon for Plant-Based Meat Industry

FinancialNewsMedia.com News Commentary  -

PALM BEACH, Fla., Sept. 29, 2022 /PRNewswire/ -- The inclination towards the plant-based food industry has led to huge growth, since people have become more cautious about the healthy consumption of foods. Despite the major impact to the food industry caused by the global pandemic, there is a noticeable growth in plant-based meat and non-dairy milk products, which signals a growing worldwide appetite for more sustainable alternatives to the old method of consumption of direct meat. Increase in consumer interest towards plant-based meals and meat supply disruptions due to the COVID-19, has expanded sales by 49% according to a report from ReportLinker. The report said that the plant-based meat market by revenue is expected to grow at a CAGR of around 19% during the period 2022–2027. It continued: "A growing number of angel investors, venture capitalists, and accelerators, as well as increased investment activity from strategic food industry investors such as General Mills, 301 Inc, and Kraft Heinz, as well as direct investors such as Mapleleaf Foods, Cargill, and Danone, are all helping to propel the industry growth. In 2021 Europe was the world's largest market for plant-based meat. The increase of ethical and health-conscious consumer groups is one of the key factors driving the market for plant-based meat, precisely in the United Kingdom. Active companies in the markets this week include: Pangea Natural Foods Inc. ( OTCQB: PNGAF) (CSE: PNGA), Beyond Meat, Inc. (NASDAQ: BYND), Hormel Foods Corporation ( NYSE: HRL), Tattooed Chef, Inc. (NASDAQ: TTCF), The Very Good Food Company Inc. (NASDAQ: VGFC) (TSX-V: VERY).