Plant-Based Food Market Could Skyrocket To $162 Billion Within Next 10 Years

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Oct 21, 2021, 08:45 ET

PALM BEACH, Fla., Oct. 21, 2021 /PRNewswire/ -- A groundbreaking new report has predicted that the plant-based food market will exceed $162 billion within the next decade. A growing preference for sustainable, healthier foods is pushing the movement. Bloomberg Intelligence (BI) produced the report, called Plant-Based Foods Poised for Explosive Growth. BI provides research on more than 2,000 companies, 135 industries, and all global markets. The plant-based food market was valued at $29.4 billion in 2020. This means if BI's predictions are correct, the market will soar by 451 percent. Major plant-based meat and dairy brands like Beyond Meat, Impossible Foods, and Oatly are driving some of this growth. Their partnerships with restaurants, fast-food chains, and global food manufacturers are making vegan options more accessible to the masses. Additionally, the collaborations are challenging stereotypes around plant-based food. According to BI's Senior Consumer Staples Analyst, Jennifer Bartashus, the meat-free movement isn't slowing down. "Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow," she said. Active Companies in the markets today include Nepra Foods Inc. (CSE: NPRA), Tattooed Chef, Inc. (NASDAQ: TTCF), Sprouts Farmers Market, Inc. (NASDAQ: SFM), Oatly Group AB (NASDAQ: OTLY), ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX-V: BABY).

"The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world." Vegan dairy, in particular, could take up 10 percent of its global market shares in the next decade. Meanwhile, BI predicts that the alternative meat market will surge from $4.2 billion to $74 billion in the next decade. But plant-based meat sales could actually surpass $74 billion, hitting $118 billion by 2030. This would be 'a more aggressive but still realistic scenario', BI said.

Nepra Foods Inc. (CSE: NPRA) BREAKING NEWS: Nepra Foods Expands Its Footprint with New State-of-the-Art Production Facility and Multi-Media Enabled Innovation Kitchen - Nepra Foods Inc. (the "Company" or "Nepra"), creator of nutritious plant-based and allergen-free food, commits to innovation and expansion by starting major construction of an expanded production area and research and development facility. In January 2021, our subsidiary, Nepra Foods, Ltd., signed a 10-year lease on a new 31,000 square foot facility in Centennial, Colorado, in the southern part of the greater Denver Metro area. Leasing this new facility and the completion of the state-of-the-art build out is part of Nepra's phased growth strategy, which will enable Nepra to increase manufacturing output and expedite the development of innovative new products.

Approximately 3,000 square feet of the building will be dedicated to research and product development in a fully equipped laboratory kitchen. It will serve as a secure facility for the development of Nepra's proprietary products and technologies. Additional production facilities are being constructed for a custom dry ingredient blending facility for existing B2B customers who use Nepra's ingredients as well as blends for Nepra's proprietary consumer branded products. Additional construction will expand production capabilities to meet the ever-increasing demand for the Company's proprietary hemp ingredients.

According to retail sales data, plant-based food sales grew 27% in 2020, with 57% of all U.S. households purchasing plant-based foods. Furthermore, plant-based food sales increased nearly 2.5 times faster than total food sales from 2018 to 2020. As this shift in consumer preference for plant-based foods continues to gain steam, Nepra is excited to join other industry leaders like Beyond Meat (NASDAQ: BYND) in their commitment to expansion of their plant-based production capacities.

"This new, dedicated space gives our team of world-class experts, led by Chief Technology Officer Chadwick White, the secure working environment they need for research, development, and testing while protecting the confidentiality of our intellectual property," says Nepra CEO, David Wood. "It also provides much-needed real estate to meet our production goals."

Nepra's proprietary hemp-based proteins are used in their current consumer marketed plant-based meats, dairy alternatives, and baked snacks, and the proteins are also sold as B2B ingredients. In addition, the facility construction allows expansion within the other established B2B categories, including Essential Blends™, Essential Flours™, and Rheoflex®. Nepra is targeting alternative sweeteners, alternative chocolates, and fermented foods for future development. CONTINUED… Read this full release for Nepra Foods at: https://www.financialnewsmedia.com/news-npra/

Other recent developments in the markets of note include:

Tattooed Chef, Inc. (NASDAQ: TTCF), a leader in plant based foods, recently announced six of its entrée bowls are available in approximately 1,200 Publix Super Markets ("Publix") stores as of October 1, 2021. Publix is one of the largest food retailers in the U.S. and the availability of Tattooed Chef entrée bowls demonstrates the brand's momentum and consumer demand.

"We are thrilled consumers can now access a variety of our entrée bowls at Publix, one of the largest supermarket chains in the U.S.," said Sarah Galletti, Founder and the Tattooed Chef. "Tattooed Chef is revolutionizing the way consumers think about plant based food starting with the frozen aisle, and we are just getting started."

Sprouts Farmers Market, Inc. (NASDAQ: SFM) recently announced it will issue financial results for the third quarter ended October 3, 2021 after the market closes on Thursday, November 4, 2021. Following the release, Sprouts' management will conduct a conference call at 2:00 pm PDT (5:00 pm EDT) to discuss the results for the quarter.

A webcast of the conference call will be available. Participants should register on the website approximately 15 minutes prior to the start of the webcast.

An audio replay will be available at approximately 5:00 PM PDT (8:00 PM EDT) on November 4, 2021 and will remain available for 72 hours. This can be accessed by dialing 855-859-2056 (toll-free) or 404-537-3406 (international) and entering the confirmation code: 6572347.

Oatly Group AB (NASDAQ: OTLY), the world's original and largest oat drink company, recently announced that it will report financial results for the third quarter and nine months ended September 30, 2021, on Monday, November 15, 2021, before the U.S. market opens. Oatly will host a conference call and webcast at 8:30 a.m. ET on the same day to discuss the results.

The conference call and simultaneous, live webcast can be accessed on Oatly's Investors website at https://investors.oatly.com under "Events." The webcast will be archived for 30 days.

We are the world's original and largest oat drink company. For over 25 years, we have exclusively focused on developing expertise around oats: a global power crop with inherent properties suited for sustainability and human health. Our commitment to oats has resulted in core technical advancements that enabled us to unlock the breadth of the dairy portfolio, including alternatives to milks, ice cream, yogurt, cooking creams, and spreads. Headquartered in Malmö, Sweden, the Oatly brand is available in more than 20 countries globally.

ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX-V: BABY) - the Plant-Based baby, toddler and children nutrition company, recently announced that is has successfully completed its first commercial trial run of its patented, Plant-Based Infant Formula for age 0 -12 months as the Company continues its path for regulatory approval.

The trial run, which took place this week in the U.S., leveraged a global, first-of-its kind technological development with one of the raw ingredients in the Plant-Based formulation. This patented processing method results in a cleaner ingredient, while keeping the nutritional value fully intact.

"This successful trial is a major step for the Company, as we move forward to provide real choice when it comes to dairy-free infant formula," said Hamutal Yitzhak, CEO & Co-Founder of Else Nutrition. "The $90 billion global infant formula market has been dominated by dairy and soy for too long. This development brings us one step closer to commercializing a minimally processed, Plant-Based option to millions of wanting families globally," she added.

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