Key Takeaways
- • Bloomberg Intelligence projects the global plant-based food market to reach USD 162 billion by 2030, up from USD 29.4 billion in 2020, according to the Miller Magazine article.
- • Bloomberg Intelligence expects Asia-Pacific to dominate the plant-based protein market, reaching $64.8 billion by 2030 from $13.5 billion in 2020, with alternative dairy comprising 57% of that regional market.
- • Bloomberg Intelligence projects plant-based meat sales to grow from $4.2 billion to $74 billion over the next decade, with a more aggressive scenario reaching $118 billion by 2030.
- • A 2018 Poore and Nemecek study cited in the article found dairy milk requires almost nine times more land and produces three times more greenhouse gases than growing the plants needed for dairy alternatives.
- • Analyst Jennifer Bartashus of Bloomberg Intelligence suggests meat and dairy alternatives could capture 5% and 10% of their respective global market shares within the next decade.
Summary
The plant-based food sector is expanding as consumer diets shift toward fewer animal-based products, driven by health concerns, environmental sustainability, climate change, and rising incomes. The article, published by Miller Magazine on April 7, 2022, cites projections that the global plant-based food market will reach USD 162 billion by 2030, up from USD 29.4 billion in 2020. These trends come as the global population is expected to reach 9.7 billion by 2050, placing greater pressure on agrifood systems.
According to a Bloomberg Intelligence report cited in the article, population growth and resource strain will contribute to plant-based growth, particularly in Asia-Pacific. The report projects that region's plant-based protein market will reach $64.8 billion by 2030, with alternative dairy accounting for 57% of that share. Europe and North America are expected to generate roughly $40 billion in sales, while Africa, the Middle East and Latin America are each projected to see between $8 billion and $9 billion. Bloomberg Intelligence also forecasts the alternative meat market to grow from $4.2 billion to $74 billion over the next decade, with a more aggressive scenario reaching $118 billion by 2030. Cited drivers include greater awareness of health and sustainability benefits and continued declines in product prices.
Environmental and nutritional factors are central to the trend. The article notes that livestock production is associated with greenhouse gas emissions, land degradation, and water overuse. It cites a 2018 study by Poore and Nemecek indicating that dairy milk requires almost nine times more land and produces three times more greenhouse gases than growing the plants needed for dairy alternatives. Published literature also links plant-based diets to higher dietary quality and reduced risk of chronic metabolic diseases.
Product formulation draws on legumes, nuts, seeds, cereals, tubers, and mycoproteins derived from filamentous fungi such as Fusarium venenatum. Fats often come from canola oil, cocoa butter, coconut oil, and sunflower oil, and plant proteins in meat alternatives are bound with methylcellulose. The article also flags food safety considerations, including differing contamination risks, mycotoxins, allergen awareness, and labelling ambiguities. Price competitiveness is another challenge, although costs are expected to decline as demand rises.
According to a Bloomberg Intelligence report cited in the article, population growth and resource strain will contribute to plant-based growth, particularly in Asia-Pacific. The report projects that region's plant-based protein market will reach $64.8 billion by 2030, with alternative dairy accounting for 57% of that share. Europe and North America are expected to generate roughly $40 billion in sales, while Africa, the Middle East and Latin America are each projected to see between $8 billion and $9 billion. Bloomberg Intelligence also forecasts the alternative meat market to grow from $4.2 billion to $74 billion over the next decade, with a more aggressive scenario reaching $118 billion by 2030. Cited drivers include greater awareness of health and sustainability benefits and continued declines in product prices.
Environmental and nutritional factors are central to the trend. The article notes that livestock production is associated with greenhouse gas emissions, land degradation, and water overuse. It cites a 2018 study by Poore and Nemecek indicating that dairy milk requires almost nine times more land and produces three times more greenhouse gases than growing the plants needed for dairy alternatives. Published literature also links plant-based diets to higher dietary quality and reduced risk of chronic metabolic diseases.
Product formulation draws on legumes, nuts, seeds, cereals, tubers, and mycoproteins derived from filamentous fungi such as Fusarium venenatum. Fats often come from canola oil, cocoa butter, coconut oil, and sunflower oil, and plant proteins in meat alternatives are bound with methylcellulose. The article also flags food safety considerations, including differing contamination risks, mycotoxins, allergen awareness, and labelling ambiguities. Price competitiveness is another challenge, although costs are expected to decline as demand rises.
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