
The plant-based food industry is projected to see tremendous growth worldwide as consumers re-evaluate their diets driven by a combination of environmental, ethical and health concerns.
A “Plant Based Food Market” report has predicted that the plant-based market will grow at a compounded annual growth rate (CAGR) of 11.9 percent from 2020- 2027.
The report released by Meticulous Research states that plant-based products, such as meat substitute, dairy alternative, and plant-based eggs have a great opportunity to grow on the back of key issues such as increased greenhouse gas emissions and increased pressure on land and water usage during the production of animal protein.
It adds that “increasing incidences of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in plant-based product manufacturers” will see the vegan market reach more than $74 billion by the year 2027.

COVID-19 led shift
The recent coronavirus crisis has also prompted several consumers to shift towards plant-based diets as they re-evaluate their diets after the virus exposed the underlined link between food, health, and immune responses.
“COVID-19’s association with animal sources will result in a large population shifting from animal-based proteins to plant proteins due to various health and environmental concerns,” the report states.
Referencing the surge in investments, the report cited observations of the Good Food Institute (GFI), which highlighted that despite COVID-19 disrupting global markets, the plant-based meat, cheese, dairy, and egg companies in the United States received $741 million in investments during just the first quarter of 2020. This figure represents investments by the US plant-based protein sector for the entirety of 2019.
“There has been a surge in investor confidence,” the researchers said.
“They have seen the market opportunity and are moving to capitalize on a global shift in the way meat is produced.
“With historical pressures on conventional meat production, experts predict that the large meat conglomerates are also expected to double down on their plant-based product investments.”
The ‘alt-market’ segment
According to the report, the dairy alternatives segment is estimated to dominate the overall plant-based food market in 2020, and is also expected to continue its dominance during the analysis period predominantly driven by factors such as “increased number of lactose-intolerant people, growing awareness on ethical concerns about animal abuse in modern dairy farming practices, and nutritional benefits offered by plant-based dairy products.”

Plant-based eggs or the egg substitute segment is also projected to grow at the fastest CAGR during the forecast period propelled by “rising introductions of plant-based eggs across the globe, growing acceptance of vegan convenience foods among consumers due to their hectic lifestyles, allergen reduction properties of plant-based eggs, and inclination of millennial population towards ready-to-eat processed foods.”
Based on sources, soy protein and the pea protein segments have also been signaled to command the largest share of the overall plant-based food-market in 2020.
Rapidly growing plant-based market regions
While the U.K. hosts the largest vegan population in the world, the report states the Asia-Pacific region is projected to grow at a significant pace in the forecast period due to “growing adoption of emerging technologies for product innovation, collaboration between international and domestic food companies, increasing government’s investment in food R&D sector, and increasing presence of large number of key players in the market.”
Share this news: Plant-based food market to be worth $74.2 Billion by 2027, says report.
Lifestyle
Vegan culture, food, beauty & more
Puma ditches kangaroo leather for ‘better’ vegan fabric
- Mohsina Dodhiya
- 3rd March 2023
Puma’s King soccer boots are made with vegan K-Better, a new animal-free upper material. Puma SE is officially phasing kangaroo leather out of its soccer boots this year. Instead, it will begin using a vegan fabric following rising consumer opposition to animal-made products. The German sporting goods company has redesigned its legendary KING football boot …
Continue reading “Puma ditches kangaroo leather for ‘better’ vegan fabric”
More than a third of Brits intend to reduce animal products this new year
- Mohsina Dodhiya
- 10th February 2023
Research from The Vegan Society showed that an increasing number of people are looking to reduce their consumption of meat and dairy for environmental reasons. More than one-third of Britons plan to cut back on their consumption of meat and dairy in 2023, according to a survey by the Vegan Society. The world’s oldest vegan …
Continue reading “More than a third of Brits intend to reduce animal products this new year”
VEGAN MEMES
NEED A LAUGH?
QUIZZES
All the quizzes you love to binge!
QUIZ: If you score 11/12 on this quiz, you’re a verified vegan food expert
- Marlon Farrugia
- 10th January 2020
How much vegan knowledge do you have stored away? Do you have to Google your way through a shopping trip, or do you have all the bad E-numbers memorised? Find out now with this quiz. Marlon Farrugia Marlon Farrugia is a freelance writer from Brighton. He has been a dedicated vegan for many years, and …
Continue reading “QUIZ: If you score 11/12 on this quiz, you’re a verified vegan food expert”
QUIZ: What is your perfect Vegan Halloween Costume?
- Marlon Farrugia
- 13th October 2019
Spook Season approaches. There will be ghosts, goblins, ghouls, and glucose. You need a costume, and you want to it to show off your personality, which means VEGAN. But what to choose? Take our quiz to find out your perfect outfit. Marlon Farrugia Marlon Farrugia is a freelance writer from Brighton. He has been a …
Continue reading “QUIZ: What is your perfect Vegan Halloween Costume?”
QUIZ: What kind of vegetable are you?
- Marlon Farrugia
- 26th September 2019
“If you were a vegetable, what kind would you be?” A question that has tormented humanity throughout the ages – until now. Read: QUIZ: If you score 19/20 on THIS quiz, you’re a Vegan God Marlon Farrugia Marlon Farrugia is a freelance writer from Brighton. He has been a dedicated vegan for many years, and …