More than $16bn (£12.4bn) has been invested in US plant-based 'meat, egg and dairy' companies during the past decade, including a massive $13bn in 2017 and 2018 alone.
In addition, almost half of all acquisitions of plant-based companies since 2009 have happened in the past two years, with investors increasingly looking to cash in as more people embrace a vegan diet to minimise their environmental impact.
The findings were published in the Good Food Institute's (GFI) latest industry update report, which also shows that retail sales of plant-based meat grew 23% during the past two years, compared with growth of 2% for all other foods.
The largest and most developed plant-based category is plant-based milk, which accounts for $1.8bn in sales and represents 13% of the total US retail milk market. Once plant-based meat reaches market share parity with plant-based milk, the market could be worth more than $10bn.
“With global demand for meat set to double by 2050, capturing even a fraction of this burgeoning market would represent a massive opportunity for plant-based meat companies,“ said GFI director of innovation Brad Barbera. “Investors and entrepreneurs recognise the vast market opportunity on offer to get involved while these industries take form.“
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