The plant-based meat market will be worth $85 billion by 2030, according to a new report compiled by investment banking company UBS Group AG. The 67-page report revealed that the vegan meat industry will increase in value by 28 percent every year to reach its predicted value, which UBS said is a conservative estimate that could exponentially increase “if plant-based meat adoption accelerates thanks to innovation and increasing consumer awareness.” Wayne Gordon, a senior Asia-Pacific strategist at UBS Global Wealth Management, explained that plant-based meat is a lucrative industry with a massive potential for growth. “Mock meat was an almost comical fad 20 years ago,” Gordon said in the report. “It’s no laughing matter today, given the industry’s meteoric rise in recent years.” The plant-based food market is currently valued at $4.5 billion, with vegan meat making up $800 million of that figure, according to new data released by advocacy group Good Food Institute and trade group Plant Based Food Association.
Photo credit: Beyond Meat