The future is becoming plant based—and fast.
As of late December 2021, sales of plant based foods and drinks were up to $7 billion for the year – a 27% increase year over year, according to the Plant Based Foods Association, as noted by the Institute of Food Technologies (IFT).
The IFT also notes, “Seven in 10 U.S. adults have tried a plant-based alternative, Datassential reports. And one-quarter of adults say they are eating more plant protein than last year, according to the 2021 Health & Nutrition Survey from the International Food Information Council.” That’s all healthy news for companies such as Komo Plant Based Foods (CSE:YUM)(OTCQB:KOMOF), Guru Organic Energy Corp. (TSX:GURU)(OTC:GUROF), Odd Burger Corp. (TSXV:ODD) (OTC:ODDAF), Yumy Bear Goods Inc. (CSE:YUMY)(OTC:FVGCF), and Element Nutritional Sciences Inc. (CSE:ELMT)(OTC:ELNSF).
The plant-based boom isn’t going away. At least, not any time soon. In fact, we’re looking at an industry that could grow 100-fold by 2050 to $1.4 trillion, says Credit Suisse. All as demand for plant-based alternatives runs higher. Tyson, Smithfield, Perdue, Hormel, Nestle have jumped on the plant-based bandwagon, for example. Even fast-food chains like McDonald’s introduced a McPlant meatless burger. Jimmy Dean added plant-based patties. Unilever also expects to generate about $1.1 billion over the next five to seven years from plant based foods.