With a growth rate of 9.3%, the supply of plant-based food is projected to exceed $34.24 billion worldwide by 2028.
According to research conducted by SkyQuest, the global vegan food market will exceed $34.24 billion by 2028 due to the rise in consumers concerned about animal suffering, as well as animal welfare in the livestock industry. Considering the market was worth $15.6 billion in 2021, the 2028 prediction represents an annual rate growth of 9.3%.
“The vegan food market has seen significant growth in recent years, with more and more consumers choosing plant-based options for a variety of reasons, including concerns for health, planet and animal welfare. It is very exciting to see new products and innovations to adopt a vegan lifestyle and make it easier,” said Karen Reyes, spokesperson for Colombia for Sinergia Animal, an international animal protection organization that works to promote plant-based diets in countries around the world. Global South.
With the majority of the planet’s population being lactose intolerant, plant-based dairy alternatives are a big factor in this growth. This segment alone is expected to grow 10.4% by 2028.
“Plant-based milk replacers offer options that are lower in saturated fat and free of cholesterol. In addition, cow’s milk has a significantly higher environmental impact than 100% plant-based alternatives.” Reyes stated.
It is projected that the vegan food market in Latin America will have a very large growth, of 11.45% by 2028.