The plant based revolution has gone global. Not only are we seeing higher demand for plant based foods in the U.S. but China is seeing bigger demand, too.
In fact, according to The Good Food Institute, as reported by One Green Planet, “China’s plant-based meat market was projected to grow between 20 and 25% annually. The industry was worth $910 million in 2018. China’s perceived connection between wealth and meat is no longer as strong as it once was.” In addition, according to The Guardian, “Some of the biggest international chains operating in China have been quick to bet on the growth of alternative meats. KFC is now selling vegan chicken nuggets, Burger King is offering an Impossible Whopper, and Starbucks is serving Beyond Meat pastas, salads and wraps.”
In North America, sales of plant-based meats, a food category that did not exist a decade ago, grew to almost US $800 million in 2019, up 37% from 2017. Better, according to research firm Meticulous Market Research,the global plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.