Studies & Numbers

Abillionveg Report: Plant Meat Market to Reach $61bn by 2030, Growth Driven by Omnivores

Abillionveg, a review platform for the global sustainability movement, has used its review data to produce several reports and infographics on the plant-based movement.

The platform has drawn on over 400,000 consumer reviews from 130 countries to find data on the top 20 vegan cities, conscious consumerism, and the plant-based ice cream market.

Of particular interest is its data on the global plant-based meat revolution. The company found that demand for plant-based meat surged by 12 times in the third quarter of 2020 compared to the same period last year. It predicts that the market will be worth $61bn USD by 2030.

abillionveg infographic
© abillionveg

In Asia, reviews of plant-based pork increased rapidly due to the availability of OmniPork in the region and cultural preferences for pork. Beyond Meat and Impossible Foods were also leaders in the Asian plant-based movement.

In North America, Beyond Meat, Gardein, and Lightlife were the most popular. Beyond was also prevalent in Europe, along with Heura and Next Level.

The report also found sizable growth opportunities in both the B2B and B2C segments.

Surprisingly, demand for plant-based meat surged the most in Argentina, despite its traditionally meat-heavy diet. Spain, also not traditionally vegan-friendly, was next in line, with the UK in third place.

abillionveg infographic
© abillionveg

The number of people using abillionveg has increased rapidly this year, but surprisingly, the growth is not being driven by vegans and vegetarians. Instead, it’s mostly omnivores and flexitarians who are joining.

After securing the largest ever seed funding for a Singaporean social impact startup in 2019, abillionveg closed a $3M Pre-Series A funding round in September of this year. It has also partnered with Impossible Foods to launch the company’s products into thousands of Singaporean restaurants.

“The rising consciousness around what people eat and consume is one of the more positive outcomes of 2020 and the Covid pandemic,” said abillionveg CEO Vikas Garg. “Sustainability as a business model has gone from a concept to a necessity and I expect this trend to accelerate rapidly in 2021 and for the next 20 years.”

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