Ernst & Young Study Defies Plant-Based Market Decline, Anticipates Global Growth to Soar from $16.5 to $139 Billion by 2035
A recent study conducted by Ernst & Young projects substantial, global growth in plant-based protein sales by 2035. According to the report, global plant-based meat sales are anticipated to soar from $16.5 billion in 2021 to $139.4 billion by 2035, representing a compound annual growth rate (CAGR) of 16.5 percent. Funded by Protein Industries Canada, the study leverages data from the Food and Agriculture Organization, Good Food Institute, and other third-party sources to examine factors impacting the plant-based protein market, including increased price sensitivity, tight labor markets, higher preference for healthy foods and rapid growth in emerging markets. Despite the short-term economic challenges, Bill Greuel, CEO of Protein Industries Canada, remains optimistic about the long-term prospects of the plant-based meat sector. He comments, “It’s been challenging …
