In recent years, plant-based eating has become big business. Oatly (OTLY) created such demand for its product, that it is now being edged out of its own market by none other than big dairy itself. Multibillion-dollar trailblazer of plant-based meats, Beyond Meat (BYND), needs to keep an eye out for start-ups like Impossible Foods which are gearing up for their own IPOs.
By the numbers: The global vegan food market is set to grow at a compound annual growth rate of 10.5% a year through 2026, or up to $31.4 billion. This is more than double the CAGR of the overall food industry.
Big picture: Healthy eating trends, environmental concerns, economies of scale, and technological innovations all contribute to the growth of plant-based food.