November 24, 2020

Plant-based pork industry expected to surge by 2030

Future Marketing Insights (FMI), an ESOMAR certified market research and consulting firm has forecast plant-based pork product sales to surge at an exceptional CAGR of 24.0% in the 2020-2030 period, from US$1.2 billion in 2020 to US$ 10.5 billion in 2030, Vegconomist reported.

Plant-based pork products have been launched by key producers Impossible Foods and Beyond Meat in recent months, as well as Omnipork products in Asian markets. In addition, major global meat processors have noticed rising consumer interest in plant-based pork, especially because of the recent pandemic and animal-borne diseases.

FMI expects the plant-based pork segment to account for 40.7% of the plant-based meat market by the end of this year.

Many major global meatpackers have entered or will enter the plant-based pork market, such as Tyson Foods, Smithfield Foods, and Cargill.

-      Vegconomist and Future Marketing Insights