Global Plant-Based Meat Industry Still Expanding at an Impressive Growth Rate as Revenues Soar

PALM BEACH, Fla., Nov. 15, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The global plant-based meat market is one of those industries that actually grew during the recent pandemic and the food system experienced significant shifts, including interruptions to supplies of key inputs, limited access to production spaces, and disruption to the distribution of products. Despite these constraints, plant-based companies adapted and continued to launch new products and grow sales. Trade restrictions across the globe in response to COVID-19 led to disruptions in the food supply chain. Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. Many plant-based meat categories experienced exponential growth during the initial pantry-stocking period.  Growing consumer interest in plant-based diets, coupled with the rising consciousness for animal rights through various welfare organizations is expected to drive the global plant-based meat market.  Plant-based meat is becoming an integral part of a vegan diet, wherein the individuals adopt a vegetarian lifestyle that is devoid of animal-based foods. Consumers are inclining towards veganism for health and ethical reasons, while the other consumers are opting for vegetarian ingredients to avoid animal cruelty and to consume sustainable food and beverage products.  Active companies in the markets this week include Planet Based Foods Global Inc. (OTCQB: PBFFF) (CSE: PBF), The Hain Celestial Group, Inc. (NASDAQ: HAIN), SunOpta Inc. (NASDAQ: STKL) (TSX: SOY), Ingredion Incorporated (NYSE: INGR), Kroger (NYSE: KR).

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