EY Report Suggests Strong Growth For Plant-Based But Industry Faces Key Challenges

A recent report commissioned by Plant-based body Protein Industries Canada (PIC) and carried out by Ernst & Young (EY) suggests strong growth for the global vegan market over the next decade. The plant-based meat sector is predicted to grow by 16.5% annually to reach $139.4 billion by 2035, while alt-dairy and vegan bakery categories are also expected to see significant growth.

However, the industry faces key challenges such as price sensitivity, taste and texture parity, regulatory complications, supply chain issues, lack of funding for plant-based research, and misinformation campaigns from the dairy and meat industry. Despite the positive forecast, the global plant-based industry must overcome these obstacles to continue thriving and expanding.