Analysts at UBS predict the vegan meat and protein market could reach $85 billion by 2030. The Swiss multinational investment bank expects sales of plant-based meat to grow by 28 percent per year, up from $4.6 billion in 2018.

The report comes from the UBS Global Wealth Management division and makes several predictions about the future of plant-based food. According to Business Insider, researchers anticipate technical advances that will significantly impact the farming sector.

As the way that consumers interact with food changes, lab-grown food, vertical farming, AI technology, and plant-based innovation could revolutionize food production. UBS also expects the plant-based dairy market to grow to $37.5 billion by the year 2025. But plant-based meat remains the most in-demand vegan food category.

“Overall, we estimate the food innovation opportunity represents a $700 billion market by 2030,” said UBS. Though the market could surpass this estimate “if plant-based meat adoption accelerates thanks to innovation and increasing consumer awareness.”

UBS noted that the stock price of Beyond Meat rose by more than 500 percent within two months of its listing on the NASDAQ stock market. And plant-based milk sales grew by six percent over the last year in the U.S.

“The decade-long path from obscure to mainstream can be traced back in part to the dairy aisle,” explained UBS. “Where soy-, almond-, and coconut-based milks have claimed spots alongside cow’s milk.” This same shelf strategy “helped the US non-dairy milk market grow 60%,” continued UBS. “It now claims a 12.6% market share from traditional dairy producers.”

Vegan Meat Demand

In September 2019, the data analytics company Gallup conducted telephone interviews with a random sample of Americans. Out of the 2,431 participants, nearly one in four reported eating less meat in the preceding year—approximately 25 percent of participants.

Many consumers see vegan meat as a healthy, sustainable alternative to traditional animal products. And cutting edge technology enables companies such as Beyond Meat and Impossible Foods to create ever more realistic vegan proteins. These alternatives are also increasingly commonplace in mainstream and fast-food restaurants.

“Consumers are increasingly seeking healthy and sustainable sources of protein,” said JUST CEO Josh Tetrick, as reported by Business Insider. “Plant-based eggs, dairy, and meat, and plant-based offerings have never been more delicious and accessible in grocery stores and restaurants.”