ALEXANDRIA, Va.—A report from UBS says plant-based foods will grow 28% a year, from $4.6 billion in 2018 to $85 billion in 2030. And a study by OnePoll says that one in three U.S. consumers is adding more plant-based alternatives to their diet.
With that in mind, major companies are continuing to jump on the bandwagon.
The Washington Post reports that Tyson Foods is investing in New Wave Foods, a San Francisco-based start-up that will debut plant-based shrimp in 2020. Although the brand announced its own plant-based meat brand, Raised & Rooted, seafood is a new direction for the second-largest processor and marketer of chicken, beef and pork.
Shrimp are the most-consumed seafood on the planet—first in the U.S. If successful after being introduced in the restaurant space, the company will look into crab and lobster.
Kroger is investing as well, announcing a new private label collection, Simple Trust Plant Based, that includes meatless burger patties, plant-based cookie dough and sausages. Food Dive reports that the new products will be released in 1,800 Kroger stores (out of 2,800 total) this fall.
The company’s existing Simple Truth brand, which includes 1,550 organic and natural products, brings in more than $2.3 billion annually. The brand is expanding to other retailers like Lucky’s Market, Walgreens and China’s Alibaba.