Consumers are eating more plant-based foods than ever before. Much of this is driven by health concerns, but behind that there are also rising concerns about the impact that livestock farming, especially beef farming, is having on the environment.
A trend already in place prior to 2019 has in fact increased during the pandemic. In the course of the pandemic the rate of increase of plant-based food sales outpaced total food retail sales and animal-based meat sales.
An ever-increasing number of people are now eating plant-based meat alternatives at least once a week, if not more. That translates into a fast-growing market with a CAGR of 11.9% and an estimated size of $74.2bn by 2027, according to data from Research & Markets. We think that might be a conservative estimate.
Enter Zoglo’s Incredible Food Corp (CSE:ZOG), which listed on the Canadian Stock Exchange in July of 2021. The company is focused on the development and roll out of next generation plant-based foods, not just for the Canadian market, but globally.