According to their latest report: “Nearly all the food & beverage startups that have attracted smart money are focused on transformational technologies such as plant-based protein and animal-free eggs — startups that may not only be selling products, but are designing new processes that could change what we eat.”
Among the plant-based startups listed as receiving the most amount of venture capitalist funding include Impossible Foods ($183 million), Hampton Creek ($120 million), Ripple Foods ($43.6 million), Beyond Meat ($40.5 million) and Kite Hill ($25.4 million).
According to another recent report, the meat substitute market is predicted to grow in value to $5.96 billion by 2020. Likewise, the dairy-free market is expected to surpass $35 billion by 2024, with a predicted annual growth rate of at least 10%.
Clearly, the animal-free food and beverage market is growing rapidly, and venture capitalists, who traditionally focused solely on tech startups, are increasingly interested in investing in vegan companies.
Disclaimer: The opinions expressed in this article are prepared in the author's capacity and do not necessarily reflect the views and opinions of Plant Based News itself.Reuse this content
Klaus Mitchell is the Founder & Editorial Director of Plant Based News.
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