A new report has revealed that the global plant-based food and drink alternatives market is set to reach $80.43 billion by 2024.

The market growth is due mainly the increasing adoption of plant-based products among health-conscious consumers, increasing demand for food safety and rising concerns for animal welfare.

“There has been significant investment in the plant-based food and beverage alternatives industry in the last five years,” said Rakhi Tanwar, Principal Analyst at BIS Research, who compiled the report.

“The industry is receiving investment from high-profile individuals, financial investors, and companies. Till 2019, an amount of $17 billion has been invested in the industry, including $13 billion investments of the last two years.”