PALM BEACH, Fla., Oct. 21, 2021 /PRNewswire/ -- A groundbreaking new report has predicted that the plant-based food market will exceed $162 billion within the next decade. A growing preference for sustainable, healthier foods is pushing the movement. Bloomberg Intelligence (BI) produced the report, called Plant-Based Foods Poised for Explosive Growth. BI provides research on more than 2,000 companies, 135 industries, and all global markets. The plant-based food market was valued at $29.4 billion in 2020. This means if BI's predictions are correct, the market will soar by 451 percent. Major plant-based meat and dairy brands like Beyond Meat, Impossible Foods, and Oatly are driving some of this growth. Their partnerships with restaurants, fast-food chains, and global food manufacturers are making vegan options more accessible to the masses. Additionally, the collaborations are challenging stereotypes around plant-based food. According to BI's Senior Consumer Staples Analyst, Jennifer Bartashus, the meat-free movement isn't slowing down. "Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow," she said. Active Companies in the markets today include Nepra Foods Inc. (CSE: NPRA), Tattooed Chef, Inc. (NASDAQ: TTCF), Sprouts Farmers Market, Inc. (NASDAQ: SFM), Oatly Group AB (NASDAQ: OTLY), ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX-V: BABY).