Plant-based retail food sales are up 27 percent year over year.
The $7 billion dollar industry is growing about twice as fast as the U.S. retail food market. Fifty-seven percent of households say that they purchased plant-based foods in 2020.
The largest category is alternative milk.
Cashing in on that growth, Impossible Foods is reportedly preparing for a $10 billion dollar initial public offering. This would be substantially more than the company’s value in a private funding round last year, which was $4 billion dollars.
According to Reuters, Impossible Foods could be looking at a tradition IPO or a special purpose acquisition company. Current backers include venture capital groups and several celebrities like Serena Williams and Jay-Z.
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