The meat-free market: Unilever reveals aim of €1 billion in plant-based product sales by 2027

Unilever has unveiled plans to grow its share of the booming meat-free market.

The consumer goods giant has said it aims to increase annual sales of its plant-based meat and dairy alternatives to €1 billion within five to seven years.

The company said it expects €200 million in sales from plant-based substitutes this year, with its Vegetarian Butcher brand acquired in 2018 growing “explosively”.

The announcement is part of Unilever's new “Future Foods” initiative, which it says aims to help people eat more healthily while reducing the environmental impact of the supply chain.

Hanneke Faber, president of the group's foods and refreshment division, said: “We have a critical role to play in helping to transform the global food system.”

Unilever - behind brands including Ben & Jerry's and Hellmann's - said it will focus on the expansion of products such as dairy-free ice cream and mayonnaise.