The global Plant-Based Food Market is valued at USD 20.23 Billion in 2018 And Expected to Reach USD 36.36 Billion by 2025 with the CAGR of 8.74% over the forecast period.
Global Plant-Based Food Trends Scope:
A plant based diet is referred to foods obtain from plant sources. This way of eating plant based food has benefits for both a person’s health and the planet. A plant based food is a diet that involves consuming mostly foods that come from plants. People who eat primarily plant based food tend to have a lower body mass index (BMI) and prone to lesser rates of obesity, diabetes and heart disease than those who eat meat based food. Plant based diets contains high fiber, carbohydrates, and water content. This may help to keep people feeling fuller for longer and increase energy use when resting. Plant-based food provides all the necessary protein, fats, carbohydrates, vitamins, and minerals for improving health conditions and is higher in fiber and phytonutrients.
Global Plant-Based Food Market Dynamics:
Changing consumers eating habits, increasing health consciousness about chronic diseases and rise in plant based food retail sales are some major factors contributed to an increasing demand of the global plant-based food market. A 2018 study found that a plant based diet was effective for treating obesity. In the study, researchers reported around 80 people who were overweight or had obesity to either a vegan diet or a continuation of their regular diet, which contained meat. For example; according to the Plant Based Foods Association (PBFA), the U.S. market for plant-based foods reached at around USD 5.34 billion in 2019 increased by yearly sales growth of 11.4%. In addition, plant-based milk sales accounted for nearly 14% of the entire milk category. Plant based foods will continue to expand rapidly across the store to serve demand of consumers who are increasingly switch to vegan foods that meet their changing needs and want for more healthier options.
New Opportunities for Food Companies:
Recently, Tyson Foods company is partnering with EDF on its Land Stewardship initiative to help farmers in its better supply chain management to make the smooth sustainability transition in response to satisfy changing consumer demand by investing in the piloting and scaling of agricultural practices that are beneficial for the environment and also profitable for farmers.
Moreover, Smithfield Foods also partnered with EDF to help grain farmers in its supply chain by adopting good sustainable practices like cover crops and lower-impact crops such as winter wheat. In this way, food companies help in meeting the increasing consumer demand for sustainable food by collaborating with partners.
According to the recent data, more shoppers prefer for plant-based foods during the COVID-19 pandemic. In the past couple years environmental, health and animal welfare concerns shift consumers to occasionally replace the meat on their plates which is one of the new plant-based products in the market. The trend of plant based food has gained traction in COVID-19 pandemic, due to meat processing plants temporarily closed due to worker illness and a connection between viruses and animal consumption.
Top Plant-Based Food Trends 2020:
- Growing Sustainable Food Production:
Sustainability has become one of the huge plant based food trends. Today, the world is more concerned with sustainability issues than ever before. According to the specialists, consumer interest in food and environmental sustainability is expected to continue grow with people preferring to know more about the environmental impact of the manufacturing and production methods of their favorite brands. It is predicted that farmers, producers, government agencies and companies would be take a closer look at how they can use agriculture land and animal management practices to enhance soil condition and disused carbon by heading towards more sustainable agriculture practices. The adoption of plant based food products rising on account of environmental, ethical and health concerns. With around 80% of US and UK consumers expecting companies to invest in sustainability in 2019 up from 64% in 2018.
- Food as a Medicine Option:
Food as a medicine is another modern plant-based food trend. The main reason behind adoption of plant-based alternatives is that consumers considered plant based food as healthier options and food companies are noticing consumers attempting to take control of their health with food choices. For example; nearly one quarter of U.S. adults reported they have initiated nutrition plan with the objective of promoting long-term health. It seems that consumers have dramatically shifted their perspective in a way that they approach food and beverage choices change in response to improve specific health issue. In addition to above plant-based food trends, with the rising health issues, people are turning to plant based alternatives. For example; 1 in 5 adults manages a health condition with having better food and beverages. It doesn’t mean they are not using medicines, but they find food and beverage consumption first choice before accepting medications.
- Plant Based Dairy Food:
Plant-based dairy categories experienced rapid growth, which is the most popular plant-based food trends trend in 2020. The plant-based sales are primarily driven by increasing availability of meat and dairy alternatives including milks, cheese, yogurts and ice cream. Sales of plant-based milks increased by around 6% and now make up 13% of the whole milk category. In plant-based food trends, plant-based cheese grew 18% while conventional cheese declined. Also, plant-based ice cream and frozen novelty increased by 27%. In addition, dairy products are a core component of several nutrient rich eating patterns reported in the Dietary Guidelines for Americans (DGA). Dairy foods provides vital nutrients and adding them to a plant focused meal can add an additional taste and nutrition. All these plant based food trends will spur the growth of non dairy alternatives.
- Plant Based Food Innovation:
An incredible technological innovation in the plant-based food industry will continue to expand during the forecast period. Many food companies have found a way to use plant-based options which gives meat its taste by fermenting genetically engineered yeast and using it to make patties resemble meat. This process generates nearly 85 % fewer greenhouse gases and 75 % less water than burgers from cows. For example; The U.S. plant-based meat industry was valued at around 801 million and is the third fastest growing segment of plant-based foods, behind milk and other dairy substitutes. All these plant-based food trends will spur the growth of meaty plant based diet.