How Well is the Plant Based Food Market Slated to Perform?

 

In recent years, plant based food has become a top notch solution for all the consumers seeking sustainable meat based alternatives. The growing number of product possibilities in the plant based food business is increasing the potential of the industry to develop viable options for the key consumers. According to a market report published by Future Market Insights on Growth Opportunities in Vegan and Plant Based food industry, “As the world increasingly moves towards a more sustainable diet, the scope for plant based foods is increasing exponentially.”

 

While some ingredients are mainstream, the plant based food brand owners are working on expanding their product portfolios by diversifying their ingredients. Furthermore, the ingredients suppliers are taking advantage of this opportunity and expanding their offerings. In order to decide the right ingredient, a lot of factors like taste, supply chain, nutrition, sustainability and so on.

 

Keeping this in view, globally, the prospects of plant based food alternatives are surging massively. ESOMAR-certified market research and consulting firm, Future Market Insights, projects the plant based food market to reach market valuation of USD 10.9 Bn by the year 2022, accelerating with a CAGR of 12.2% by 2022-2032. Furthermore, the plant-based food sales are likely to account for ~96.5% of the demand in the global plant based protein market anticipated to be valued at USD 11.3 Bn by 2022 end.

How are Growing Environmental and Health Concerns Pertaining To Animal-Based Food Adding to the Growth?

According to a research published by National Center for Biotechnology Information, “recent evidence from large prospective US and European cohort studies and from meta-analyses of epidemiological studies indicates that the long-term consumption of increasing amounts of red meat and particularly of processed meat is associated with an increased risk of total mortality, cardiovascular disease, colorectal cancer and type 2 diabetes, in both men and women.”

 

The increased incidence of chronic lifestyle disorders and sensitivity to animal protein is one of the key factors driving the plant based food market's growth. Furthermore, the sector is being propelled forward by the global adoption of vegan dietary habits. As people grow more aware of animal health and the prevention of cruelty to animals in the food industry, there is a trend in public preference for plant-based food items all over the world.

 

Considering the increasing prevalence of health issues associated with animal based diets, the world is taking significant steps towards making a move towards sustainable plant based food diets. Reports suggest that currently, nearly 70% of global consumers opine that environmental health and how their choices influence the planet, are among the primary reasons why they would want to try plant based foods.

Furthermore, the environmental benefits of decreasing animal sourced food consumptions are also increasing the popularity of plant-based diets, especially in the developed economies. As per statistics, animal-based food consumption is responsible for 14.5% of global greenhouse gas emissions. Plant-based alternatives, in contrast, generate much smaller footprints and have the potential to reduce greenhouse gasses by as much as 70% until 2050. Moreover, these alternatives also take up 47% less land compared to conventional meat production. Therefore it is evident that a shift towards a more plant-based diet appears inevitable, if the global food system is to become more sustain- able and healthier.

Plant Based Alternatives- Adding to the Overall Concept of Health and Wellness

 

Today, the plant based food market is attracting a lot of investments and scientific and media attention as a “go-to” way to meet dietary requirements. Plant based food can help in achieving the target of meeting the nutritional needs of nearly 10 billion people by the year 2050 in a healthy and sustainable way. As the world increasingly moves towards plant based diets, the scope of the industry is widening.

 

From protein to beef, plant based food markets for various products are projected to see a boom in the future. Valued at US$ 5.6 Billion in FY 2021, the global market for the plant-based meat industry is likely to surpass US$ 34 Billion by 2030, experiencing an incline of over 22% in terms of value CAGR. With immense investment opportunities presenting themselves with each passing day, these figures are quite realizable. Several global retailers are already en-route to incorporate their commitment towards plant based. For instance, Tesco committed to increasing sales of meat alternatives by 300%, while Amazon Foods promised to widen its plant-based food portfolio sales in the years to come.

 

Followed by plant based meat is the global plant-based beef industry, accounting for over 2/5th of the global market share, and is expected to sustain its dominance, with its share increasing over the next 10 years. In the years to come, product development, leading to innovative offerings, will play an important role in the growth of the industry. 

 

Players in the market are not missing out on a single opportunity to take advantage of the growing industry. This has led to various innovations with regards to the reduction in fat and increase in nutrient density in the plant based food. Technologies such as new plant breeding techniques (NPBT) are expected to contribute immensely to the rise of meat 2.0 revolution, leading to the expansion of the plant-based chicken market.

 

Moreover, retail sales of plant based foods that directly replace animal goods reached US$7 billion on April 6, 2021, a 27% increase over the previous year. Keeping in view all these developments, the sales in the plant based food market are projected to keep growing positively.

 

Looking Forward

 

The global plant based food market is presently going through an unmatched level of innovation and competition. The evolution of plant based alternatives across various segments is driving the overall market at a global level. Companies are investing in their research and development activities to launch new innovative and revolutionary plant based foods, creating a healthier and sustainable food system. 

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