PLANT-BASED FOOD
Researchers and experts agree – plant-based is here to stay – around the globe
A
ccording to a market study report from Triton Market Research, the global plant-based food and beverage
market size was valued at $42.186bn in 2020 and is expected to reach $81.538bn by 2028, a compound annual growth rate of 8.71%. Last year a Bloomberg Intelligence report predicted a fivefold growth in plant-based foods by 2030, with this segment accounting for up to 7.7% of the global protein market with a value of over $162bn. “Plant-based alternatives are here
to stay – and grow,” Jennifer Bartashus, senior consumer staples analyst at Bloomberg Intelligence said. “The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world. If sales and penetration for meat and dairy alternatives continue to grow, our analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike. Meat and dairy alternatives could even obtain 5% and 10% of their respective global market shares in the next decade.” Meat alternatives will have a
substantial share of all plant-based food opportunities through 2030, according to the report, with a projected growth from $4.2bn to $74bn in the next 10 years. International restaurant chains, including Taco Bell, Chipotle, Jamba Juice and Starbucks will be significant players in increased sales and consumption of plant-based alternatives. Europe commanded the largest share of the global plant-based food market in 2020, according to a report published in
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fcsi.org
April 2021 by Meticulous Research. The report outlined that Europe has
a greater awareness of the importance of plant-based proteins, increased health consciousness and a stronger vegan and vegetarian population, greater adoption of technological advancements in food and beverage and more investments in the segment. The Asia-Pacific plant-based products market, however, continues to develop and expand at a significant pace. In the US alone, retail sales of plant- based foods increased 27% – a figure that’s expected to grow again by double digits this year, according to the Plant Based Foods Association. “Health remains a top driver of
growth in the plant-based food category, followed by taste and an awareness – especially among young people – of the harm that commercial meat production causes to the environment,” said Rachel Dreskin, CEO of Plant Based Foods Association during the Plant Based World Conference & Expo in New York City in December. Concerns about climate change also fall into that latter bucket. The affordability of plant-based
options was also a key topic at the conference, evidenced by speakers suggesting the need to boost investments for start-ups and growers who don’t benefit from the same subsidies as many meat producers do. “We have a moment in history where the actions that we take now, as society and global community, will have enormous bearing on the viability of our planet and the life it sustains,” Dreskin has said. “The science is clear: We cannot pull our planet back from the brink without food system transformation.”
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WORLDWIDE
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