Plant-Based Food Market Soars

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Changes in dietary trends have been quite drastic over the years. The health and nutrition orientation of the present circumstances have made people more aware and conscious of their food intake. The onset of the Covid-19 pandemic has also produced telling repercussions for the dominant food trends. According to recent studies the drive towards plant-based diets is rising at an unprecedented rate.

Soaring High Growth

The studies highlight that plant-based products have become mainstream and overwhelmingly dominant. Just in North America, sales of plant-based meats, a food category that did not exist a decade ago, grew to almost US $800 million in 2019, up 37% from 2017. In addition, according to research firm Meticulous Market Research, the global plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.

Drivers of this Growth

The study also highlighted that market growth is being driven by a number of myriad factors including the increasing incidences of intolerance of animal protein, growing urbanization with new consumer aspirations, significant venture investments in plant-based product companies, and an increasing vegan population. Alan Jope, Unilever’s Chief Executive asserts, “We are seeing in every single country in the world a shift towards more plant-based diets, even in emerging markets.”

Capitalizing this Opportunity

Companies have tried to monopolize this growth by expanding their ventures to the various parts of the world as well as expanding their franchise chains without the bounds of North America. Moreover, they have been granted the impetus to add more variety to their menus of plant-based meats and delicacies. This has further augmented their growth and added to their market presence. Companies like Beyond Meat Inc., Modern Meat Inc., Very Good Food Company, and others have expanded their investments to capitalize on the growing market for plant-based food products. This growth is expected to further advance as market research suggests a continued rising trend for the industry. The health-conscious consumer will invariably turn to the safer plant-based options, especially in the times of such dire health crisis like the raging pandemic.