Market Insights Green eating driving plant-based innovation
Innova Market Insights reports that plant-based product claims increased by 62% globally (CAGR, 2013-2017) with growth occurring on platforms such as plant proteins, active botanicals, sweeteners, herbs & seasonings and coloring foodstuffs.
“The dairy alternatives market has been a particular beneficiary of this trend,” says Lu Ann Williams, Director of Innovation at Innova Market Insights. “With the growing availability and promotion of plant-based options to traditional dairy lines, specifically milk beverages, and cultured products such as yogurt, frozen desserts and ice cream,” she states.
The dairy alternatives category was largely pioneered by and continues to be led by beverages. Global sales of dairy alternative drinks are set to reach US$16.3bn in 2018 and they accounted for over 8% of global dairy launches recorded by Innova Market Insights in 2017, up from 7% over 2016. Actual global launches have more than doubled over a five-year period.
Interest in plant-based eating is clearly reflected in developments in the meat substitutes market, where global sales are set to grow to $4.2 bn. by 2022. The range of ingredients used for meat substitutes includes vegetables and grains, as well as traditional sources such as soy and specialist manufactured brands such as Quorn and Valess.
Gravitation towards plant-based diets in general, along with interest in vegan, vegetarian and flexitarian lifestyles and concerns over animal welfare, have together served to increase interest and NPD has subsequently seen an 11% CAGR for the 2013-2017 period. Research also indicates that four in ten US consumers increased their consumption of meat substitutes/alternatives during 2017.