USA, Palm Beach. Food manufacturers ranging from start-ups to well-known companies to the world's largest meat companies are innovating rapidly in the plant-based market.
Next-generation plant-based meat, egg, and dairy products are increasingly competitive with animal products on taste, price, and accessibility. Distribution is expanding, and a growing number of mainstream consumers are buying plant-based options.
In the US, 98% of people who buy plant-based meat also purchase conventional meat, says The Good Food Conference. They add that more consumers than ever are seeking to reduce their meat consumption and eat more alternative protein. Increasing consumer demand for plant-based options is driving restaurants and retailers to offer more plant-based selections. Of consumers who have tried plant-based meat, 80% plan to replace some or all animal-based meat with plant-based meat in the next year.
A report from Meticulous Research added: "Plant-based food products are defined as a finished product consisting of ingredients derived from plants that include vegetables, fruits, whole grains, nuts, seeds, and legumes. What differentiates them from animal-based foods is that their fiber fraction is made of indigestible compounds, mainly, pectins, hemicellulose, cellulose, and resistant starch. The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 bn. by 2027."
Meticulous Research continued: "Based on product type, the plant-based food market is segmented into dairy alternatives, meat substitutes, egg substitutes (plant-based eggs), confectioneries, and other types. In 2020, the dairy alternatives segment is estimated to account for the largest share of the overall plant-based food market. However, the burger patties segment is expected to grow at the fastest CAGR during the forecast period."