According to the estimations put forth by Inkwood Research, the Global Plant-Based Food & Beverage Market is predicted to project a CAGR of 10.79% in terms of revenue during the forecasting years of 2023-2032.
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Animal welfare, immune resilience, sustainability, and concerns regarding the ecological footprint of certain foods and beverages are among the vital factors propelling the consumption of plant-based food and beverages.
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Sustainability and Health Trends drive Market Demands
Consumers are becoming increasingly aware of the food source and conscious about sustainability in their choices. Accordingly, they are becoming more selective about their protein sources. Besides, animal protein intake is associated with high cholesterol levels, fats, and calories, thereby raising the risk of obesity, diabetes, and cardiac diseases. In addition, allergies caused by animal-based proteins have increased the demand for alternatives.
Furthermore, the growing greenhouse gas concerns through livestock production motivate manufacturers to adopt eco-friendly ways of food production. Moreover, health concerns due to mad cow disease, Asian bird flu, E. coli, swine flu, and melamine contamination are demotivating consumers from consuming animal-based proteins. Accordingly, governments are adopting specific measures. For instance, the European Union developed a long-term strategy to minimize greenhouse gas emissions by 2020. Such factors boost the demand for plant-based food & beverage.
Fastest-Growing Source: Almond
The popularity of almonds is accredited to their health benefits and versatility. They are a good source of protein among the existing healthy foods. Their regular consumption can lower the risk of heart disease by reducing blood levels of LDL cholesterol. Almond milk is plant milk with a nutty flavor and creamy texture. It is consumed by vegans and those who are lactose-intolerant. Commercial almond milk is available in vanilla and chocolate, unsweetened, and sweetened flavors, supplemented by micronutrients.
Fastest-Growing Region: Asia-Pacific
The Asia-Pacific region has a dense population, of which, almost 36% are already consuming low- or no-meat diets. Plant-based meats have become more meat-like in texture and appearance. These were developed to appeal to mainstream meat-eaters. The region is also becoming a growing market for flexitarian dieters, who substitute meat with plant-based protein from time to time. Moreover, the pandemic has surged the interest in such alternatives, amid the growing importance of wellness and health.
Well-established players are acquiring smaller companies to expand their portfolios. This results in product differentiation, thereby increasing the competition. Some of the main players in the market include Danone SA, Impossible Foods, Blue Diamond Growers, Maple Leaf Foods, The Hain Celestial Group Inc, Beyond Meat Inc, etc.
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