The 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**.
The plant-based food market is classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In 2020, Europe accounted for the largest share of the global plant-based food market. This can be primarily attributed to the increased awareness about a protein-rich diet, increased health consciousness, larger vegan and vegetarian population, well established food sector, and higher adoption of technological advancements in the f&b industry.
*Compound Annual Growth Rate ** Meticulous Research ®
With a global shortage of pea protein and a consumer perception of soy protein as negative due to GM, sustainability and the environmental impact, food manufacturers and consumers are looking for the next plant-based protein/fibre delivered across multiple sectors.
With a 28% growth of plant based menu mentions in 2020 and plant based products now sitting across all day parts, there is an ever-increasing volume requirement.
Driven by the younger consumers with increased spending power in combination with a high repeat purchase; plant based is not going away.
Protecting the environment, products need to deliver sustainability and bioavailability.
The pandemic has accelerated consumer awareness of health, wellness, safety and survival. Sustainability and bio-availability is extremely important to them.
There is a consumer demand for overall plant-based health solutions, protein and fibre plus added nutritional benefits supporting both mind and body.
The pandemic consumer has been given more time at home to experiment with plant based. There is a fluidity to consumer behaviour as they flex in and out of a plant-based diet.