Inside The Plant Based Food Industry Bloom
The worldwide plant-based food market is anticipated to reach $77.8 billion by the middle of this decade. Moreover, by the time the 2030s arrive, is expected to reach $161.9 billion. This figure is over five times larger than 2020’s value of approximately $44 billion.
Increased awareness
Altogether, younger generations are continuing to adopt more health-conscious and sustainable choices. As a result, plant-based diets are increasingly becoming popular.
On the face of it, plant-based meals may offer a balanced, light diet over certain meat-heavy options. Additionally, when it comes to the environment, the benefits are clear.
The production of beef emits 15.5 kg of carbon dioxide (CO2) per 100 grams. Meanwhile, cheese emits 2.79 kg of CO2. In comparison, tofu, which is derived from soybeans, and?low in calories but high in protein and fat, emits just 0.08 kg of CO2 per 100 grams. Even further, carrots emit just 0.04 kg.
Along with greenhouse gas (GHG) emissions, livestock farming can be resource intensive. For example, the worldwide animal production market needs approximately 2,422 Gm3 of water each year. These numbers are significant when it comes to the global battle against climate change.
Long-term growth
Jennifer Bartashus, senior consumer staples analyst at Bloomberg Intelligence?shared the following about the plant-based food drive, as reported by Bloomberg:
“Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow. The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world. If sales and penetration for meat and dairy alternatives continue to grow, our scenario analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike. Meat and dairy alternatives could even obtain 5% and 10% of their respective global market shares in the next decade.”
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Value of the plant-based food market worldwide from 2020 to 2030 (in billion U.S. dollars). Photo: Statista
While plant alternatives in several western regions previously lacked innovation, communities are adopting foreign tastes while companies are getting creative with their solutions. For instance, while dal has long been popular in South Asia, it has become a common plant-based nutritional solution in other regions for its rich protein content. This factor is seen across the board, with the likes of aquatic plants soy, pea, canola, grains, beans, and seeds, contributing to both processed and organic protein offerings across the industry.
Throughout the industry
There are notable plant-based options across the board. In practice, the global market for milk substitutes recorded a revenue of $18 billion in 2020. This figure was a rise of over $1.5 billion in the previous year. Substitutes utilising almond, oat, hazelnut, cashew, rice, and coconut are offering fulfilling solutions for consumers over the standard soy options available in previous years.
As Statista puts it:
“Veganism is still a lifestyle that very few consumers follow. However, forgoing meat and all forms of animal food products is becoming more popular. Signups for Veganuary, a campaign that challenges its participants to only eat vegan for January, have been increasing since 2015 to reach over 500,000 Veganuary participants for the most recent outing of the campaign.”
Growth rate of meat substitutes worldwide in 2020, by region. Photo: Statista
All in all, 88% of consumers across the globe prioritise purchasing from ethical sources. Using between 72% and 99% less water and between 47% and 99% less land than animal meat, it's not a surprise that consumers are increasingly being pulled toward cruelty-free, plant-based food, especially with the sustainability advantages to be had. We can expect the number of vegetarian, flexitarian, and vegan diets to continue to rise throughout the 2020s amid these initiatives.