A report released by the NPD market research firm has indicated that meat eaters are trying out more and more plant-based foods than vegetarians and vegans.
The NPD group’s study –“The Future of Plant-Based Snapshot,” reveals that ninety percent of plant-based consumers are not vegetarian or vegan.
According to NPD’s analysis, shifting consumer tastes, long term health goals, and environment and animal treatment concerns are some of the driving factors behind the growing demand for plant- based foods.
The study highlights that Millennials born between 1981-1996 and Gen Xers born between 1965-1980 form the core consumer groups that are driving the plant-based fervor.
Many of the younger Gen Zs population born 1997 and later have been raised on a plant-based diet by the previous generations and as such, they too are open to try meatless alternatives.
Darren Seifer, NPD food and beverage industry analyst says: “First and foremost taste is king when considering entering the plant-based foods category.
“Attributes such as health and convenience go far to drive consumption, but if the flavor profile falls below consumers’ expectations, then the product will likely have a short run.”
Since the younger generations form the core consumer groups for plant-based dairy and meatless alternatives, food companies are working really hard to capture the growing market.
Speaking on a FOX Business show, Rosecliff Ventures founder Mike Murphy said: “There’s not a lot of vegans, I would assume, that are going to Burger King or Dunkin’ Donuts to get their breakfast or lunch.
“So, I think what they’re trying to do is tap into a whole different demographic, a whole different type of consumer. And, so far, it’s working.”
With the current market trend, NPD estimates that plant-based foods are not a passing fad and meat and dairy alternatives will continue to remain a thriving market for consumers looking for options.
“Whether it’s marketing a plant-based burger that reproduces the meat-eating experience or a dairy alternative that has the taste and texture of milk, consumers now have substitution without sacrifice,” says Seifer.
Where will the plant-based industry be in 10 years? Share your thoughts in the comments section below!
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