The plant-based food industry is projected to see tremendous growth worldwide as consumers re-evaluate their diets driven by a combination of environmental, ethical and health concerns.
A “Plant Based Food Market” report has predicted that the plant-based market will grow at a compounded annual growth rate (CAGR) of 11.9 percent from 2020- 2027.
The report released by Meticulous Research states that plant-based products, such as meat substitute, dairy alternative, and plant-based eggs have a great opportunity to grow on the back of key issues such as increased greenhouse gas emissions and increased pressure on land and water usage during the production of animal protein.
It adds that “increasing incidences of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in plant-based product manufacturers” will see the vegan market reach more than $74 billion by the year 2027.
COVID-19 led shift
The recent coronavirus crisis has also prompted several consumers to shift towards plant-based diets as they re-evaluate their diets after the virus exposed the underlined link between food, health, and immune responses.
“COVID-19’s association with animal sources will result in a large population shifting from animal-based proteins to plant proteins due to various health and environmental concerns,” the report states.
Referencing the surge in investments, the report cited observations of the Good Food Institute (GFI), which highlighted that despite COVID-19 disrupting global markets, the plant-based meat, cheese, dairy, and egg companies in the United States received $741 million in investments during just the first quarter of 2020. This figure represents investments by the US plant-based protein sector for the entirety of 2019.
“There has been a surge in investor confidence,” the researchers said.
“They have seen the market opportunity and are moving to capitalize on a global shift in the way meat is produced.
“With historical pressures on conventional meat production, experts predict that the large meat conglomerates are also expected to double down on their plant-based product investments.”
The ‘alt-market’ segment
According to the report, the dairy alternatives segment is estimated to dominate the overall plant-based food market in 2020, and is also expected to continue its dominance during the analysis period predominantly driven by factors such as “increased number of lactose-intolerant people, growing awareness on ethical concerns about animal abuse in modern dairy farming practices, and nutritional benefits offered by plant-based dairy products.”
Plant-based eggs or the egg substitute segment is also projected to grow at the fastest CAGR during the forecast period propelled by “rising introductions of plant-based eggs across the globe, growing acceptance of vegan convenience foods among consumers due to their hectic lifestyles, allergen reduction properties of plant-based eggs, and inclination of millennial population towards ready-to-eat processed foods.”
Based on sources, soy protein and the pea protein segments have also been signaled to command the largest share of the overall plant-based food-market in 2020.
Rapidly growing plant-based market regions
While the U.K. hosts the largest vegan population in the world, the report states the Asia-Pacific region is projected to grow at a significant pace in the forecast period due to “growing adoption of emerging technologies for product innovation, collaboration between international and domestic food companies, increasing government’s investment in food R&D sector, and increasing presence of large number of key players in the market.”
Share this news: Plant-based food market to be worth $74.2 Billion by 2027, says report.
Vegan culture, food, beauty & more
Newly launched Veggie Challenge App to help you go plant-based with meal plans, tips, recipes and more
- Mohsina Dodhiya
- 3rd September 2020
‘The ProVeg Veggie Challenge App makes it easier than ever to try a more plant-based diet,’ says the organization. ProVeg has launched an app to help more people transition to a plant based lifestyle. A leading international food awareness organization-ProVeg, states that there has ‘never been a better time to explore your food choices’ especially …
- Mohsina Dodhiya
- 19th June 2020
All sorts of plant-based foods and products will be up for sale at this summer’s Vegan Farmers’ Market in Vancouver. Vancouver is gearing to launch the city’s first Vegan Farmers Market on 27 June at Vancouver’s Concord Community Park. The event will operate right through summer for eight full Saturdays from 10 a.m. to 2 …
All the quizzes you love to binge!
- Marlon Farrugia
- 10th January 2020
How much vegan knowledge do you have stored away? Do you have to Google your way through a shopping trip, or do you have all the bad E-numbers memorised? Find out now with this quiz. Marlon Farrugia Marlon Farrugia is a freelance writer from Brighton. He has been a dedicated vegan for many years, and …
- Marlon Farrugia
- 13th October 2019
Spook Season approaches. There will be ghosts, goblins, ghouls, and glucose. You need a costume, and you want to it to show off your personality, which means VEGAN. But what to choose? Take our quiz to find out your perfect outfit. Marlon Farrugia Marlon Farrugia is a freelance writer from Brighton. He has been a …
- Marlon Farrugia
- 26th September 2019
“If you were a vegetable, what kind would you be?” A question that has tormented humanity throughout the ages – until now. Read: QUIZ: If you score 19/20 on THIS quiz, you’re a Vegan God Marlon Farrugia Marlon Farrugia is a freelance writer from Brighton. He has been a dedicated vegan for many years, and …