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The surge in plant-based protein and plant-meat sales “has been driven by the expanding urbanization, increasing obesity rates and a surging vegan population.”
A report published on Researchandmarkets.com estimates that the global plant-based protein market and the global plant-based meat market are poised to reach $35.54 billion and $24.11 billion by 2024 respectively.
The report highlights that the key drivers leading the plant-based revolution are “expanding urbanization, increasing obesity rates and surging vegan population.”
The figures seem hardly surprising with numerous analyses highlighting changing consumer preferences owing to disease prevalence, changes in lifestyle, concerns for animals and the environment and improved R&D stimulating the burgeoning trend of the plant-based sector.
The report further noted that North America was the fastest-growing market for plant-based protein due to increased lifestyle disorders such as obesity along with “surging health awareness among the adults and rising millennial population in the region.”
A similar report highlighted that plant-based protein demand had increased with veganism gaining traction globally and North America and Europe together hold more than 65% of the market share in the plant-based protein market.
Growing vegan trend in the US
According to Numerator’s Infoscout Omnipanel data last year, 80% of US shoppers were ready to replace a portion or all of their meat consumption with meatless alternatives.
A new survey conducted in the US by consulting agency Cultivate Insights found that in the time period between April 2019 and July 2019, younger generations were the top consumers of plant-based products with 54% of Generation Z women and 49% of millennial women admitting to buying vegan food items along with 45% of millennial men and 41% of Generation X women. In the older generation, 28% of male Baby Boomers indicated they had purchased plant-based products recently.
“Plant-based buying has become common in all major demographic groups,” said Che Green, the lead report author of Cultivate Insights.
“Part-time vegetarians are helping shape a new food system driven by health, sustainability, and animal welfare.”
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