From vegetarians and flexitarians to consumers who are just curious and willing to try new foods, shoppers are still intrigued by plant-based foods. The category has seen its ups and down since COVID, but many research firms believe it has the potential to grow. According to BlueWeave Consulting, during the forecast period between 2023 and 2029, BlueWeave expects the global plant-based food market size to grow at a significant CAGR of 11.82% reaching a value of USD 22.27 billion by 2029.
Giant brands including Beyond Meat, Amy’s Kitchen, and Impossible Foods, are driving an increase in plant-based food options. They are partnering with major restaurants that are offering their trendy plant-based products. More traditional and established brands such as Kraft Foods and Kellogg’s, are gaining market share by increasing their distribution of plant-based products and producing promotional campaigns that showcase their variety of options.
Consumers trying to live a healthier lifestyle coupled with their desire to care for the planet make plant-based foods appealing. But what are some other consumer drivers pushing plant-based innovation? Innova Insights recently released a report with the top 5 consumer drivers and the innovation opportunities many manufacturers could have:
Consumers are interested in plant-based options because of their positive, holistic impact on their lifestyles. These products offer numerous health benefits, positive environmental impacts, new sensory experiences, and cost savings. These factors contribute to consumers exploring plant-based options more often when they are shopping at their local grocery stores.
Are you a manufacturer of plant-based beverages? Are you looking to break into the space and reformulate a current beverage? When creating plant-based products, you need ingredients that can perfect the taste and texture for consumers. Get in touch with us today to learn how we can help supply you with the ingredients and solutions you need.
