Over the past few years, the popularity of drinking cow milk has gone down. Although the consumption is still high still the choice to opt for plant-based choice is enabling people to switch the other side. Plant-based alternatives are basically direct replacements for animal-based products, such as plant-based meat, seafood, eggs, and dairy. These include products that use the biomimicry approach to replicate the taste and texture of meat, as well as plant-forward products such as jackfruit, seitan, tofu, and tempeh.
Plant Based Meat is available in the form of burgers, sausages and hotdogs, patties, nuggets, tenders, cutlets, grounds, chunks and strips, deli slices, bacon, and meat balls. Plant-Based Milk is available in various forms such as almond milk, soy milk, coconut milk, among others.
These products are high in demand thus showing a strong upward curve in the market. Food industry giants are also entering this market by launching new products and entering partnerships with existing players.
Market Overview of Plant-based Alternatives
Based on the market intelligence study published by BIS Research, the plant based food and beverage alternatives market is projected to reach $80.43 billion by 2024, growing at a CAGR of 13.82% from 2019 to 2024.
The increasing population of health-conscious people, increasing investments by food and beverage industry giants, animal and environmental concerns among the consumers are some of the factors that are fueling the growth of plant-based food and beverage alternative products, globally.
Trends Influencing the Plant based Food and Beverage Alternatives
- Increasing focus of consumers on health and wellness
- Increasing food safety concerns
- Increasing animal welfare concern
- Increase in the number of flexitarian consumers
- Increasing awareness about environmental sustainability
The demand for plant based products is currently evolving in various forms such as plant-based dairy, plant-based meat, and others (plant-based eggs, egg replacers, creamers, and spreads).
The demand for sustainable products and the knowledge about health benefits from plant-based products among the consumers have driven the market for different sources of protein, especially plants such as soy, pea, almond, corn, and flaxseeds. Earlier, soy-based vegetable burgers were the most commonly consumed plant-based product, however now, with the availability of different sources offering different varieties of flavors and textures, consumer preferences have changed.
The preference and inclination for meat is there, as it is rich in protein and energy. However, the environmental impact is one of the key concerns associated with excess meat consumption and production. Red meat (cow, sheep, and goat) production is a key reason for greenhouse gases emissions because of significant methane production in ruminant digestion.
Impact of adoption of plant based food and beverages alternatives
- Helps feed the rising number of vegans in the world.
- Improves health by lowering the rate of obesity, diabetes, and heart disease in consumers, as plant-based diet boosts the growth of healthy gut bacteria.
The switch from animal meat to plant based alternative proteins can significantly reduce greenhouse‑gas emissions.