There seems to be no stopping the plant-based market. Interest in meat alternatives has exploded in recent years; 27% of global consumersa now say they consume meat substitutes. It’s a similar story for fish alternatives, which is quickly becoming a firm favorite, as well, with 28% of consumersb in Europe stating that they have recently eaten fish alternatives. While the traditional meat industry remains strong, interest in flexitarian, vegan and vegetarian diets is soaring. The plant-based marketc is showing no signs of slowing down either—the retail value of meat alternatives is predicted to more than double by the end of the decade.
Rising demand for plant-based products and accelerated ingredient innovation means there is significant growth potential for the plant-based category over the next few years. For food and beverage manufacturers, there is an exciting opportunity to diversify their offerings, but there are first several challenges to overcome to ensure success in such a dynamic, fast-paced market.
Footnotes:
awww.fmcggurus.com/blog/fmcg-gurus-the-growth-of-meat-substitutes-2021/
bwww.prowly-uploads.s3.eu-west-1.amazonaws.com/uploads/landing_page_image/image/265983/7215af9e9e6ba9b1279d555f919bb57a.pdf.
cDSM management estimates.
For the full article, please check out the Perfumer & Flavorist+ November 2022 issue.
