Innova Market Insights has announced that the number of plant-based food and beverages increased by 62% CAGR globally between 2013 and 2017.Growing consumer interest in health, sustainability and ethics is driving plant-derived ingredients and products into high popularity with growth occurring in areas such as plant proteins, active botanicals, sweeteners, herbs and seasonings, and colouring foodstuffs.
Pioneering was the dairy alternatives category, led by beverages. Global sales of dairy alternative drinks are set to reach a value of $16.3 billion in 2018 and they accounted for over 8% of global dairy launches recorded by Innova Market Insights in 2017, up from 7% over 2016.
Non-dairy yogurt has also seen an increase, with a 48% CAGR for the 2013 to 2017 period. According to Innova Market Insights’ consumer research, one in three US consumers have increased their consumption of plant-based milk or yogurt in the two years to the end of 2017.
“The dairy alternatives market has been a particular beneficiary of this trend. With the growing availability and promotion of plant-based options to traditional dairy lines, specifically milk beverages, and cultured products such as yogurt, frozen desserts and ice cream,” said Lu Ann Williams, director of innovation at Innova Market Insights.
“In the move to offer something new, we are starting to see an increasing variety of non-soy, plant-based ingredients, including cereals such as rice, oats and barley. We also noticed an increase in nuts, such as almonds, hazelnuts, cashews, walnuts and macadamias, as well as coconut and more unusual options such as lupin, hemp and flaxseed,” she added.
Innova Market Insights predicts that global sales are set to grow to $4.2 billion by 2022 for the meat substitute markets.The range of ingredients used for meat substitutes includes vegetables and grains, as well as traditional sources such as soy and specialist manufactured brands such as Quorn and Valess.
The increased interest in plant-based products is due to the gravitation towards plant-based diets in general, alongside an interest in vegan, vegetarian and flexitarian lifestyles, as well as concerns over animal welfare.