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Plant-based Food and Beverage Market | Sustainable Types & Substitutes

The global plant-based food and beverage market is growing at a CAGR of 10.91% and is expected to reach $84914.17 million, during the forecast period 2023-2030

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Plant-based Food and Beverage Market | Sustainable Types & Substitutes

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  1. Plant-based Food and Beverage Market | Sustainable Types & Substitutes Whilemanyofusassociate‘meat’ withtraditionalanimalproductssuchassteaksandhamburgers,theUnitedStatesDepartmentofAgriculture(USDA),responsibleforregulatingmeatandpoultry,hasadistinctperspectivethatdefinesmeatasskeletalmuscleandedibleorgans(e.g.liver,tongue)sourcedfromcattle,sheep,swine,andgoats.However,animal-basedmeat,primarilysourcedfrommuscle,isassociatedwithnumeroushealthissues,whichispushingdemandforplant-basedmeatsubstitutes. AccordingtoTritonMarketResearch’sreport,theglobal plant-based food and beverage marketisexpectedtoreach$84914.17millionby2030,growingataCAGRof10.91%duringtheforecastperiod. Theincreasingpopularityofaplant-baseddietandgrowingawarenessofmeatconsumptionhaveledtohigherdemand.AccordingtotheInternationalFoodInformationCouncil(IFIC),65%ofAmericanssurveyedhaveeatenmeatsubstitutes,with20%consumingmeat-likeproductsatleastonceaweek. DriversSurgingthePopularityofPlant-BasedMeatSubstitutes ShifttowardsVeganism-Theveganismtrendisgrowingworldwidebecauseofprovenbenefits,includingweightlossandhigherintakeofkeynutrientssuchasmagnesiumandfolicacid.Scientific evidenceshowsthatavegandietimprovesemotionalandphysicalhealth,alleviatesdepression,and

  2. reducesobesity.IntheUnitedKingdom,46%ofpeopleaged16to75areconsideringcuttingbackonanimalproducts.Also,15%ofconsumersintheUKreportedreducingoreliminatingdairyconsumption.reducesobesity.IntheUnitedKingdom,46%ofpeopleaged16to75areconsideringcuttingbackonanimalproducts.Also,15%ofconsumersintheUKreportedreducingoreliminatingdairyconsumption. Technologicaladvancementsandincreasingconsumerpreferencefororganicandnon-GMOsupplychains(GM)havedriventheEurope plant-based food and beverage market.ItisexpectedtogrowataCAGRof10.91%duringtheforecastperiod. RiseinLactoseIntolerance-Lactoseintolerance,causedbytheinabilitytodigestthelactoseindairyproducts,resultsinsymptomssuchasabdominalpain,flatulence,etc.Morethan60%oftheworld’spopulationisaffectedbylactoseintolerance.AdultsofEastAsianoriginaremostcommonlyaffected (70-100%),followedbyNativeAmericans,Asians,Mediterraneanregion,andJews(75-90%).Plant-basedalternativessuchasalmond,coconut,andricemilkhavefewercaloriesandlessfatthancow’smilkwhileprovidingimportantnutrientsthatreducetheriskofdiseases.Theincreasingfocusonhealthandwellnesshasdrivenhighdemandforplant-basedfoodandbeverages. SustainablePlant-BasedMeatSubstitutes:MarketbyType TexturedVegetableProtein Texturedvegetableproteinarewitnessingarapidsurge,especiallyinmeatanalogsandsubstitutes,particularlyhamburgersandsausages.Therisingdemandfor‘freefrom’ foodsandcleanlivinghasfurtherincreasedthepopularityofthesegment.TheArcher-Daniels-MidlandCompany(ADM)hasaproductrangeoftexturedsoyprotein,with60-80%protein,namedNutrisoy.AccordingtoTriton’sreport,thetexturedvegetableproteinsegmentwasvaluedat$4522.51millionin2022andisexpectedtogrowataCAGRof10.86%duringtheforecastperiod. Tofu Growinghealthconsciousnessamongconsumershasincreaseddemandforplant-basedproteinsources.AsperTriton’sanalysis,thetofusegmentisestimatedtorisewithaCAGRof10.81%duringtheforecastperiod.Recognizingthepotential,TofooCohasexpandeditsproductioncapacityatitsYorkshirefactorybyabout70%byinstallingnewequipment.Ontheotherhand,TofuKingplannedtobuildthelargesttofufactoryintheUKby2020tomeetthegrowingdemand. Tempeh Tempehisbecomingincreasinglysubstantialduetothegrowingdemandfromvegans,vegetariansandflexitarians.Itisaconvenientandversatilemeatalternativewithhighproteincontent,suitableforvariouspreparationmethods.Thereisagrowinginterestinnatural,non-GMO,andorganicfoodsforbetterhealth.AccordingtoTriton’sreport,thetempehsegmentisexpectedtogeneraterevenueof $704.89millionby2030ataCAGRof10.63%overtheforecastedperiod.Innovativeofferingssuchas SoyBeanCompany’sbrightwhitemushroom-flavoredtempehandImpulseTempehintheUK,whichhasbeenfocusedonorganicproductionfor30years,tosustaininsuchacompetitivemarket. Conclusion Theplant-basedfoodandbeveragemarketwillcontinuetothrive,withmanufacturers,fromstartupstodominantleaders,drivingrapidinnovationbydevelopingnovelandsustainablealternatives,leveraging advancedtechnologies,andrespondingtoevolvingconsumerpreferences.Also,factorssuchas

  3. consumerintoleranceforanimalprotein,agrowingveganpopulation,andincreasedventureinvestments,collectivelycontributetothesteadyadvancementandexpansionofthestudiedmarket.consumerintoleranceforanimalprotein,agrowingveganpopulation,andincreasedventureinvestments,collectivelycontributetothesteadyadvancementandexpansionofthestudiedmarket. FAQs: Q1:Whatfactorscreateopportunitiesinthemarket? Factorslikesustainableproducts,recyclablepacking,revolutionarymanufacturingprocedures,andinnovationcreateopportunitiesintheplant-basedfoodandbeveragemarket. Q2:Whatgeographiesarestudiedinthemarket? Europe,NorthAmerica,LatinAmerica,Asia-Pacific,MiddleEast&Africa. Q3:Whicharethekeysaleschannelsoftheplant-basedfoodandbeveragemarket? Thekeysaleschannelsstudiedinthemarketareofflinesaleschannelandonlinesaleschannel.

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