Plant-based foods market in transformation

January 16, 2024

According to a Research and Markets report, the plant-based food market is undergoing a significant transformation, with an expected market value of roughly €49.92 billion in 2023. This growth, with a compound annual growth rate (CAGR) of 17.60% from 2022 to 2027, is a testament to changing consumer preferences and dietary habits.

The market is segmented into dairy, meat, egg, and other categories. The dairy segment, including alternatives to milk, cheese, ice cream, butter, and yogurt, is dominating the market. However, the plant-based egg sector is rapidly growing, appealing to health-conscious consumers with its cholesterol-free and allergen-free attributes. The meat alternatives market, featuring products like burgers, sausages, and nuggets, is also diversifying and expanding.

Plant-based foods
Credit: Kankan-Unsplash

Distribution dynamics and growth drivers

The distribution of plant-based foods is evolving, with supermarkets and hypermarkets currently leading. Yet, the online segment is poised for the highest growth rate, offering convenience and accessibility. This market expansion is driven by several factors.

Firstly, the growing vegan population, motivated by health and ethical considerations, is a significant driver. Additionally, the rise in grocery e-commerce, especially during the COVID-19 pandemic, has made plant-based foods more accessible.

Plant-based foods
Credit: Scott Warman-Unsplash

Government initiatives promoting healthy eating and sustainability, along with the increasing number of flexitarian consumers, are also contributing to this growth.

Challenges, trends, and future outlook

The plant-based food market faces challenges, including the higher price range of these products and some consumer preference for animal-based products. However, trends like the use of artificial intelligence to improve taste and texture, and the rise of social media marketing, are addressing these barriers. The growing popularity of plant-based meat and seafood alternatives highlights environmental and health concerns.

There are also innovations like 3D printing technology to create realistic plant-based meats which are setting the stage for future this market expansion of plant based foods.

Top image credit: Ella Olsson-Unsplash

For more news, click here

Join us at SIAL Paris as exhibitor Join us at SIAL Paris as visitor