Plant-Based Food and Beverage Market to Grow at a CAGR of 13.5% by 2028 | Atlantic Natural Foods LLC, Beyond Meat Inc., Garden Protein International Inc

Delvens has recently conducted a survey related to growth of plant-based alternative products around the globe. According to survey, companies from all sectors are now significantly investing in acquiring and developing new brands and goods to satisfy the growing customer demand for plant-based products. Plant-Based Food and Beverage Market, By Product Type (Plant-Based Dairy (Milk, Cheese, Creamers, Butter, Yogurt), Plant-Based Meat (Eggs, Ice-Cream, Dressings, Sour Cream, Dips, Spreads)), Source (Soy, Wheat, Almond, Corn, Potato, Lentils, Nuts), Type (Flavoured and Unflavoured), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Stores and Others), Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

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Plant-based production has become the biggest trend to impact the food and beverage industry. The demand for healthier lifestyles is one of the main drivers. It has been observed that there is a direct link between plant-based diets and decreasing risk of chronic diseases such as heart disease, type 2 diabetes, and cancer, and has also been linked to lower cholesterol and weight loss. Increasing food safety concerns and the growing number of health-conscious consumers are some of the major factors driving the market of plant-based food and beverage market.

Key players in the global plant-based food and beverage market are Atlantic Natural Foods LLC, Beyond Meat Inc., Garden Protein International Inc, Tyson Foods Inc, Glanbia plc., Now Health Group, Inc., Nutiva Inc, The Simply Good Food Co, Iovate Health Sciences International Inc., MusclePharm Corporation, Kerry Group Plc, CytoSport, Inc., The Nature's Bounty Co., Reliance Vitamin Company, Inc., Herbalife Nutrition, Inc., Danone SA, General Nutrition Centers (GNC) Holdings, Inc., Orgain Inc., and True Nutrition among others

The emergence of practical plant-based substitutes in a variety of categories is the primary cause of the unprecedented amount of competition and disruption currently affecting the global meat and dairy industries. The popularity of "Veganuary" and the fact that big multiple retailers have quickly increased their shelf space and own label new product development for plant-based items both highlight the sector's rise year over year. As the popularity of a vegan or even flexitarian diet continues to rise, many restaurants, casual dining establishments, and fast food franchises now feature specific "meat-free" portions on their menus. It should be highlighted that "plant-based" goods have long existed and were already a key component in the food & beverage sector, despite the recent extensive coverage of plant-based growth in particular. Additionally, "plant-based alternative" goods aren't a new concept either. For instance, plant-based margarine has been used as a butter alternative for many years.

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The survey was conducted online and circulated worldwide among a cross-section of 10,000 adults aged 18 and over
When asked, 26% of vegetarians and meatless food consumers said they would be persuaded to try meat-free dishes that taste like meat.

If the alternatives had more intriguing flavors, 23% would be encouraged, and 18% would be if they had the same texture as meat.

76% of Americans believe that plant-based diets are healthful, and 46% believe that plant-based protein is healthier for you than animal-based ones.

Less than half of people, 46%, say, they believe the claims made about the health benefits of plant-based foods.

Even though vegetarian, vegan, and free-from foods have come to be viewed as healthier alternatives, 67% of people still believe that meat is necessary for a balanced diet.

For sustainability-related reasons, 44% of individuals moved to plant-based alternatives between 2021 and 2028.

In Europe, 39% of consumers purchase plant-based goods. A request for certain items is made for environmental and health concerns.

To improve their sense of well-being, 41% of processed meat consumers in the UK agree to consume less of it.

To protect the ecology and the climate, 29% of Germans consume less meat.

Taste (52%), health (39%), the environment (13%), and animal welfare (11%), according to consumers, are the top reasons for consuming plant-based proteins

Lab-grown meat substitutes and plant-based meat analogs are generating enormous interest. Rising meat consumption and an expanding population are expected to boost the market share of meat alternatives from today's 1% to 10% in 2029 of the current 1.4 trillion dollar meat market.

Although, given the nuances of consumer behavior in purchasing and dietary decision-making, the boundaries between "plant-based" and "plant-based alternative" products are not always clearly defined - or indeed necessarily relevant to many consumers.

Plant-based M&A activity is on the rise, with price tags to match. In recent years, the market for plant-based alternatives has seen significant and rising M&A activity, driven by:

The market for plant-based alternatives is expanding quickly and established food and beverage corporations and financial investors are getting access to it.

Companies seeking to enlarge and consolidate their current positions to realize economies of scale and/or expand into other geographies

Startup businesses need funding from private, public, or institutional investors to maximize their growth potential.

There are several variables influencing the shift to plant-based products, including:
There has been extensive media coverage of the effects of resource consumption and greenhouse gas emissions related to the production of meat and dairy products on global warming.

Animal welfare organizations have grown significantly, and consumer preferences have changed as a result of how animals are handled throughout product production.

Numerous reports on the potential links between high consumption of processed or red meat and cancer.

Direct-to-consumer (D2C) model emergence in the plant-based industry
In the food and beverage industry, direct-to-consumer (D2C) models have gained importance as they enable processors to acquire useful insights into consumer behaviour and adopt a more specialized approach to marketing and differentiation. When used properly, this approach also makes it possible to achieve bigger margins. The growth of social media and online shopping has aided in the expansion of the direct-to-consumer (D2C) business model because they make it possible for companies, including startups, to reach a large market at a low cost and without the need to go through conventional wholesale and retail operators.

The demand from customers for a better experience and more individualized and tailored service has also contributed to the rise in D2C. D2C enables businesses to interact directly with customers in a way that is not possible through traditional normal channels.

Q&A Session with the Experts

Is it better to invest in the business's present core product or should it branch out into the plant-based market (which may be viewed as a next-generation product)?

Does the business possess the necessary expertise to succeed in this market?

How is the plant-based sector evolving?

Should the business expand through M&A or new product development to achieve organic growth?
Does a company's current brand have the standing and strength to expand into the plant-based market?

Why are plant-based foods and beverages necessary?

Should the business focus on less developed markets with possibilities for additional white space, or should it target more developed regions like the UK?

What actual application areas do you think plant-based alternatives will expand into?

How much room does the market have for growth?

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