Key Consumer Trends Powering the Plant-Based Market

Plant-based or plant-forward eating habits prioritize plant-based foods. Not only fruits and vegetables, but also nuts, seeds, oils, whole grains, legumes, and beans fall into this category. They can be eaten raw but to make them secure, edible, and/or more palatable they undergo processing. The plant-based trend includes vegans and vegetarians as well as “flexitarians” who want to consume more plant-centric meals but aren't ready to give up meat or animal products completely. As part of a “plant-based” diet, many consumers are looking to reduce their intake of meat and animal products. These consumers are inspired not only by a desire to improve their health, but also by apprehensions about the industrial food system, animal welfare issues, and the danger of climate change.

Consumer Trends Towards Plant-Based Market during COVID 19

Coronavirus (COVID-19) is hastening some of the key trends that have emerged in recent years in food industry. One of these is plant-based eating, which has grown in popularity as a result of health issues and disturbances in the meat supply chain since the pandemic. Another key trend observed during the pandemic is that immunity has risen to prominence. Consumers are constantly looking for healthier foods and drinks that will improve their overall health and well-being that has benefited plant-based products.

"An increasing number of companies are expanding their consumer appeal by staying away from animal ingredients whenever possible. The rising demand and trend for vegetarian and vegan proteins indicate where the market is moving right now." - Ewa Hudson (Head of Health and Wellness, Euromonitor International).

Reasons for the shift.

 With the changing consumer preference towards more nutritional diet and less dependency on animal proteins, the market for plant-based products is expanding:

Product development and food technology

A few years ago, products were developed to cater to a particular segment of the population: vegans and vegetarians. This group was willing to compromise on taste but now that is not the case for today’s plant-seeking flexitarians. Development of new products, advancements in technology, innovation are some of the factors responsible for the growth and reprise of the plant-based trend. Creative new plant-based products are being introduced in the market thereby making it easier for a consumer to pick plant-based meals and snacks more often. For instance, today meat substitutes have a better mouthfeel, taste, and aroma that is similar to “meat,” better color during and after cooking, and a high-quality protein ranking because of the combination of plant-based proteins used.

Desire for Wellness and Health is a new trend

Globally, consumers have gained interest in plant-based foods and products. Consumers are becoming more health-conscious as the prevalence of obesity and associated diseases is rising, and they are demanding healthier, low-fat, low-calorie food and beverage items. As a result, the plant-based food industry is booming. The availability of information on the internet and the influence of media and celebrities have resulted in the increased awareness of health benefits.

Climate change and the environmental concerns

As consumers become more concerned about the effect of food production on the environment, environmental sustainability is becoming more critical. These issues are affecting purchasing decisions, though, most people aren't totally giving up meat. The greatest potential for growth will come from those who still eat meat—flexitarians, not vegetarians and vegans

Source - Statista

Forecasted value of the plant-based meat market was predicted to be around $13 billion in 2020. The sharp fall in number is owing to global pandemic restrictions, though it is estimated that in coming years’ market will recover alongside other businesses to reach even greater heights.

Fatpos global predicts that the Plant-Based Market is anticipated to grow in the future owing to the innovation in technologies, changing consumer preference from conventional animal-based products to organic and plant-based food products, and concern regarding climate change and the environment.