According to a new market intelligence report by BIS Research, the plant-based food and beverage alternatives market is expected to reach $80.43 billion by 2024, rising at a CAGR of 13.82 percent during the forecast period from 2019 to 2024. The market growth is largely attributed to the increasing adoption of plant-based food and beverages among health-conscious consumers, coupled with the increasing demand for food safety and rising concerns for animal welfare.
The industry is witnessing an increased participation of startup and disruptor companies that are launching innovative products into the market to meet the rising consumer demand for healthy and sustainable food options. Continuous improvements in taste and texture, along with change in the consumer values, have enhanced the growth of plant-based meat. Nearly one-third of the U.S. population is following a flexitarian diet.
Therefore, plant-based meat companies are using marketing strategies to target their products toward flexitarians rather than limiting their business to the small section i.e. the vegetarian population. Recent developments in lifestyle such as veganism and the fact that several retailers are rapidly expanding their shelf space for plant-based food and beverage products are the major factor for the growth in the sector.
Although there has recently been a substantial coverage of the growth of plant-based products in general, it should be noted that plant-based products have existed for a while. According to Rakhi Tanwar, Principal Analyst at BIS Research, "There has been significant investment in the plant-based food and beverage alternatives industry in the last five years. The industry is receiving investment from high-profile individuals, financial investors, and companies. Till 2019, an amount of $17 billion has been invested in the industry, including $13 billion in the last two years."
Some of the most prominent players in the plant-based food and beverage alternatives market are DANONE S.A., Beyond Meat, Inc., Impossible Foods, Inc., Amy's Kitchen, Daiya Foods Inc., Lightlife Foods, The Vegetarian Butcher, Morning Star Farms, Before the Butcher, Tofurkey, Sweet Earth Inc., and Blue Diamond Growers.
Moreover, the growing market of plant-based food and beverage alternatives is further expected to increase the involvement of companies across different segments of the value chain. To request a copy of the report, click here.