This just in! The plant-based food market is growing, and there is new research to prove it. We recently learned of Research and Market's "Global Plant-Based Food Market: Analysis By Type (Dairy, Meat, Egg, and Others), By Distribution Channel (Supermarkets & Hypermarkets, Online, Convenience Stores, and Other Store-Based), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report, which revealed new insights on the sector.
According to a press release, in 2021, the global plant-based food market was valued at $39.42 billion and is anticipated to grow to $103.56 billion by 2027. The report refers to a wide range of plant-based food products derived from natural plant ingredients like fruits, vegetables, nuts, oils, whole grains, and legumes. The press release stated that a plant-based diet has less cholesterol and saturated fat; is an excellent source of the vitamins B1, C, and E; folic acid, magnesium, and iron; and may help lower the risk of having certain types of cancer, diabetes, obesity, high blood pressure, heart disease, and metabolic disorders.
New iterations of plant-based meat, eggs, and dairy products are increasingly competitive with animal products in terms of taste, price, and accessibility. The fear of an increase in animal-borne diseases, rising health concerns, and demand for clean label and natural products are the primary drivers behind this trend. The plant-based food market is expected to grow at a CAGR of 17.52 percent over the forecast period of 2022-2027.
Other highlights from the report include:
Further details can be found in the press release here.
Deli Market News will continue to keep an eye on the market, so stay tuned.