Plant-based Food and Beverage Market | Sustainable Types & Substitutes

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Plant-based Food and Beverage Market
Sustainable Types Substitutes
While many of us associate meat with
traditional animal products such as steaks and
hamburgers, the United States Department of
Agriculture (USDA), responsible for regulating
meat and poultry, has a distinct perspective that
defines meat as skeletal muscle and edible organs
(e.g. liver, tongue) sourced from cattle, sheep,
swine, and goats. However, animal-based meat,
primarily sourced from muscle, is associated with
numerous health issues, which is pushing demand
for plant-based meat substitutes. According to
Triton Market Researchs report, the global
plant-based food and beverage market is expected
to reach 84914.17 million by 2030, growing at a
CAGR of 10.91 during the forecast period. The
increasing popularity of a plant-based diet and
growing awareness of meat consumption have led to
higher demand. According to the International
Food Information Council (IFIC), 65 of Americans
surveyed have eaten meat substitutes, with 20
consuming meat-like products at least once a week.
Drivers Surging the Popularity of Plant-Based
Meat Substitutes Shift towards Veganism - The
veganism trend is growing worldwide because of
proven benefits, including weight loss and higher
intake of key nutrients such as magnesium and
folic acid. Scientific
evidence shows that a vegan diet improves
emotional and physical health, alleviates
depression, and
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reduces obesity. In the United Kingdom, 46 of
people aged 16 to 75 are considering cutting back
on animal products. Also, 15 of consumers in the
UK reported reducing or eliminating dairy
consumption. Technological advancements and
increasing consumer preference for organic and
non-GMO supply chains (GM) have driven the Europe
plant-based food and beverage market. It is
expected to grow at a CAGR of 10.91 during the
forecast period. Rise in Lactose Intolerance -
Lactose intolerance, caused by the inability to
digest the lactose in dairy products, results in
symptoms such as abdominal pain, flatulence, etc.
More than 60 of the worlds population is
affected by lactose intolerance. Adults of East
Asian origin are most commonly affected (70-100),
followed by Native Americans, Asians,
Mediterranean region, and Jews (75-90).
Plant-based alternatives such as almond, coconut,
and rice milk have fewer calories and less fat
than cows milk while providing important
nutrients that reduce the risk of diseases. The
increasing focus on health and wellness has
driven high demand for plant-based food and
beverages. Sustainable Plant-Based Meat
Substitutes Market by Type Textured Vegetable
Protein Textured vegetable protein are witnessing
a rapid surge, especially in meat analogs and
substitutes, particularly hamburgers and
sausages. The rising demand for free from foods
and clean living has further increased the
popularity of the segment. The Archer-Daniels-Midl
and Company (ADM) has a product range of textured
soy protein, with 60-80 protein, named Nutrisoy.
According to Tritons report, the textured
vegetable protein segment was valued at 4522.51
million in 2022 and is expected to grow at a CAGR
of 10.86 during the forecast period. Tofu Growin
g health consciousness among consumers has
increased demand for plant-based protein sources.
As per Tritons analysis, the tofu segment is
estimated to rise with a CAGR of 10.81 during
the forecast period. Recognizing the potential,
Tofoo Co has expanded its production capacity at
its Yorkshire factory by about 70 by installing
new equipment. On the other hand, Tofu King
planned to build the largest tofu factory in the
UK by 2020 to meet the growing demand. Tempeh Tem
peh is becoming increasingly substantial due to
the growing demand from vegans, vegetarians and
flexitarians. It is a convenient and versatile
meat alternative with high protein content,
suitable for various preparation methods. There
is a growing interest in natural, non-GMO, and
organic foods for better health. According to
Tritons report, the tempeh segment is expected
to generate revenue of 704.89 million by 2030 at
a CAGR of 10.63 over the forecasted period.
Innovative offerings such as Soy Bean Companys
bright white mushroom-flavored tempeh and Impulse
Tempeh in the UK, which has been focused on
organic production for 30 years, to sustain in
such a competitive market. Conclusion The
plant-based food and beverage market will
continue to thrive, with manufacturers, from
startups to dominant leaders, driving rapid
innovation by developing novel and sustainable
alternatives, leveraging
advanced technologies, and responding to evolving
consumer preferences. Also, factors such as
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consumer intolerance for animal protein, a
growing vegan population, and increased venture
investments, collectively contribute to the
steady advancement and expansion of the studied
market. FAQs Q1 What factors create
opportunities in the market? Factors like
sustainable products, recyclable packing,
revolutionary manufacturing procedures, and
innovation create opportunities in the
plant-based food and beverage market. Q2 What
geographies are studied in the market? Europe,
North America, Latin America, Asia-Pacific,
Middle East Africa. Q3 Which are the key
sales channels of the plant-based food and
beverage market? The key sales channels studied
in the market are offline sales channel and
online sales channel.