The plant-based product boom is picking up sizable momentum. In fact, according to a recent report from Meticulous Research, the plant-based food market could be worth $74.2 billion by 2027, growing at a CAGR of 11.9%.
“The growth in this market is mainly attributed to the increasing incidence of intolerance for animal proteins, nutritional benefits offered by plant-based food, increasing vegan population, and venture investments in plant-based food.”
In Asia, for example, demand for plant-based food is forecast to grow by up to 200% over the next five years thanks to “consumer values around health, taste, and sustainability,” as Food Ingredients First.
“We are about to see a dramatic increase in demand for plant-based alternatives to meat which food businesses need to start preparing right now,” says Michelle Lee, regional marketing leader, APAC, DuPont Nutrition & Biosciences.