Plant-Based Food Demand Expected to Surge

December 21, 2020, By fierce,

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.

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