The demand for meat alternatives and milk alternatives is a testament for increase in people’s inclination toward veganism. From foods to cosmetics, we have several vegan alternatives to day-to-day items. The last few years have been good for veganism; its popularity has exploded for some obvious reasons. So far, the vegan food companies have invested in replicating chicken, cheese, and beef. However, now companies are developing vegan food alternatives to pork, seafood, and even chocolate. According to Allied Market Research, the global vegan food market is projected to reach $36.3 billion by 2030, growing at a CAGR of 6.4% from 2020 to 2030. Here are some of the major trends in the vegan food market.
Plant-based food to become lifestyle
It is undeniable that for some vegan food is only a part of social trend. However, it is no longer a trend but a lifestyle. The growth of the plant-based industry is result of shift toward more efficient food system and generational change. What’s more, today’s generation aims to kinder to the environment and animals while maintaining their health.
While most aim to follow veganism, there is exponential growth in flexitarians who eat mainly plant-based diet but occasionally eat animal products. These consumers know the impact of reducing meat consumption on the overall health and the environment and majorly contribute to vegan foods to becoming mainstream.
Sustainability to gain traction
Vegan foods represent much more than preventing animal cruelty. According to studies, the greenhouse gas emissions from animal-based foods is around twice than those of plant-based foods. As customers have become more aware about such facts, they have been taking firm steps to minimize their carbon footprint. Similarly, food companies have made it a part of their goal to reduce overall impact on the environment. As companies have entered business of making seafood and meat alternatives, the inclination toward sustainability has increased. Moreover, these brands have been actively participating to reduce reforestation and issues regarding overfishing.
Some companies have taken one step further. Matt Weiss, the Snacks Founder of RIND stated the company uses up-cycled, rescued fruits which may have been blemished, sun spots, or overripe fruits. In this way, they can give the fruits second life by turning them into dehydrated snacks. Such initiatives have become widely accepted and creating a more sustainable food system. As customers have begun to understand the impact of their choices on the environment, companies are making sustainable business decisions to meet their demands.
Fewer ingredients for better results
Developing a vegan food product is not enough. The food must be health for the consumers. Thus, consumers have been asking to raise the nutrition standards of plant-based foods and minimize involvement of processed food ingredients. The nutritional value is the main agenda of customer before buying any food product. Thus, companies have become more mindful about which ingredients to use in making plant-based foods. Fresh ingredient such as lemon and garlic can offer hummus flavor. There are many other food ingredients that make delicious plant-based food alternatives. This initiative encourage customers to turn the package around and carefully read the involved ingredients in making the vegan food.
Meat alternative to gain popularity
The demand for meat alternative is on the rise over the last few years. Now, companies are introducing meat alternatives to cleaner ingredient labels and becoming more transparent about use of ingredients. There are many plant-based meat alternative options available in the market, but consumers need an alternative that is good for their health. There are some companies that have launched meat alternative with using around 50% less ingredients than the market competition.
A few years ago, when companies launched their meat alternatives, they used to hide behind an array of ingredients and one of them being gluten. Now, consumers are more sensitive regarding gluten consumption and excited about gluten-free meat alternative that taste similar to the real thing. What’s more, they prefer vegan foods that are not made from artificial ingredients and processed foods.
Along with such major trends, there is market demand for daily alternative as the number of lactose intolerant people have increased and people are more conscious about their health. Such increasing demand for vegan foods have made it clear that the industry of vegan foods has a bright future.
