Brands need to develop food and drink offerings that are customised for specific dietary requirements, preferences, health goals and consumption occasions.
Despite challenging periods such as Covid-19 and inflation, plant-based consumer goods have witnessed a rise in demand. According to GlobalData, both dairy and meat substitutes have increased in value with a 2018-2022 CAGR of 5.1% and 11.7%, respectively.
Although these sectors have a much smaller base than the traditional sectors, such as dairy and meat, the plant-based sectors are expected to increase even faster in the coming years. GlobalData forecasts dairy alternatives to increase with a 2022-27 CAGR of 7.3% and meat substitutes by 12.2%. The plant-based product market will become competitive, and innovations to meet various consumer trends will be critical for brands to grow further.
The top consumer trends in plant-based diets are evidenced by the growth of each sector. Those showing the largest growth rates are reflective of innovation, consumer interest and manufacturing demand. Personal Health has been one of the strongest trends across the last decade and describes consumers’ focus on what is good for the body.
Brands need to develop food and drink offerings that are customised or personalised for specific dietary requirements, preferences, health goals and consumption occasions. Leading brands such as Silk from Danone have shown innovations with their plant-based ranges in on-pack nutritional communication. This strategy would entice consumers to try plant-based alternatives.
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