December 12, 2024
Plant-based products are on the rise as a growing number of people seek to balance their diet. Here’s what’s trending in the plant-based category.
These days, pretty much everybody knows how healthy plants are for our bodies and minds. Numerous studies have shown that consuming an adequate number of plant-based foods can reduce the risk of chronic diseases such as heart disease, diabetes, and certain cancers1 – and many consumers are increasingly striving to improve their health through their diet.
But concern for human health is not the only thing contributing to the steady growth of the plant-based food and beverage industry. A growing body of evidence demonstrates that the production of plant-based foods can be done with minimal contribution to deforestation and water pollution, which means a lower carbon footprint and sustainable use of resources2.
“When you get a large consumer base that's interested in a plant-based diet, the food and beverage industry is quick to take note."
"Wellness is a top priority among consumers, and plant-based diets are proven to boost health, while it also has a positive impact on the environment, which appeals to them, too," says Mariana Ramos, Category Marketing Manager for Plant-based. "When you get a large consumer base that's interested in a plant-based diet, the food and beverage industry is quick to take note," Mariana adds. "This has spurred innovation and market opportunities for the sector."
Best of both: the rise of flexitarianism
Growth in the plant-based sector has been stark over the past decade; although it was considered niche in 2010, the industry was valued at approximately USD 43.14 billion by 2023. Advancements in food technology have assisted this rise by making plant-based products more appealing and accessible.
Always working to develop products that are delicious, nutritious, and as ecologically responsible as possible, the industry shift is aimed not only at total converts—vegetarians and vegans—but also at a rising demographic: flexitarians. These individuals choose primarily plant-based products in their diet, but occasionally consume animal products.
Now, alongside a range of products created to mimic the taste and feel of meat products, plant-based foods are increasingly developed to stand on their own merit, retaining their nutrient-dense properties and offering fresh, original flavours, textures and eating experiences.
“We can attribute the rise of flexitarianism to its inclusive and flexible approach,” says Mariana. “It’s a way for people to reduce their meat consumption without fully committing to a vegetarian or vegan lifestyle.”
Flexitarianism has gained popularity for several reasons. Firstly, it allows individuals to reap the health benefits of a plant-based diet while still indulging in a meat dish every now and then. This balanced approach is easier for many people to maintain over the long term. Secondly, it is often seen as a more socially acceptable and less restrictive option, allowing people to participate in social events and enjoy a diverse range of foods.
“We can attribute the rise of flexitarianism to its inclusive and flexible approach, which allows people to reduce their meat consumption without fully committing to a vegetarian or vegan lifestyle.”
Adapting to a flexitarian market
The rise of flexitarianism has prompted the food industry to innovate, expanding its offerings in hopes of reaching dedicated meat-eaters, vegetarians, and even those suffering from allergies. Food manufacturers and retailers are increasingly developing products that cater to flexitarians, including plant-based meats and ready-to-eat meals.
Some of these new products are designed to mimic the taste, texture, and nutritional profile of their animal-based counterparts, so it's easier for meat-eaters to incorporate them into their diet. But other products simply show that plant-based foods can be as satisfying and delicious as meat.
Companies like Beyond Meat and Impossible Foods have quickly surged to the front of the crowd with their products, which are now available in many mainstream grocery stores and restaurants and are often enjoyed by vegetarians and meat-eaters alike.
"The exponential rise in popularity of plant-based barista drinks like oat and almond beverages has shown that these drinkable products can actually be a 'gateway' to a plant-based diet," Mariana says. "Successfully offering the foaming capacity, taste, and mouthfeel consumers demand, some people have even started choosing them over milk. Other people might alternate between animal dairy and alternatives, depending on the occasion.”
Ultimately, the push toward innovation has largely worked, resulting in a broader audience of consumers. Younger demographics, such as Generation Alpha, are growing up in a world where plant-based options are commonplace and flexitarianism is everywhere.
It’s time to taste plant-based seafood
But the goal is not always to imitate meat. Everywhere you look, the plant-based industry is marked by rapid innovation and technological advancements, and food scientists and researchers are continuously working to improve the taste, texture, and nutritional profile of plant-based products.
Two recent trend reports, produced annually by Whole Foods Market3 in the US and the Specialty Food Association4, agreed on several surging tendencies in the plant-based industry.
First among them is plant-based seafood – historically difficult to mimic, texture-wise – which is one of the hottest upcoming trends for this year. Typically made from soy, wheat, pea, and a root vegetable called konjac, this realm of plant-based food is likely to surge, beginning with vegan tinned-fish products and later expanding into plant-based shrimp, crab, fish, and lobster.
Next, it’s all about finding creative uses for foods like mushrooms, walnuts, tempeh, and legumes. Whole Foods also expects many brands to make use of fruit by-products, such as pulp – or cacao pods, which are usually discarded – essentially converting them into useful resources.
Always essential to the plant-based food category, the industry will continue exploring the ample range of plant-based protein sources, including peas, soy, lentils, chickpeas, and algae. These foods offer different nutritional benefits and functional properties, making it possible to create diverse and appealing products that also satisfy the body’s need for protein.
Biomass and precision fermentation, and meat cultivation, are also areas where it’s possible to develop new products that can feed a growing population while consuming fewer natural resources.
What about the cost of plant-based?
Despite impressive growth and innovation in the plant-based food industry, several challenges remain—chief among them consumer perception and acceptance. While many consumers are open to trying plant-based products, a significant portion of the population is still hesitant.
Another challenge is cost. Currently, many plant-based alternatives are more expensive than their animal-based counterparts, which can be a barrier for some consumers. But as the industry continues to grow and economies of scale are realised, prices are expected to become more competitive.
"The challenges faced by the industry are substantial, but challenges tend to spur creativity and competition, and there is a lot of energy behind overcoming them through processing innovations,” says Mariana. "The growing demand for plant-based products has really created a fertile ground for new startups and entrepreneurs."
In the restaurant industry, some chefs have chosen to tackle the difficulty head-on, preparing menus that are entirely plant-based yet full of rich, indulgent dishes that satisfy any palette – and hoping to help shift the tide. Many established food companies are also jumping on board, expanding their portfolios to include plant-based options, further driving innovation and growth.
“The growing demand for plant-based products has really created a fertile ground for new startups and entrepreneurs.”
The future of plant-based foods is bright
As more consumers embrace plant-based diets, the industry will likely see increased investment and research to develop new products and improve existing ones, which means that the future of plant-based diets is bright.
Flexitarianism is expected to remain a significant trend, driving demand for versatile, high-quality plant-based products. As more people adopt this lifestyle, food manufacturers will need to continue innovating to meet the diverse needs and preferences of consumers.
The plant-based food industry will be crucial in addressing global challenges such as climate change, food security, and public health. By finding new ways to feed our growing population with innovative plant by-products and ingredients, the industry can help mitigate the environmental impact of food production and contribute to a more sustainable and resilient food system. Indeed, as the plant-based industry continues to innovate and expand, it holds the potential to make a substantial positive impact on global food systems and the environment.
If you want to learn more about how we’re working with plant-based foods and beverages, you can find more information here.
