Plant-Based Food: The New Trend That Just Might Have Staying Power
September 26, 2019
(Industry Intelligence Inc.)
– Food trends come and go. I remember when the Atkins diet was all the rage about 15 or 16 years ago. Atkins-branded products started popping up in supermarkets. Fast-food chains started offering burgers wrapped in lettuce, and even Subway offered special Atkins wraps. And how about when kale was the only type of green you should have in your salad? Remember when millennials were spending every cent they had on avocado toast? Anyone recall Dippin Dots?
Yes, it’s normal for a food trend to be all the rage for a while and then either just disappear or sit quietly on food shelves without the luster they once had. But according to a recent article in Forbes magazine, the newest trend out there—the plant-based food market—might very well have some staying power.
According to the article:
---A new study conducted by Nielsen and commissioned by the Plant Based Foods Association found that sales of plant-based foods grew by 20% in the 52 weeks ending June 16, 2018, reaching a total of $3.3 billion. Meanwhile, total food sales are growing just 2% a year.
---According to a report by Markets and Markets, the plant-based food market is estimated to reach $4.63 billion in 2019 and increase to $6.43 billion by 2023.
---Some industry analysts are saying plant-based meat substitutes might just grab 50% of the meat industry by 2050, totaling $50 billion.
---According to Nestlé, 87% of Americans, both vegans and meat-eaters, are incorporating plant-based protein into their diets, with two-thirds of them doing so one or more times a week.
---Plant-based food companies have raised more than $16 billion in the last decade, with record gains of $13 billion in 2017 and 2018 alone, according to the “State of the Industry Report” released by the nonprofit organization Good Food Institute.
Plant-based food is the latest trend out there. But unlike some of its predecessors, this trend might stay strong for years to come.
Nevin Barich is the Food and Beverage Analyst for Industry Intelligence, which can help YOU better address your own industry challenges. We invite you to come take a look at our service.Call us today at 310-553-0008 and we’ll schedule you for a 15-minute demo.