The term “plant-based” can be seen as a more inclusive and engaging term. It aligns with the current global “eat more vegetables, less meat” veggie-eating view of life – that is, reducing the consumption of foods of animal origin, but not necessarily eliminating them from the diet completely. Maria Mascaraque, Industry Manager for Food and Nutrition at Euromonitor, said: “In the future, concepts that are compatible with flexitarian lifestyles, such as ‘plant-based’, are expected to flourish. And the US is leading this trend ( Mainly in the field of meat substitutes).”
Speaking of opportunities in the plant-based industry, the report expects the growing demand for plant-based foods to drive the industry towards diversification and entry into new product categories. For example, as plant-based ice cream and yogurt begin to enter the market in a big way, researchers believe that plant-based alternatives to cream, cheese and yogurt will be key categories for innovation in the dairy alternative industry.
Other plant-based food and beverage areas of interest in the report’s analysis include plant-based desserts, such as gelatin- and honey-free confectionery, and custard-free bakery and pastries. The report notes that more food companies will move beyond vegan-friendly breads to plant-based pastries. “Given the low penetration of vegan-friendly products in these categories, more manufacturers are expected to enter these segments in the coming years,” the report said.
Euromonitor analyst Mascaraque added:
“The plant-based trend has revolutionized the future of the packaged food industry and it should be at the center of business strategy.”