The plant-based market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2bn by 2027. (Meticolus Research®)
The industry is growing rapidly everywhere in the world and in Europe from 2018 to 2020, the value of sales increased by 49% (Smart Protein Project) ProVeg International recently surveyed more than 6,000 consumers in nine European countries to identify priorities for improvement and supply development based on the consumer experience of buying and consuming plant-based products. Most respondents felt that not enough plant-based options are available in stores. Consumers would like to have a greater variety of flavours, textures and product types.
The plant-based meat substitutes category is growing rapidly and responding to the new needs and sensitivities of a growing segment of customers. The global meat substitutes industry is worth $20.7bn and is set to grow to $23.2bn by 2024, according to Euromonitor.