Plant-Based Foods Gaining Global Currency
Tuesday, October 9th, 2018 | 1195 Views
Demand for vegan and Plant-Based Foods Gaining Global Currency, with product innovations and distribution driving market growth. Although most innovations are occurring in Europe and the US, Ecovia Intelligence anticipates future growth in the Asian and Latin American markets.
At the recent Sustainable Foods Summit in Singapore, it was shown that Asian demand for proteins is growing at an accelerated rate. Asia Research & Engagement projects meat & seafood consumption to rise by 78 percent between 2018 and 2050. The increase is bringing health and environmental risks, with a number of Asian consumers turning to plant-based proteins.
Innovation is a key driver of market growth. Most product innovations were initially from the US; examples include the Beyond Burger, Impossible Burger, and JUST Scramble. Europe is now seeing a large number of new product launches. The Vegetarian Butcher launched the first vegan smoked sausage in August. Hydrosol Sundogs was launched as a vegan sausage compound that is allergen-free (absence of soya and wheat). Hellman’s is launching its egg-free vegan mayonnaise in the UK this month.
New product launches in Europe and the US are designed for Western diets. Seeing a gap in the market, the Hong Kong-based company Right Treat launched the first plant-based alternative to pork earlier this year. Premium restaurants have started to use omnipork in Asian specialties such as steamed dumplings and sweet & sour dishes.
Distribution is another major driver, with almost all major retailers in Europe and North America actively marketing plant-based meats and dairy products under their private labels. In the US, Kroger is expanding its vegan range for its Simply Truth brand. Aldi recently announced that it will be adding vegan options to its Earth Grown brand in it’s 1,800 American stores.
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