In a recent market research report, British market analyst Technavio forecasts annual growth of around 7% for the global market for rennet between 2018 and 2022. Due to the worldwide trend towards a more conscious plant-based diet and lifestyle, Technavio also sees high growth potential for animal alternatives such as microbial rennet, plant-based rennet and FPC.
Footwear made of purely vegan materials is now in great demand – more and more manufacturers are becoming aware of this new trend and are launching their own collections and designs onto the market. Currently, there is a whole range of high-quality substitutes which are comparable to conventional materials and have similar, if not better, properties. The market for vegan shoes has experienced rapid growth in recent months.
Rapid changes in lifestyle are altering consumer preferences away from animal leather and towards synthetic leather. As a result, companies are investing significantly in the production of synthetic leather from microfibre.
The Indian market research institute Mordor Intelligence recently published a study on the development of the global fish sauce market in the forecast period 2018-2023, with the total volume of the market estimated at 1.75 billion USD in 2016. The market analyst forecasts an overall annual growth rate of 3.3% for the period up to 2023.
Pea protein, largely made from yellow peas grown in Europe and North America, has recently emerged as a sustainable alternative to animal protein. The market is expected to grow at a CAGR of 7.8% between 2018 and 2023. This increase is at least partially due to veganism.
A new market insight report has suggested that the number of people shifting towards a plant-based diet could reduce the demand for processed egg products.
In her new book, renowned food expert Hanni Rützler analyses and reflects on the most important food industry trends. She says, “Plants have gained a new starring role on our plates”. This refers to the continuing dietary trend of not consuming meat and switching to plant-based alternatives instead.