Plant-based Products up by 62% in Four Year Period

growth graph
© Sikov -

A study by Innova Market Insights found that there was an increase in demand for plant-based products between 2013 and 2017. The report shows massive growth in dairy alternatives, plant proteins, active botanicals, herbs and seasonings amongst others, and says that plant-based product claims increased by 62% globally (CAGR, 2013-2017). Innova state that this surge is driven by consumer interest in health, sustainability and ethics.

Innova’s Director of Innovation, Lu Ann Williams, said, “The dairy alternative market has been a particular beneficiary of this trend…With the growing availability and promotion of plant-based options to traditional dairy lines, specifically milk beverages, and cultured products such as yogurt, frozen desserts and ice cream.”

Green eating driving plant-based innovation (PRNewsfoto/Innova Market Insights)

The study reveals that the dairy alternative sector is led by beverages, with the sales of dairy-free drinks such as nut milks expected to hit US$16.3bn this year, accounting for over 8% of new “dairy” drink products in 2017. In addition, the study shows that four in ten U.S. consumers increased their consumption of meat substitutes/alternatives during 2017, and reports that global sales in the meat substitutes market are set to grow to US$4.2bn by 2022.