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Market & Trends

Consumer Demand for Plant-Based Foods is Surging After a “Lackluster” Year, Amid Protein Supply Challenges

Mintec by Expana, a global price reporting agency and market intelligence company, has released its Plant-Based Protein “Monthly Market Insight,” revealing that consumer demand for plant-based foods is beginning to increase after a previously “lackluster year.” According to the report, there is an 18-37% year-over-year growth in plant-based purchases and a shift from animal products “across all categories” by new buyers. Meanwhile, the Plant-Based Food Association noted increased spending on plant-based milk, frozen meat, and frozen meals, indicating growing customer loyalty, Mintec notes. And according to GFI’s latest analysis, plant-based food sales in Germany, France, Italy, the Netherlands, Spain, and the UK reached €5.4 billion in 2023, up 5.5% from 2022, while volume sales were up 3.5%. Higher prices for pea and soy proteins Mintec …

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