A new report by BIS Research suggests the global plant-based food and beverage alternatives market will be worth over $80bn by 2024, rising at a CAGR of 13.82% during the period.
The strong market growth is expected to be driven by the increasing adoption of plant-based food and beverages among health-conscious consumers, coupled with rising concerns around food safety and animal welfare.
Currently, plant-based foods and beverages are in a relatively primary stage of their lifecycle. However, BIS Research believes that with ongoing investments and new product developments, the demand for plant proteins is likely to increase manifold.
Continuous improvements in taste and texture, along with change in the consumer values, have enhanced the growth of plant-based meat and increasing numbers of consumers are following a flexitarian diet. Plant-based meat companies are therefore using marketing strategies to target their products toward flexitarians rather than limiting their business to the small section i.e. the vegetarian population.
Rakhi Tanwar, Principal Analyst at BIS Research, commented: “There has been significant investment in the plant-based food and beverage alternatives industry in the last five years. The industry is receiving investment from high-profile individuals, financial investors, and companies. Till 2019, an amount of $17bn has been invested in the industry, including $13bn investments of the last two years.”
