“Plant-based” is the most recent buzzword gracing the covers of magazines, cookbooks, and meals packaging. Nonetheless, it could be a mistake to downplay plant-based diets as nothing greater than a fad or media hype—plant-based merchandise comprise a fast-growing market with enduring momentum and ongoing funding and innovation.
The brand new market analysis report Vegan, Vegetarian, and Flexitarian Customers by Packaged Information uncovers the next key insights into the plant-based market.
1. Since 2017, the U.S. plant-based market has practically doubled in measurement and has been rising way more quickly than the general meals market, in accordance with information collectively launched by the Plant Based mostly Meals Affiliation (PBFA) and the Good Meals Institute (GFI). In 2021, the biggest product classes included plant-based milk and plant-based meat, whereas the quickest rising class was plant-based eggs.
2. Extra shoppers turned to plant-forward diets through the pandemic to assist their general well being. Packaged Information’ Might 2022 Nationwide On-line Client Survey indicated that 30% of shoppers have been nonetheless consuming extra contemporary produce than they did pre-pandemic.
3. Most shoppers are extremely involved about inflation and the growing value of meals. In Packaged Information’ Might 2022 survey, 63% of shoppers reported being very involved about rising meals costs. Growing costs for meat are main some shoppers to cut back their consumption of meat or purchase cheaper substitutes equivalent to beans and lentils.
4. Flexitarians stay a key goal marketplace for plant-based meals as a result of they make up a a lot bigger portion of the inhabitants than vegans and vegetarians. (“Flexitarian” is brief for “versatile vegetarian,” and is a time period used to explain individuals who observe a semi-vegetarian food plan however often eat meat, poultry, or seafood).
5. Vegans, vegetarians, and flexitarians usually tend to be youthful within the 18-44 age vary encompassing Era Z and Millennial shoppers. Youthful shoppers usually tend to worth wholesome, contemporary meals and are open to exploring new merchandise. In distinction, the 65 and up age group is the least more likely to observe vegetarian or vegan diets.
6. Family earnings additionally performs a task in individuals’s consumption of plant-based meals. As a result of shoppers with greater incomes have the power to pay for premium meals—equivalent to contemporary, complete meals and natural, sustainable, and clean-label merchandise—they’re extra more likely to observe particular diets equivalent to veganism or vegetarianism. As well as, individuals dwelling in city areas usually tend to take into account themselves vegetarian, semi-vegetarian, or vegan. Cities have a tendency to supply extra vegan eating places and plant-based merchandise in shops.
7. Non-white client teams are typically extra plant-forward than white shoppers, and these teams additionally are inclined to skew youthful and stay in city settings. Non-white shoppers usually tend to observe Hinduism, Islam, and Buddhism, which have some dietary restrictions that will have an effect on consumption of sure animal merchandise.
Discover Out Extra
To study extra in regards to the state of the plant-based trade in 2022, make sure to learn Vegan, Vegetarian, and Flexitarian Customers, 2nd Version, the go-to supply for an entire understanding of U.S. client developments relating to plant-based and plant-forward consuming. This report combines Packaged Information’ intensive monitoring of the meals and beverage market with proprietary surveys, and evaluates present developments and future instructions for plant-based advertising and retailing, together with client patterns through the pandemic and throughout the broader meals and beverage market.
About Packaged Information: Packaged Information publishes market intelligence on a variety of client market matters, together with client demographics and shopper insights, client monetary services, client items and retailing, and pet services. Packaged Information additionally gives a full vary of customized analysis providers. Experiences may be bought at our firm web site and are additionally out there by MarketResearch.com.
