From a growing number of people claiming to be flexitarian to more alternative product options hitting the shelves, the popularity of plant-based diets has skyrocketed—resulting in a consumer base much larger than just vegetarians and vegans. The plant-based meat has also been called the “best climate investment” of late which is poised to grow $162 billion by 2030. However, more innovation is needed to scale up and achieve these projections to meet higher demand.
Plant-based innovation broadly comprises of 3 major domains, namely plant-based meat, plant-based dairy, & plant- based eggs. Like animal products, they are also composed of protein, fat, vitamins, minerals, and water. Next-gen plant-based options look, taste, and cook like conventional meat, and offer complex carbs and fibre. Examples of plant-based meat, daily and eggs includes Impossible Foods’ burger patty which is a plant-based beef patty, Pea protein-based milk, eggs respectively.
Companies operating in plant-based nutrition
The top ten companies that launched the vegan innovation globally are Danone, Aldi, dm-drogerie, Lidl, Tesco, Sainsbury’s, Unilever, Marks & Spencer, Woolworths, and Kellogg. These companies account for around one in ten launches of plant-based/vegan products globally. This clearly shows how fragmented the plant-based industry still is. Interestingly, these companies have not increased their share of launches over the past five years, evidencing that smaller start-up brands continue to play a prominent role in driving growth in the vegan food market.
According to a new report, industry giants lkike Beyond Meat, Impossible Foods and Oatly drove an increase in plant- based food options as they partnered with the restaurants and the major chains. More traditional and established competitors, like Kellogg and Nestlé, gained an edge by ramping up the distribution of several plant-based products, and producing promotional campaigns that showcased a variety of options.
Emergence of New Companies in Plant-Based Innovation
Innovation for a kinder future: 4 vegan start-ups joined the plant-based food revolution. Four more vegan start- ups Nomou, Seaspire, Oatey, and Made from Plants developed plant-based alternatives to animal products to create a humane and sustainable impact on the planet.
Innovations in the plant-based nutrition
Scope of Innovation ahead
Vevolution is the 1 st global network and investment marketplace for plant-based innovators. It connects and facilitates a global community of aspiring entrepreneurs, emerging startups, and investors to create sustainable future solutions for people, planet and animals. In November of 2020, Vevolution launched their marketplace connecting startups and investors. In 2021, nearly 300 fundraising rounds were added, 800 introductions were made to mission-aligned investor members, and 21 startups secured partial or full funding of their investment round. Startups who secured funding via Vevolution in 2021 include BetterMilk , De Novo Dairy, No Evil Foods, Grounded Foods Co, Grazer, Crafty Counter, Blackbird Vegan Cheese, etc.
As consumers become familiarized with plant-based products and initiatives, an evolution in consumer habits over the next decade has been forecasted. The plant-based foods market could make up to 7.7% of the global protein market by 2030, with a value of over $162 billion, up from $29.4 billion in 2020, according to a new report by Bloomberg Intelligence (BI). It is also expected that the rapid population growth will contribute to plant-based food growth. The Asia-Pacific region is particularly vulnerable to limited food supply, with an expected population of 4.6 billion by 2030. As a result, the region is likely to dominate the plant-based protein market reaching $64.8 billion by 2030, up from $13.5 billion in 2020. The majority share of that market in Asia-Pacific will be comprised of alternative dairy products, at 57% by 2030.
International restaurant chains, including Taco Bell, Chipotle, Jamba Juice, and Starbucks will be significant players in increased sales and consumption of plant-based alternatives. Large chains offering burger, sausage and milk- alternatives will encourage consumer habits to adjust to plant-based food products. BI expects faux chicken to be particularly primed for growth over the next year.