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The Plant-Based Market is being Driven by Key Consumer Trends
Life Sciences Review | Monday, January 03, 2022
As part of a "plant-based" diet, many customers aim to minimize their intake of meat and animal products. These customers are motivated not simply by a desire to enhance their health. Still, they are also wary of the industrial food system, concerned about animal welfare, and worried about the threat of climate change.
Fremont, CA: According to a new analysis by Packaged Facts, a prominent market research business and branch of MarketResearch.com, the plant-based food industry is expanding so quickly that per capita meat consumption is expected to dip in 2020 for the first time since 2014.
Plant-based diet and sustainability are two of the top food trends influencing consumer preferences and food product debuts in recent years, according to Packaged Facts.
The plant-based movement includes vegans, vegetarians, and "flexitarians" who want to eat more plant-centric meals but aren't ready to give up animal products or meat. Not unexpectedly, non-strict flexitarians and omnivores account for a significantly bigger proportion of the population than vegans and vegetarians, making them an important target market for food and beverage firms.
Consumer Profile of Plant-Based Products
However, as a consumer group, vegans, vegetarians, and flexitarians have several things in common. Packaged Facts predicts that they will be:
Higher-income, with the means to purchase more premium goods and the willingness to pay a premium for higher-quality items such as sustainable and clean label foods.
Younger customers, such as Generation Z individuals and Millennials, love fresh, nutritious meals and are willing to test new goods.
Parents with small children value healthful home-cooked meals and spend quality time as a family.
Furthermore, vegans, vegetarians, and flexitarians emphasize online grocery shopping and restaurant ordering. Because these customers are younger, they are already accustomed to purchasing through applications or websites.
The social distancing tactics associated with the COVID-19 epidemic have also exacerbated the online ordering trend, as more consumers attempt to avoid in-person shopping and dining out.
