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Plant-Based Market

Plant-based market to grow, consumers are keen to eat more plant-based food and labelling is important.

The sector for plant-based foods will make up 7.7% of the global protein market by 2030, as its value rises to more than $162 billion, says Bloomberg Intelligence’s report, Plant-based Foods Poised for Explosive Growth

Ongoing trends indicate consumers are keen to eat more plant-based food, driven by the growing adoption of vegetarian or vegan lifestyles and a conscious effort to reduce meat consumption for health and sustainability reasons. The Whole Foods Market (2024) has predicted plant- based fish will be a trend in 2024, while the Specialty Food Association forecasts that brands will adapt familiar dishes for consumers ready to embrace more plant-based products.

In terms of labelling consumers were most likely to choose a plant-based product with the label ‘100% plant-based’, ‘plant-based’ or ‘veggie’, whereas ‘meatless’ and ‘vegan’ were the least preferred labels.
(July 2022 ProVeg survey of 1,000 UK consumers)

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Shoppers are showing a growing preference for independent third-party verification that products are plant-based or ethical, rather than relying on a product manufacturer’s own labelling.

77%

of vegetarian and vegans surveyed actively check a product’s packaging to see if it has been accredited by the Vegetarian Society

84%

of veggie and vegan consumers surveyed trust a Vegetarian Society Approved trademark more than a manufacturer’s own vegetarian or vegan symbol.

34%

of consumers stated that their trust in brands would be improved if they were recognised as an ethical/sustainable provider by an independent third party.

Plant-Based Market