According to survey results released recently by UK based Atura Proteins, an estimated 56% of food and drink brand owners and manufacturers are likely to invest in plant based products next year. Of those companies, 41% believe that vegan meats like mince will be the category with the biggest growth within the plant based sector.
The research surveyed 102 UK based food and drink professionals. Findings include:
- 41% said that the categories with the biggest growth for plant-based foods are meat alternatives such as mince, followed by cereals (13%) and cheese (12%).
- The most common reason for investing in the plant based industry is to diversify, in order to appeal to flexitarians (48%), and vegans (47%).
- 34% believe that the biggest challenge in developing plant-based products is the difficulty of sourcing ingredients.
Paul Donegan, Commercial Development and Marketing Manager at Atura Proteins commented: “Our research suggests that plant-based is a big priority for professionals in the food and drink industry, tapping into evolving vegetarian, flexitarian and vegan consumer diets. The increase in demand presents a significant opportunity for food and beverage brands. Our survey suggests that decision-makers may have challenges sourcing some plant-based ingredients which may reflect the supply chain pressures brought about by increasing demand.
“The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027, and there are now an estimated 8.7 million flexitarians in the UK so it’s a great time for businesses to think about tapping into the market.”
He added, “Protein is enduring in its popularity and the trend towards protein fortification shows no sign of slowing. Coupled with the trend towards plant-based food and drink manufacturers, there is a real opportunity to consider alternative protein sources, like fava beans, chickpea and red lentils, to help deliver optimal food and beverage products for consumers.”