As veganism and food allergies rise across the globe, the global fermented plant-based alternatives market is expected to reach $422.26 million by 2026, with a CAGR of 5.0% from 2021 to 2026.
Since it’s been studied that fermentation can ease the body’s immune reaction to dairy products, these products are becoming more popular among consumers.
The global fermented plant-based alternatives market is highly fragmented, with the presence of several renowned brands in the industry, such as Nestle, Perfect Day, Danone, Tesco, and DuPont.
For example, Nestle is a food and beverage company that includes over 2000 brands in 186 countries across the globe. Nestle also has a large product offering in plant-based food and beverages such as vegan alternatives, plant-based mill protein, creams, and more.
Earlier this year, Halsa Foods expanded its product line in the U.S. with the launch of an unsweetened sugar oat milk yogurt alternative, as well as one with organic vanilla.
The fermented plant-based alternatives manufacturers are implementing several development strategies to gain more market share and get ahead of the other competitors in the industry. In the time period January 2018-June 2021, partnerships and collaborations are the most common strategy.
Innovations and new product launches are also dominant in the market as the demand for plant-based food items increases, and more companies are looking to introduce plant-based alternatives to their product range.
Some factors that indicate the growth of the fermented plant-based alternatives industry are the increasing adoption of sustainable diets, the escalating lactose intolerance and milk allergies being reported among consumers, and the changing dietary patterns, like veganism and flexitarianism.
Like all plant-based products, getting the right texture and taste, as well as ensuring a healthy nutritional profile, are challenges to be faced in the developing years.
The study suggests that the biggest opportunities are the investment in fermented plant-based yogurt and the growing demand for plant-based meat.