Exploring the Latest Market Trends in Vegetarian Cuisine
As more people become health-conscious and environmentally aware, the interest in vegetarianism is increasing worldwide. According to a study by GlobalData, the number of people following a vegetarian diet increased by 600% in the US alone in the last three years. The demand for vegetarian food is also rising in other countries like the UK, Australia, and India. Consequently, several new market trends are emerging in the vegetarian cuisine industry.
The rise of plant-based meat alternatives
The meat industry produces many harmful gases during its operations, including carbon dioxide and methane. Many people are hence choosing plant-based alternatives to reduce their carbon footprint. Such alternatives include plant-based burgers, sausages, and even plant-based eggs. Companies like Impossible Foods and Beyond Meat have been at the forefront of developing these products, which mimic the texture, taste, and appearance of meat products. The success of these companies has led to a wave of imitators. The global plant-based meat market is expected to reach $21.23 billion by 2025, up from $4.63 billion in 2019.
The increasing popularity of veganism
While vegetarianism involves omitting meat from one’s diet, veganism goes a step further, eliminating all animal products from one’s life- from clothes, cosmetics, and even household products. As per a study by GlobalData, the demand for vegan options increased by 140% between 2016 and 2019. More people are recognising the environmental benefits of a vegan lifestyle and switching to it. Furthermore, vegan food is healthier as it is often free from chemicals and preservatives found in animal products.
The prominence of plant-based milk
Cow milk has been a staple in many households for centuries. Still, its dairy industry has drawbacks for the environment, the animals, and consumer health. As people become more conscious of these issues, the demand for plant-based milk has surged. In the US, plant-based milk sales have increased by 31% since 2017, with oat milk experiencing a 686% rise. Besides, institutions such as Starbucks and Dunkin are experimenting with plant-based milk as an alternative to traditional milk. The market for plant-based milk is slated to grow at a compound annual rate of 11.4% from 2020-2027.
The emergence of plant-based seafood
Fish farming is an unsustainable and cruel practice that not only harms the environment but also poses a risk to human health. Several companies are now innovating and offering plant-based alternatives to fish, such as fish-free tuna and shrimp. The market for plant-based seafood is relatively new, but it is projected to grow at a CAGR of 28.3% from 2020 to 2027, reaching a value of $1.3 billion in 2027.
Conclusion
The market for vegetarian cuisine is growing consistently, driven by concerns for the environment and animal welfare, and the aim for healthier diets. Innovative companies are developing exciting meat and fish alternatives that taste and look like the real products while being more environment-friendly. Plant-based milk is also emerging as the preferred alternative to dairy milk. With the world’s population getting more health-conscious, we can expect the trend for vegetarian cuisine to continue to grow.
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