EU FIRM NOTES DEMAND FOR PLANT-BASED ‘MEAT’ ZOOMED 31% IN 2 YEARS
European firm ADM WILD Europe GmbH & Co. KG has predicted that demand for plant-based protein will possibly hit the roof after registering a historic 31% increase in demand in the past two years, with value rising to $4.5 billion.
In a story carried by Global Meat news.com last week, the company said plant-based foods are the rage internationally, with its growth figure beating the 4% growth of the retail food market in the US.
"Plant-based protein, and in particular vegetarian alternatives, makes up a significant portion of this market. With 44% of US consumers now identifying as flexitarian , and research from Mintel showing that 50% of UK consumers are cutting their meat intake, an increasing number of meat processors are looking to diversify their offering to meet the changing needs of consumers. The role of plant-based protein may also be expedited as a result of coronavirus, as consumers across the world become increasingly aware of their personal health and immunity, as well as how and where their food is sourced,” ADM WILD said.
Continued innovation is key to growing market share, the EU company stressed. Consumers are increasingly comfortable choosing plant-based alternatives and are looking for more variety than the classic veggie burger. This means there’s considerable room for innovation, as food producers move towards varied product portfolios, including plant-based alternatives for fish, seafood, chicken, sausage and more. #coronavirusimpact #COVID19