A Mural created by artist Francesca Page and poet Gray Crosby to launch a new vegan product and to encourage people to follow more sustainable plant-based diets, in Shoreditch, London.
The outbreak of Covid-19 has brought a positive impact on the plant-based food market due to the increased consumption of plant-based nutrition to boost immunity. The market witnessed rise due to the reluctance to consume meat owing to the outbreak and the demand for plant-based food rose significantly. The e-commerce platform is likely to play a salient role in driving the market growth in the COVID-19 era.
The market witnessed a rise in demand
for food products such as beans, legumes, and others. A report from Market Research Future (MRFR)
evaluates that the Global Plant-Based Food Market
is expected to acquire a market value of USD 37,981.6 Million while recording a CAGR of 10.20% by 2027
. Plant-based food refers to food such as legumes, fruits, vegetables, nuts, grains, and others, that are derived from plants. The plant-based market is likely to procure significant opportunities of expansion in developing countries
in the coming time.
The report said: "The growing demand for plant-based food due to increasing awareness about veganism
is anticipated to be a significant factor
that can drive the global market during the forecast period. The rising cases of lactose intolerance across the globe
is likely to enhance demand for non-dairy products, which is predicted to increase demand for such food, thereby benefitting the industry in the coming time."
Apart from these, the report refers to the rising concern towards the protection of the environment
and increasing efforts to reduce carbon footprint
as other salient factors that is likely to drive the industry in the analysis timeframe. In addition, the increasing initiatives to incorporate innovation in food products can also aid in strengthening the market expansion in the coming time. In the recent most example, Las Vegas, in January 2021, announced that now it has a Vegan Food Bank which would offer food to the needy. "Another crucial factor
that is likely to positively impact the plant-based industry is the endorsement of veganism by popular actors
such as Beyonce, Zac Efron, Benedict Cumberbatch, Jason Mraz, Jacqueline Fernandez, among others." according to the report.