28 December 2020 - Plant-based & Cultured Food
(To skip right into the full insight, please click Industry Shift - The Food Tech Disruption).
The global food and beverages (F&B) market is projected to reach $7,528 billion by 2023 at a CAGR of 7%.
Aleevar has identified three food market trends–conventional, plant-based and cultured.
The current conventional food system has been known for being unsustainable especially due to its carbon footprint. The plant-based food industry is continuously driving innovation to develop products that mimic real food. The cultured food industry is relatively new with only the cultured meat segment being the leading development.
Undoubtedly, the food industry is in the midst of being disrupted by the emergence of plant-based food and soon, it will face the same when the cultured food industry begins its commercialisation phase. Citing to A.T. Kearney's meat alternatives report, a 20-year market projection of $450 billion and $630 billion is expected for the plant-based meat and cultured meat industry; as compared to $720 billion for conventional meat. This is especially a heads-up for businesses to begin developing and adopting food-alternative offerings to stay relevant in the market.
There are notably 3 consumer segments namely conventional meat consumers, flexitarians (meat reducers), and vegetarians and vegans. The first two consider health as their primary driver, and environmental impact and animal welfare as their secondary drivers. The vegetarians and vegans, on the other hand, abstain from consuming meat under all 3 drivers–health, sustainability, and animal welfare.
The market for flexitarians and vegetarians and vegans tends to have a similar consumer demographic as they tend to be higher-income people, younger consumers, and parents of young children. They are also likely to value online grocery shopping and online restaurant ordering.
In this report, we have touched upon a number of sub-topics:
Conventional, plant-based and cultured food overview
Plant-based food market projection and key drivers
Plant-based food market categories
Plant-based food performance during COVID-19
Industry shift towards food tech: plant-based meat
A look into the plant-based and cultured meat market
Asian retail food chains’ mutual collaborations with food tech brands
An extended view: cultured food market categories
Understanding the meat market – Consumer food-choice motivations, segments and demographics
Disruption in the food industry lies ahead and now what?
(For the full insight, please click Industry Shift - The Food Tech Disruption).
If you intend to explore this, Aleevar Consulting will be glad to support you with our service offerings especially marketing / customer research, capacity building, and strategy roadmap. For more information, feel free to contact us at info@aleevar.com.