Plant-based nutrition market development and opportunities

Welcome to the Vitafoods insights Monthly Thematic Podcast, where each month we highlight a different topic within the nutraceutical industry. Join us as we explore this month's theme: Plant-based nutrition. Today's host is Natalia Franca Rocha.

Hello and welcome. I am Natalia Franca Rocha, Senior Content Producer, and your host for this episode. Looking at the plant-based protein supplements market, Grand View Research predicts the market size to grow from USD 5.35 billion at a compound annual growth rate, CAGR, of 8.6% from 2020 to 2028. Some of the highlights and areas of interest in this market include consumers' increased awareness of health and nutrition, sustainable proteins, and lifestyle choices such as adopting flexitarian, vegetarian or even vegan diets, for example, environmental concerns and animal welfare. Governments across the globe's campaigns toward plant-based products are positive, and consumers are incentivised to search for products and services aided at improving their holistic wellbeing. Leading market players include North America, Europe, and Asia Pacific regions, followed by central & south America and the middle east & Africa, respectively. When looking at the plant-based vegan supplements market, Future Market Insights shares that the market is currently valued at over 17 billion US Dollars; They expect clean label ingredient trends and the development of energy-rich offerings to drive the market moving forward. According to Allied Market Research, veganism quadrupled from 2014 to 2018, and 1.16% of the population in the UK was reported as being vegans in 2018. Growing consumer awareness about environmental concerns seems to be a key market driver, especially among Gen Z consumers, referred to by Forbes as the sustainability emerging generation who puts the planet first. This was highlighted by Heather Granato, VP of sustainability and Partnerships at Informa Markets:

Consumers continue to cite health and wellness as their primary motivation for moving to a more plant-based diet, but the emphasis on sustainability and the environment is gaining traction at the same time. This is particularly true among Gen Z and millennial consumers. In fact, the NPD Group expects the dairy and meat plant-based alternatives market to see strong growth driven by deep-rooted values around sustainability. And consumer research by EIT Food even found Gen Z sees food production as a major cause of the climate crisis, calling for food to be much more sustainable, organic, and plant-based. And as they make new choices – and champion the much-improved taste of these plant-based alternatives – it’s quite possible they’ll bring the older generations along with them.

Plant-based is the Vitafoods Insights thematic topic for August, sponsored by Prinova. Our sponsor shared with us their insights and opportunities in the plant-based market space. Let us hear from Tony Gay, Technical Sales Director, Nutrition at Prinova:

An interesting fact of current times is that plant-based nutrition is not solely a point of interest for vegans. Now the net has broadened to encompass a number of other consumer considerations. Those with environmental concerns are one such area. This is where consumers are increasingly aware of rearing livestock for the purpose of food consumption produces significant amount of greenhouse gases, creates land degradation, requires significant quantities of water, and with the growing population needs of animal products are not considered sustainable. Plant based farming has significant less environmental impact, and therefore environmentally conscious consumers are seeking products that satisfy the needs in this area. In addition, health and wellbeing has become a poignant topic, and to some extent, is the correlation between the COVID pandemic. Plant based nutrition ticks a lot of boxes in this area, with benefits such as digestion, heart health, weight management, immunity and many more. However, plant-based diets do propose nutritional challenges. Primarily the plants are either limited in quantity, or by availability of a number of vitamins, minerals and other nutrients. Examples are calcium that are typically found in dairy products, and is important for healthy bones; vitamin B12, found in dairy or eggs, that helps maintain a strong nervous system and normal brain function. Vitamin D3, considered the sunshine vitamin and also found in fatty fish and egg yolks. Typically, we do not again that for this in the northern hemisphere. Zinc, which is the best sources are red meat, poultry, shellfish, and it's actually very limited in plant-based foods. Zinc is obviously very important for the immune health. Those brands who have a presence in the plant-based area really need to consider consumer needs in covering deficiencies that may be present in this type of diet. Therefore, they should consider fortifying their food or nutritional products with many of these nutrients to ensure consumers are well catered for. At Prinova, we are well experienced in this area premixes. For products fortification, whether it's a cereal or plant milk, food product, beverage or nutritional supplements, we understand the how to formulate for these applications and many more. In addition, we have a toolkit of vitamin and mineral forms that complement plant-based products such as vegan vitamin D3, also calcium that's derived from seaweed that comes in the form of the branded ingredient Aquamin. So please do get in touch with Prinova to support your plant base product development needs.

Holistic health and planetary health seems to be of great concern for consumers, considerations industry players in the plant-based market should keep in mind. Thank you to Heather Granato and Tony Gay for sharing their insights. Thank you also to Prinova for their sponsorship. Those looking for more in-depth information about the plant-based market space and the nutraceutical industry, keep an eye out for out thematic report coming out on the 31st August 2022. For other content offerings, please check our Vitafoods Insights website at vitafoodsinsights.com. For more information, please check the hyperlinks available in the show notes. Thank you and see you next time.

Thank you for tuning in. And don't forget to check the show notes that will allow you to link to the information discussed in today's podcast, as well as any sponsorship opportunities. Our monthly thematic episodes are published on the second Thursday of each month. So be sure to stay tuned, subscribe and even suggest to a friend. You can listen to all our episodes in your favourite platform or you can also check our episodes as well as other editorial content at vitafoodsinsights.com.