Market Share
Upcycled Ingredients Market Share Analysis
The global market for plant-based food and beverages has been growing, with more and more new products hitting the shelves. Companies are spending more on research and technology to create innovative plant-based options, especially in countries like the UK, the US, Germany, and France where there's a steady number of people choosing vegetarian lifestyles. Food and beverage manufacturers are focusing on plant-based ingredients to make products that don't use animal ingredients as much as possible. Even companies that traditionally sold meat are adding alternatives to their product lineup to appeal to vegetarians and not miss out on this growing market.
Plant protein ingredients are becoming popular in various types of food, including baked goods, snacks, breakfast cereals, ready-to-drink beverages, and ready-to-eat meals. Athletes and bodybuilders are also turning to plant-based protein supplements, increasing the use of plant protein ingredients in dietary supplements. In January 2020, a whopping 1,200 new vegan products were introduced worldwide, with big brands like Heinz, Hellman’s, Ben & Jerry’s, Quorn, Dr. Oetker, and popular eateries like KFC, Subway, Burger King, McDonald’s, TGI Fridays, Wagamama, and Pizza Hut offering new plant-based options. With ongoing innovations and new launches in plant-based food and beverages, the global market is expected to grow significantly in the coming years.
In emerging economies, economic growth, a growing middle class, and people moving from rural to urban areas have attracted international retailers. This has led to the expansion of retail outlets in countries like India, China, Malaysia, and South Africa, boosting the plant-based food and beverage market. Economic growth in China has seen new retailers entering the market from Hong Kong, Beijing, and Shanghai. Singapore in South-East Asia has become a hub for retailers offering one-stop shopping, contributing to the growth of the packaged food and beverage market. According to the India Brand Equity Foundation (IBEF), the retail market in India was expected to grow by 60%, reaching USD 1.1 trillion by the end of 2020, thanks to increasing incomes, better digital connectivity, and lifestyle changes among the middle class. Online retailing is gaining popularity in emerging economies, providing a convenient way for manufacturers to reach more customers. In December 2016, China's online retail turnover reached approximately USD 746.9 billion, a significant increase from the previous year. As the organized retail sector continues to grow in emerging economies, the sale of plant-based food and beverages is expected to increase.
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