Published 22 February 2023

Author
Laura Jeffery-Swain
8 min read

In 2023, consumers are taking a flexible approach to plant-based eating, with affordability, sustainability and health being the top motivators for reducing their reliance on animal products. To address these needs, food tech start-ups are investing heavily in sophisticated alt-dairy, vegan seafood and cultivated ‘meat’ products. The plant-based meat market, meanwhile, flounders.

Veganism’s Nuanced Global Picture

Sophisticated Product Development

Addressing Plant-Based Challenges

While the uptake of fully vegan diets globally slowed down last year compared to 2021, cutting meat and dairy still remains high on the agenda for consumers as they seek more affordable and ethical protein options. Meanwhile, out-of-home plant-based dining is a bright spot in the market.

While the uptake of fully vegan diets globally slowed down last year compared to 2021, cutting meat and dairy still remains high on the agenda for consumers as they seek more affordable and ethical protein options. Meanwhile, out-of-home plant-based dining is a bright spot in the market.

Summary

Veganism’s Nuanced Global Picture

While the uptake of fully vegan diets globally slowed down last year compared to 2021, cutting meat and dairy still remains high on the agenda for consumers as they seek more affordable and ethical protein options. Meanwhile, out-of-home plant-based dining is a bright spot in the market.

Sophisticated Product Development

While investment and innovation continue to thrive in the plant-based meat and milk space, many food tech companies are exploring the taste, texture and functionality of vegan cheese and seafood. Alongside this, cell-cultured protein inches closer to consumer adoption.

Addressing Plant-Based Challenges

With the growth of plant-based meat slowing in 2022, cultivating an understanding of the market’s challenges is crucial to its future success. These range from how consumers view its health and sustainability credentials, to the long lists of unfamiliar ingredients that turn off potential buyers.

Veganism Forecast: 23/24

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