The food industry is constantly evolving, constantly adapting to the evolution of consumer demands. Over the past few years, sustainability and health have become important factors that shape consumers' perceptions when it comes to purchasing food. These influential topics have led to significant growth in sectors such as meat alternatives, revolutionizing how we approach our food choices. Throughout this article, we will take a closer look at the plant-based foods and more specifically the meat substitutes market, its evolution and its trends.
Exploring Plant-Based Foods Trends and Market Expansion
According to Fortune Business Insights, the global market for meat substitutes was valued at $5.41 billion in 2021 and is set to experience remarkable growth in the years ahead. They predict that it will reach a market value of $12.30 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 11,11% during the period 2022-2029. This growth is primarily driven by the increasing popularity of meat substitutes based on plant proteins, which is one of the biggest trends in the food industry.
Plant-based foods can be meat alternatives that are designed to taste, feel, and look like traditional meat, but it's made from ingredients like soy, peas, mushrooms, wheat, and other vegetables.
There are several reasons why this area is gaining popularity, Forbes research shows that 65% of consumers are looking for more sustainable and healthier products, which has contributed to the demand for plant-based alternatives. Indeed, meat alternatives offer sustainability benefits compared to traditional meat. Livestock farming is a major source of greenhouse gas emissions, water pollution, and other environmental problems. Plant-based meat production requires fewer resources and generates less waste and pollution, making it a more sustainable choice.
Furthermore, traditional meat products often contain high levels of unhealthy saturated fat, which can lead to health issues. Plant-based alternatives, on the other hand, tend to be lower in fat and higher in fiber and other beneficial nutrients. This healthier profile appeals to consumers who prioritize both taste and health when choosing their food.
Nourishing Plant-Based Foods: Galactic's Natural Ingredient Solutions
To meet these new trends and the growing demand of plant-based foods, Galactic has developed a variety of solutions. Using the power of fermentation, the food application experts at Galactic have uncovered how great taste, naturalness and sustainability can be combined into one single ingredient. Galimax Flavor F-50 and F-100 are basil extracts that bring a round flavor and excellent taste to plant-based foods around the world. Especially designed for this category of food, they preserve freshness and ensure the maintenance of high quality over the entire shelf-life of meat alternatives, plant-based ready meals, sauces and bread spreads. In our innovation center, we support our customers daily on how to apply this ingredient in a variety of plant-based foods.
Galactic is proud to contribute to the growing trends in the plant-based food industry, which is increasingly focused on using natural and wholesome ingredients. If you want to learn more about our solutions for your products, please contact us now.