Plant-based has been a mainstay of Innova's Top Ten Trends for many years, and in 2023, they are set to "unlock a new narrative" and capitalise on a growing range of opportunities. While the growth rate in plant-based meat substitutes has slowed down somewhat, the wider sector is still in its early stages.
There is a rise in the number of consumers identifying as flexitarian, increasing the market for hybrid products. Technological innovation and ingredient variation are helping to meet the constant consumer demand for improved flavour and texture. The alternative proteins market is also experiencing significant growth, with Lupin protein in dairy showing a CAGR of +30.2% between Q4-2017 and Q3-2022 and Fava bean protein demonstrating a CAGR of +123.6%. The sector is offering a much more comprehensive range of products using a growing variety of processes and ingredients.
In the sphere of new products and formulations suited to an increasingly food-diverse public's needs, plant-based is just beginning to scratch the surface.
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