Plant-based food market surges as consumers limiting meat consumption

Tong Van

Tong Van

About one-quarter of global consumers are trying to reduce meat in their diet, according to Euromonitor International. 

Between 2019 and 2020, the plant-based food market recorded 9 per cent growth, surpassing US$40 billion globally. The surging demand for this type of food comes as consumers are now more concerned about their health and the impact of meat consumption on the environment. 

“The Covid-19 pandemic made consumers more aware of the impact their individual actions have on society,” said Nozomi Hariya, senior analyst at Euromonitor International.

“An example of this are flexitarians, who are reducing their consumption of animal products, and driving growth of plant-based alternatives.”

According to Euromonitor’s Voice of the Consumer: Health and Nutrition Survey 2021, 23 per cent of global consumers are trying to limit their meat intake. 

Meanwhile, Euromonitor’s Voice of the Consumer: Lifestyles Survey 2021, found that while more than half of the consumers interviewed globally believe their choices and actions could make a difference in the world, only 25 per cent of Japanese respondents agreed.

However, digital natives like millennials and Gen Z are growing more aware of global environmental and social issues compared to other generations.

“Added-value benefits beyond sustainability, such as health benefits or affordability, is critical to attract consumers,” added Hariya, before concluding: “The use of technology and work in partnership across industries and countries will also be key to promote sustainability.”

Tong Van

Tong Van

Tong Van is a graduate of Ho Chi Minh City Law School majoring in Legal English and has been a content writer and researcher specialising in the retail sector for several years. Her interests include fashion, travel, health & beauty and food.

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