Interest in vegan food and beverages is still strong, and the long-term outlook is positive. Plant-based foods are not surprisingly rising in popularity.
Over Three-quarters of German 16-24-year-olds Are Eating Plant-based Options Regularly.
However, the recent economic downturn has caused some consumer interest to falter. After a meteorite rise, the market now faces some challenges.
Consumers are beginning to worry about their finances and are turning away from buying expensive plant-based meat alternatives. Those in the industry believe the meat alternatives market is weaker than a year ago due to the pressure on household finances.
But the news is not all bad. Analysts predict that the growth will return at some point. The vegan movement will likely regain momentum when consumers feel more positive about their finances. Additionally, awareness of the plant-based industry’s sustainable credentials and positive impact on the planet and climate change should prop up demand in the long term.
Vegan Products Aren’t Going Away Anytime Soon
More and more resources will be available to create new and innovative foods that will succeed in the increasingly competitive markets. Technological and ingredient advancements will enable innovation that speaks to the needs of plant-based consumers.