
The Rise of Veganuary: A Growing Trend
The plant-based food market is growing at an impressive rate. According to a report by Grand View Research, the global plant-based food market is expected to reach $74.2 billion by 2027, growing at a compound annual growth rate (CAGR) of 12.5%. This growth is driven by increasing consumer awareness of the health and environmental benefits of plant-based diets. Additionally, Mintel’s Global Food & Drink Trends 2024 predicts that plant-based products will continue to dominate, with a focus on innovative, functional ingredients.
With these statistics in mind, product development teams must consider not only the ethical and environmental implications of their ingredients but also their functional benefits. Consumers want products that support their health goals, such as improving digestion, boosting immunity, and enhancing cognitive function, all of which can be supported by plant-based ingredients like those we offer.
For product development teams, this creates an exciting opportunity to align with this trend by incorporating plant-based ingredients into new product lines.