The Plant-Based Alternatives Market: A Guide for Restaurant Chains and Investors
by Aaron Allen
Restaurant Consultant, Speaker & Industry Analyst
Aaron Allen & Associates
Plant-based foods and alternative proteins have seen incredible growth over the last few years. In the U.S., the plant-based food market has been growing at a 16% CAGR (2018–2021) — more than twice the growth of foodservice (6% CAGR) and more than four times the growth of coffee (3% CAGR).
With many consumers looking for healthier alternatives and to replace meat in their diets (a recent report indicates that 40% of consumers are purchasing dairy alternatives or plant-based proteins, and plant-based offerings in restaurants were estimated to save 700,000 animals in 2021), we expect to continue to see these levels of growth over the mid-term. As of 2021, the total addressable market in the U.S. for plant-based food was reaching the $7 billion mark.
Whether you are a restaurant chain looking for ways to innovate the menu and bring more frequent or new visits, an investor hedging bets on what plant-based companies will lead the segment, or a supplier looking to sell into restaurants, here are some of the most important plant-based trends impacting the foodservice industry.
The post The Plant-Based Alternatives Market: A Guide for Restaurant Chains and Investors first appeared on RestaurantNews.com.