Consumer Demand for Plant-Based Goods is a Booming $4.2 Billion Industry
According to the most recent SPINS’ analysis, the ‘plant-based’ goods industry is projected to be worth $4.2 billion by the end of 2018 after growing 18 percent in the year ending July 15, 2018.
SPINS estimates that the plant-based sector will grow to $6 billion in sales by 2020, which would be a 100 percent increase over just six years!
According to New Hope and SPINS data, the rapid growth of the plant-based product sector has been a four-stage process:
- The widespread adoption of the more broadly appealing term “plant-based” for products that often were labeled (or characterized) in the past as “vegan.” Vegan, to many consumers, is a lifestyle completely free of animal-sourced products (or nearly so), which only a small percentage of all consumers have adopted. But a much greater percentage of eaters are seeking more plants and less meat and dairy in their diets, and they have a higher comfort level with “plant-based.”
- Rapidly increasing distribution. Overall growth rate appears to be accelerating as products such as these become more available in a greater number of stores. “More retailers are adopting and incorporating plant-based into their assortment sets, and this distribution growth is apparent,” said Dries Zender, a SPINS client growth solutions principal. “Retailers need to pay attention to the plant-based shopper, as they spend 60 percent more in their basket than the average shopper.”
- Packaging. Improved packaging that draws attention and makes plant-based alternatives much more appealing.
- Successful plant-based products taste good. “You even see plant-based brands that are continuing to innovate with their taste profile,” said Alice Mintz, business growth solutions manager at SPINS. “That’s great, because people are continuously adventuring, and brands are adventuring and they’re trying to offer the best-tasting product. They’re not giving people a reason to step away from plant-based. If anything, it’s giving people a reason to dig further in.”
Unique Health Products will be exhibiting at stand J28 at Naturally Good this year, and the company prides themselves on their extensive plant-based selection of health and wellness products.
Some of the biggest trends set to take over in this particular category include the following:
READY TO EAT PLANT-BASED FOODS
- Upton’s Naturals – Real Meal Kits and Marinated Jackfruit are quick and easy options that continue to prove popular.
- The Gluten Free Food Co – ‘Just add water’ Vegan Mac N Cheez range is a hot seller!
PLANT-BASED ACTIVE BARS
- CLIF Bar – CLIF Bars and CLIF Nut Butter Bars fuel the adventures of both non-plant-based eaters and vegans alike!
- The Health Food Guys – A healthy & nutritional raw protein bars range that contains raw superfoods, plus they’re vegan vegan-friendly, gluten and dairy free.
BETTER-FOR-YOU SNACK OPTIONS
- East Bali Cashews – This sustainable, fairtrade company produces a range of mouthwatering, plant-based delights in attractive packaging with a great price point!
- Little Zebra Chocolates & Little Zebra Food Co – Little Zebra Food Co make sugar-free chocolates that feature popular superfoods including hemp seeds! Their Carob Buds are also loved by consumers looking for a delicious caffeine-free alternative.
- Alter Eco – The always-coveted Alter Eco range has expanded with these plant-based Dark Chocolate Coconut Clusters in three incredibly moreish flavours.
- Manitoba Harvest – This innovative brand is taking hemp to a whole other level with their Hemp Bites providing a mix of healthful omega-3s and protein for hungry consumers on the run.
This article was provided by Unique Health Products.