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Shifting consumer habits drive demand for plant-based foods: Growth, trends, and innovations in the market

ConsumerGeniuses

ConsumerGeniuses

Consumer habits have shifted towards healthier lifestyles, environmental sustainability, and animal welfare, driving the demand for plant-based foods. The global market for plant-based products is expected to grow at a CAGR of 15.5% and reach $4 billion by 2032. Veganism, particularly among millennials, has contributed significantly to this growth. Flexitarianism, a diet combining vegetarianism with occasional fish and meat consumption, is also on the rise. The popularity of Veganuary is expected to generate more followers in 2023. Launches of plant-based, vegan, and vegetarian chocolates accounted for 20.7% of all new chocolate products in 2022. Consumers are also seeking reduced-sugar options, with the usage of alternative sweeteners like stevia expected to boost the market. Oat milk is another growing segment, with expected sales of $2.6 billion by 2026. Luker introduces Choco OatM!lk 43% No Added Sugar couverture, combining the creaminess of oat milk with low-calorie sweeteners, appealing to health-conscious and vegan consumers without compromising taste.

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