The global food and beverage industry has been evolving as more and more consumers are shifting toward plant-based options or vegan diets. Veganism is the practice of abstaining from the use of animal products, particularly in diet. A vegan diet plan consists of food items that are not animal based such as eggs, meat, milk, and various other bakery and confectionery products.
The trend of more and more people adopting vegan diet and lifestyle has witnessed more growth in countries such as the U.S., where people are more concerned about their health and well-being. It has been found that 9.6 million Americans were vegan in 2020. Also, the U.S retail sales for plant-based foods increased 11% in 2019 from 2018. Such a massive shift from the developed economies of the world is expected to positively influence the growth of the fermented plant-based alternatives market in the coming years.
Owing to this shift in demand, several companies are now venturing into plant-based alternatives. Recently, Planterra Foods entered into Master Collaboration Agreement with MycoTechnology. This agreement is expected to strengthen the ingredient partnership between companies. Through this collaboration the companies plan to accelerate development technologies to improve the quality of plant-based proteins. Planterra Foods is an innovative plant-based protein start-up company based in Colorado. MycoTechnology, a food ingredient company, focused on advancing food items by infusing human ingenuity with the intelligence of nature.
Fermented plant-based food alternatives are food and beverages products used as plant-based alternatives to the original dairy or meat-based products. These products have certain beneficial bacteria that help consumers in reducing the development of allergies by improving digestion and immunity. Due to the health benefits associated with fermented plant-based products, these products are expected to witness a surge in demand.
According to the market intelligence published by BIS Research, the global fermented plant-based alternatives market was valued at $315.11 million in 2020 and is projected to reach $422.26 million in 2026. The market growth is highly influenced by the adoption of healthy diet patterns among consumers such as veganism, free from food, lactose-free, etc.
Asian countries have high growth potential for fermented plant-based alternatives market. For instance, India has the largest vegetarian population in the world, with over 30% of the total population being vegetarian. Since the country has a huge demand for vegetarian food products, it is expected to witness a surge in demand for fermented plant-based alternatives food.
In addition, the outbreak of COVID-19 has a severe impact on the global food and beverage industry, including every market such as dairy, meat, vegetables, confectionery, etc. However, due to the ongoing situation, a huge emphasis is being laid on the positive health benefits of plant-based diets and dairy-free products.
Fermented plant-based food and beverages alternatives include healthy bacteria and yeasts, which help in boosting immunity as well as reducing the risk of allergies and infections such as common cold and flu in an individual. The probiotics generated during the fermentation of food can help in the restoration of certain bacteria, which can alleviate few digestive problems. Furthermore, fermented food is rich in certain nutrients and vitamins, such as zinc, iron, and vitamin C, which contribute to building a strong immunity in an individual.