A new report compiled by market research firm Innova Market Insights found that plant-based product claims increased by 62 percent worldwide between 2013 and 2017. Products such as plant-based proteins, active botanicals, sweeteners, seasonings, and food colorings were cited as key contributors to this rise. The report also noted that dairy alternative drinks and meat substitutes are influential players in the plant-based claims market. “The dairy alternatives market has been a particular beneficiary of this trend,” Lu Ann Williams, Director of Innovation at Innova Market Insights, said, “with the growing availability and promotion of plant-based options to traditional dairy lines, specifically milk beverages, and cultured products such as yogurt, frozen desserts, and ice cream.” According to Innova, the rising popularity of animal-free lifestyles has resulted in plant-based product development increasing by a compounded annual growth rate (CAGR) of 11 percent from 2013 to 2017. A number of market research firms have made strong growth predictions for various individual segments of the plant-based industry, including tempeh, which Persistence Market Research expects to reach a value of $5.8 billion by 2026 with a “robust” CAGR of 6.1 percent.
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