Miller Magazine Issue: 148 April 2022

74 COVER STORY MILLER / APRIL 2022 Currently, there is an uptick in the adoption of plant-based diets, as correlated by the rising trends of vegetarianism, veganism and flexitarianism. A variety of reasons – health, environmental concerns, animal welfare issues and religious beliefs – are mentioned in connection with the adoption and practice of plant-based diets. A plant-based diet, generally, focuses on the primary con- sumption of foods derived from plants (fruits, vegetables, nuts, seeds, legumes and whole grains). But it can also in- clude small amounts of foods of animal origin – dairy, eggs, meat and fish. Therefore, the term “plant-based diet” is quite broad in its connotation. The growing trend in adopting plant-based diets is pro- pelling advancements in the plant-based alternatives in- dustry. While consumers are reducing their consumption of animal-based products due to various reasons, many still desire the specific flavour, texture, mouthfeel and feeling of satiety associated with various animal-derived products. This has led to the development of various plant-based alternatives that mimic the taste and consuming experience of animal-based products. Plant-based dairy alternatives and meat alternatives are quite popular and widespread in various regions globally, with plant-based alternatives for eggs and seafood trailing only somewhat behind in devel- opment and market penetration. The global retail sales for plant-based foods (primarily those of plant-based meat al- ternatives and beverages) are expected to reach USD 162 billion by 2030, up from USD 29.4 billion in 2020. According to Plant-Based Foods Poised for Explosive Growth report by Bloomberg Intelligence, population growth causing a strain on resources will contribute to plant-based food growth. The Asia-Pacific region is particularly vulnerable to the lim- ited food supply, with an expected population of 4.6 billion by 2030. “As a result, the region is likely to dominate the plant-based protein market reaching $64.8 billion by 2030, up from $13.5 billion in 2020. The majority share of that market in Asia-Pacific will be comprised of alternative dairy products, at 57% by 2030. Comparatively, Europe and North America will see roughly $40 billion in sales, with Africa, the Middle East and Latin America all seeing between $8-9 bil- lion each,” the report says. Bloomberg Intelligence also projects the alternative meat market to excel in size from $4.2 billion to $74 billion in the next ten years. “Major drivers of plant-based meat growth include increased awareness of health and sustainabili- ty benefits, as well as continued declines in product price. Plant-based meat sales could exceed $74 billion to reach as much as $118 billion by 2030 in a more aggressive but still realistic scenario.” “Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow. The expanding set of product options in the plant- based industry is contributing to plant alternatives becoming