Revenue Impact (RI) Story Food and Beverage
Helped Client Devise Strategy to Tap into USD 650 Mn Opportunity in Plant-Based Food Industry

Client’s Goals

Our client engaged MarketsandMarkets to expand its worldwide distribution capabilities of food ingredients and its primary operations manufacturing facility. For this purpose, our team defined and solved a series of problems. We offered insights into shifting revenue sources of client’s clients and their clients as well. In addition, we expanded the understanding of the global meat alternative products market to devise strategies for tapping into emerging opportunities in the food & beverage industry.

The key objective was to offer perspective regarding the flexitarian consumer behavior in the focused regions to understand the buying patterns, product & packaging preferences, availability of products, as well as the concerns and challenges at the consumer end. Few of the key questions answered during the engagement were:

Our Approach

We provided insights into the consumer analysis for meat alternative products at the global and regional levels. In-depth intelligence on market dynamics and consumer behavior was provided through extensive secondary research, primary interviews, and through our AI-driven market intelligence platform, KnowledgeStore.  Four key regions were covered, viz. North America, Latin America, Europe, and Asia Pacific. The total number of consumers who took part in the survey was 4,323. Country-level data and clubbed region data for flexitarian consumer behavior analysis of meat alternative products were also provided to understand the buying patterns, product & packaging preferences, availability of the products, and concerns & challenges that consumers face.

Revenue Shifts Identified

Consumer shift towards vegan diets and rise in awareness about its benefits are the major factors responsible for propelling the demand for plant-based meat products globally. The growth of global plant-based meat industry is majorly influenced by rising flexitarian population.

Interconnections

Manufacturers of plant-based and dairy alternatives including yogurt & milk, smoothies, cheese, butter/spreads and indulgence products such as ice creams and desserts are demanding a variety of flavours. With the expanding plant-based market, companies are addressing the long-existing challenge of masking off-notes in protein-rich foods. Companies are increasingly investing in taste and texture of the products. This is positively influencing the demand for flavours in the PB market

Unknowns Identified

Companies are increasingly investing in cultivated fats and plant-based fats for alternative protein industry. While many food tech companies are working on cell-based meat, some companies are focused on developing structured fats and oils, and fatty emulsions for use in the alternative products. These ingredients are the ideal replacements of saturated fats.

Revenue Impact (RI)

Our recommendations helped the client to understand consumer perception pertaining to meat alternative products over meat products in each individual country. Taking into consideration the suggestions given by the client services team, the client devised a strategy on what kind of ingredient should be manufactured for meat alternative products. This opened a revenue opportunity of USD 650 million to the client over the five years’ time period.

Plant-based Meat Market

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