Plant-based meat replacements are growing in popularity, and investors are sinking their teeth into their market potential. With consumers hungry for better-for-you meat alternatives that address their moral concerns about animal welfare and the environmental impact of meat consumption, it’s no wonder that plant-based protein has become fertile ground for capital funding.
Rooted in the better-for-you foodservice trend, consumer appetite for plant-based products is continuing its growth spurt. Given the prevalence of a more mindful approach to food consumption, especially among wellness-oriented millennials, plants seem to have found ample fertile ground for market growth.
With 76% of U.S. adults surveyed in agreement that plant-based foods are healthy, many consumers find them an important asset that helps them maintain or improve their well-being, according to the market intelligence firm Mintel.1 Consumers surveyed find plant-based protein an advantage that helps them achieve wellness goals like weight management (31%).1
Donuts are on the rise. Though a longtime traditional staple of the breakfast daypart, they’re sweetening sales numbers at later hours too with endless varieties and flavor combinations. Innovative donut shops and donut-driven foodservice operations are baking big business across the country, and U.S. retail sales are soaring.1
No longer limited to the occasional treat meant to tide consumers over until the next meal, snacking has become an integral part of their daily eating patterns. With nearly every American (94%) snacking on a daily basis1 and one in four millennials (the Super Snackers!) partaking four or more times per day,2 snacks are now defined more flexibly and enjoyed more frequently than ever.
What could possibly be better than better-for-you foods? Superfoods have taken the better-for-you foodservice trend driven by millennial demand to new heights. The market growth of these nutrient-rich “wonder” items provides some juicy food for thought for operators and manufacturers.