The plant-based revolution In recent years there has been a big global uptick of consumer interest in plant-based diets. As a result of this, manufacturers have upped their game and the market for plant-based products has never been stronger. Many sectors within this market are seeing high levels of growth. For example, the dairy-alternative milk market now accounts for 15% of the total European milk market, according to the Vegan Society. It is predicted this market will grow at a CAGR of 13.8% between 2020 and 2025, to a total of $694.9 million. 1 Similarly, the global dairy-free ice cream market was valued at $520 million in 2019 and is anticipated to reach $805.3 million by 2027. 2 We also know that some of the most common problems facing manufacturers of plant-based products are similar to those encountered with their dairy-based counterparts, a sector we have worked with for 100 years across many global markets. However, the sheer number of different proteins and raw materials that can be used in plant-based recipes also throws up some unique challenges, so in many cases a bespoke solution is required. At Palsgaard, we already have many years of experience in the plant-based sector, and we are in a good position to help manufacturers keep this momentum going. Our emulsifier and stabiliser solutions are vegetable oil-based, and therefore perfect for this market. At Palsgaard, we are certain that the shift towards plant-based diets will continue to play a big role in the future of food and drink, and we are committed to being at the forefront of product development for this market. For this reason, we commissioned research to improve understanding of what consumers think about plant-based products, and to identify what brands need to do to succeed in this increasingly competitive market. 1 Nielsen MarketTrack, Sept/Oct 2018 to 2020. 2 Allied Market Research, June 2020
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