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Coronavirus

Plant-Based Products Set For Retail Boost Due To COVID-19: Euromonitor

Plant-based dairy and meat alternatives are expected to see sales growth in the retail channel this year, according to Euromonitor International, however these categories are facing double-digit declines in foodservice.

In a webinar last week, How is Coronavirus Changing Plant-Based Diets?, Euromonitor said that global plant-based dairy and meat products are expected to grow by 2% and 12% respectively this year, as consumers seek out healthier products for at-home consumption.

However, due to the continued closure of the HoReCa sector in many markets, plant-based dairy is likely to decline by 14% in the foodservice channel, while plant-based meat is set to drop by around 11%.

Post-Pandemic

Consumers are also more focused on a maintaining a health-based diet once the pandemic subsides, Euromonitor said.

The webinar also found that the USA, UK and Germany are the leaders in the dairy alternatives and meat analogues market, due to consumer acceptance, awareness and the variety of products available.

It predicted 11% growth for the meat alternatives market in the UK between 2018 and 2023, noting that Britain is 'at the forefront' when it comes to the development of lab-cultured meat. The UK is likely to see a 8% increase in the dairy alternatives market, meanwhile.

According to the group's 2020 health and nutrition survey, 41% of global consumers are choosing a dairy-free based diet due to digestive health concerns.

The webinar can be viewed here.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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