Growth Opportunity for Retailers, Food Service Providers and Distribution Companies
Lorelyn Martin
Entrepreneur, Creator, Recipe Developer, & InnovatorPlease contact us at lorelyn@lorelyns.com for further inquiries. Thank you and we look forward to working with you!
Lorelyn's Gourmet Desserts is the all-inclusive solution for a wide variety of consumers as we fulfill the need for many dietary restrictions looking for healthy and delicious, gluten free, dairy free, vegan, plant based, nut free, peanut free, egg free, allergen friendly and school friendly desserts, treats and snacks! All of our products are individually wrapped and packaged to ensure allergy cross contamination prevention.
Lorelyn Martin
CEO, Founder
Lorelyn's Gourmet Desserts
Lorelyn's Goodness Inc.
www.lorelyns.com
e: lorelyn@lorelyns.com
The global plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.
Plant-based Food Market Opportunity
Plant-based products are now a key driver of growth for food companies and retailers, outpacing overall food growth by more than five times. In early March, before COVID even set in, SPINS reported that grocery sales of plant-based foods that directly replaced animal products grew 29% in the past two years to $5 billion. Dollar sales of plant-based foods grew 11% in the past year. This is compared to total U.S. retail food dollar sales, which grew just 2% over the past year and 4% over the past two years. This is record growth even before the unprecedented boom in demand we experienced once stay-at-home orders were issued.
What’s Driving Consumers Toward Plant-Based
As we do more work to understand who this plant-based consumer is, it’s becoming clear that category growth is not largely driven by consumers who follow a strictly vegan diet; rather, it’s a result of flexitarians entering the category and replacing meals and foods here and there with plant-based alternatives. Between health, taste, environment and animal welfare, flexitarians are seeking out plant-based for various reasons, but health tops all. We know, now more than ever, many consumers are looking to incorporate more vegan options in their diets and are turning to plant-based to improve overall health in the age of COVID. We’ve also seen, and tasted, the evolution of the plant-based experience. There’s more variety than ever before and the taste of a lot of these products has really improved, thus winning over and bringing new consumers into the fold.
Free-From Food Market Opportunity
According to the "Global Free-From Food Market: Growth, Trends and Forecast (2020-2025)" report on ResearchandMarkets.com, the global Free-From food market is expected to value $337.85 billion, recording an estimated CAGR of 9.5%, during the forecast period (2019-2024).The free-from-food market is thriving in the light of medical advancements that have analyzed and provided solid understanding of different responses from the immune system, enabling consumers to make conscious decisions in purchasing their food products. The consumer awareness, regarding the labelling of allergen-free and dairy-free products claims, is driving the market for free-from food products. Companies are coming up with innovative products, which meet allergen-free requirement and provide nutritional benefits.
Countries like the United States, the United Kingdom, Italy, Germany, France, Spain, and Canada are some of the leading markets in the gluten-free category, whereas dairy-free is led by North America.