Navigating Opportunities in Plant-Based Convenience Foods – vegconomist
The rising demand for healthier, more sustainable food options has catalysed exponential growth in the plant-based market. Retailers, supermarkets, and fast food chains are increasingly introducing plant-based offerings to meet the diverse needs of consumers.
A notable segment within this market is plant-based convenience foods, which cater to the fast-paced lifestyles of modern consumers seeking quick, delicious, and nutritious foods. This category includes a variety of product types, such as ready-to-eat meals, single-serve portions for on-the-go consumption, and microwaveable options.
According to Future Market Insights, the ready-to-eat food market is projected to grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2034, expanding from USD 195.9 billion in 2024 to USD 391.1 billion by 2034.[1] This substantial growth indicates robust consumer demand, suggesting that businesses will increasingly capitalise on this trend in the coming years.
Rise of plant-based convenience foods: meeting modern consumer demands
Many retailers have already started to leverage this trend, with supermarket shelves and online marketplaces brimming with plant-based ready meals, snacks, and beverages. Each product aims to offer unique benefits, vying for consumer attention. However, as the market becomes more saturated, brands and retailers must adopt a more discerning approach to identify underserved niches and differentiate themselves in an increasingly competitive landscape.
In its latest New Food Hub article, ProVeg International explores whitespaces in the plant-based convenience sector and supports companies in discovering relevant opportunities. To find out how your business can navigate the plant-based convenience food market to optimise sales, read the full article and get in touch with ProVeg’s experts at [email protected].
[1] Ready-To-Eat Food Market Outlook from 2024 to 2034, (2024). Future Market Insights. Available: https://www.futuremarketinsights.com/reports/ready-to-eat-food-market. Accessed 2024-06-25.
