The global plant-based ingredient market has enjoyed record sales over many years and is expected to grow at 8.94% annually during the period 2019-2025. While in 2018, it was valued at 10.66 billion USD in revenue, it is anticipated to reach 27.98 billion by 2027.
Globally, consumers are increasingly looking for healthy, ethical, and cost-effective products with low environmental impact, which is driving the demand for vegan and vegetarian alternatives. More and more companies recognise the benefits of meeting the market’s growing need for a range of diverse, high-quality, animal-free products.
Consumers are also increasingly calling for transparency in labelling. They want to be able to identify vegan and vegetarian products quickly and confidently. Gütesiegel Monitor ranked V-Label as one of the three most trusted food labels in Germany in 2020. Labelling by independent organisations gives consumers greater confidence than labels produced by the manufacturer – in Germany alone, 60% believe that an environmental institution makes more consistent inspections than private labels.