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Fermented Plant-Based Alternatives Market is Expected to Reach $422.26 Million by 2026
The fermented plant-based alternatives manufacturers have opted for various development strategies to gain more market share and a competitive edge over other player.
By: BIS Research
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The global food and beverage industry has been evolving as more and more consumers are shifting toward plant-based options or vegan diets. Veganism is the practice of abstaining from the use of animal products, particularly in diet. A vegan diet plan consists of plant-based foods and beverages such as eggs, meat, milk, and various other bakery and confectionery products. The trend has witnessed more growth in countries such as the U.S., where people are more concerned about their health and well-being. It has been found that 9.6 million Americans were vegan in 2020. Also, the U.S retail sales for plant-based foods increased XX% in 2019 from 2018. Such a massive shift from the developed economies of the world is expected to positively influence the growth of the fermented plant-based alternatives market in the coming years.
The market of fermented plant-based alternatives varies from region to region. Europe is the largest market for fermented plant-based food and beverage owing to high consumer awareness for nutritional and healthy diet plans. Consumers in Europe are adopting plant-based food and beverages as a part of their diet plan due to growing veganism in the region.
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The competitive landscape of the fermented plant-based alternatives market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by manufacturers are new product launches, business expansions, and partnerships and collaborations. Among all the strategies adopted, product launches have been the most prominent strategy adopted by the providers.