TOKYO–(BUSINESS WIRE)–The plant-based food market grew by 9% in 2019-2020, surpassing USD40 billion globally, according to global market research company Euromonitor International.
According to Euromonitor’s Voice of the Consumer: Health and Nutrition Survey 2021, 23% of global consumers are trying to limit their meat intake, and having a healthier lifestyle is the main reason for consumers following vegan, vegetarian and flexitarian diets.
“The COVID-19 pandemic made consumers more aware of the impact their individual actions have on society,” says Nozomi Hariya, senior analyst at Euromonitor International. “An example of this are flexitarians, who reduce their consumption of animal products, and driving growth of plant-based alternatives.”
While 57% of global consumers believe their choices and actions could make a difference in the world, only 25% of respondents in Japan believe in this statement, ranking the lowest among the 40 surveyed countries globally, according to Euromonitor’s Voice of the Consumer: Lifestyles Survey 2021.
Although overall Japanese consumers’ awareness towards sustainability is still low, digital natives like millennials and Gen Z are growing more aware of global environmental and social issues compared to other generations. Also, with the integration of sustainability education into school curriculums in Japan, the Generation Alpha is expected to become even more sensitive to those issues, thus investing in sustainability will be essential for companies in the medium to long term.
“Added-value benefits beyond sustainability, such as health benefits or affordability, is critical to attract consumers,” adds Hariya, before concluding, “The use of technology and work in partnership across industries and countries will also be key to promote sustainability.”
Sustainable sourcing, de-plasticisation and food waste are three trends shaping sustainability. Watch Euromonitor’s free on-demand webinar, (content available in Japanese only) for more insights on how companies and brands around the world are responding to sustainability issues and needs.
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Senior Communications Executive – Euromonitor International