LONDON--(BUSINESS WIRE)--The tastes of consumers worldwide are changing when it comes to food and beverage products. Traditional staples are being replaced by new and innovative foods, or foods that support specialized diets of lifestyles. This is especially true for the US, which is seeing a greater number of consumers adopting vegan or vegetarian diets.
Details on the impact that evolving consumer preferences are having on the global food and beverage market are some of this week’s top stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes in real time and can now connect on-the-go via BizVibe’s mobile app.
Food Preferences of American Consumers are Shifting
US consumers are becoming more concerned with sustainability and are becoming increasingly willing to pay more for products from environmentally friendly and socially responsible companies. Green packaging, locally and responsibly sourced materials, and water and energy efficiency are all factors that are gaining more attention and demand, and a greater number of consumers are adopting specialized or environmentally-conscious diets.
Between agriculture, manufacturing, retail, and food service, the food and beverage sector in the US makes up roughly 5% of the country’s GDP and 10% of employment. Its sales total $1.4 trillion, and employs almost 1.5 billion people.
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Health and Vegan Food Competing with Traditional Staples
A large proportion of American consumers are incorporating vegan and vegetarian options into their diets, causing significant growth in the market for fresh food in North America. It’s expected to grow at a steady CAGR of roughly 3% until 2021. The food industry in the US is seeing a rise in the popularity of niche and specialty foods that focus on health, including organic food and vegan food.
This shift will not stall the food and beverage market in the US; instead, it is expected to add to its success. Total retail and food service sales in the US amounted to over USD 5.3 trillion in 2015, up from 4 trillion ten years prior, and this growth is expected to continue as new niche health, vegetarian, and vegan foods are introduced to the market.
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Vegan Food Trends Taking Off Worldwide
Vegan and vegetarian consumers have more options available to them in the food and beverage market as the prevalence of veganism and vegetarianism increases. Many fast-casual restaurants in North America and Europe are offering vegan and vegetarian options, and the number of vegetarian-only restaurants has increased in these regions as well.
Additionally, vegan desserts are going mainstream. Vegan ice cream has hit the mainstream market, with almond milk-based options now available from notable vendors like Ben & Jerry’s and Breyers. Vegan chocolate and candy is also becoming more readily available.
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