Wavteq Institute releases Industry Blueprint on Food & Drink Innovation

The global retail sales of plant-based foods reaching $7 billion and a $2.3 billion investment in 2020, albeit an unprecedented pandemic, is a strong indicator of the industry’s growing traction among consumers and investors.

To substantiate further, the adoption rates of some categories of plant-based products are skyrocketing, for example, 95% is the adoption rate of plant-based milk in Italy while the figure in France and Germany is 89% and 88%, respectively. Talking of plant-based meat, China’s household penetration rate is around 87%, according to the Good Food Institute. These statistics help us gauge the sector’s potential growth around the world. It becomes imperative to keep oneself abreast of the latest trends around the sector.