Market Scope

Market Research Future (MRFR) projects that the plant-based food market will be acquiring a growth rate of 4.72% over the review period (between 2022 - 2030). The anticipated market value by 2030 should be around USD 40.24 billion, confirms MRFR.

The plant-based food market insight continues to experience remarkable growth and evolution, driven by increasing consumer demand for healthier, sustainable, and ethically sourced food options. With an expanding array of innovative plant-based products, from meat alternatives to dairy-free alternatives, this market is not only catering to vegans and vegetarians but also capturing the interest of flexitarians and health-conscious individuals worldwide. As sustainability and health-consciousness become paramount in consumer choices, the plant-based food market is poised for continued expansion and innovation, with significant opportunities for businesses to meet evolving consumer preferences.

Growth Boosters and Impediments

The plant-based food industry has been gaining at a moderate speed over the years. However, with the rising investments as well as product innovations, the demand should continue to skyrocket in the forthcoming years. Steady enhancements in the texture and taste, along with the changes in people’s preferences as well as values, the worldwide industry could expect tremendous growth in the coming years. The rapidly declining meat consumption globally is enhancing the demand for a variety of plant-based food products. 

In recent years, the whole food industry has been subject to numerous advances, thanks to the favorable trade policies and the booming global population. This widens the scope of various plant-based foods, while the soaring preference for healthier alternatives to meat further elevate the demand. Meat alternatives are enjoying a massive demand at present, given the soaring cases of diabetes, heart diseases, and obesity. Plus, rising number of companies now understand the magnitude of the business opportunities in the market and are therefore, forging new partnerships, mergers, and acquisitions to secure a better standing.

The amplified cases of lactose intolerance across countries facilitates growth of the plant-based food industry as well. Lactose intolerance is giving way to a number of other issues, including abdominal bloating, stomach pain, diarrhea, tiredness, sleep disturbances, vomiting, and more. With the continuous rise in these cases in various regions, plant-based food products would see further demand in the following years.

Segmental Review 

The major plant-based food types in the market are Plant-Based Juices, Plant-Based Milk & Derivatives [Plant-Based Milk, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter, and more], Sweet & Savory Snacks, RTE & RTC Meals, RTD Tea & Coffee, Bakery & Confectionery, and others.

Category-wise, the top segments are conventional as well as organic.

Distribution channels covered in the MRFR analysis include store based (Convenience Stores, along with Supermarkets & Hypermarkets), coupled with non-store based.

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Regional Insight

Europe, securing the highest share of 33.99% in the global market, is currently the worldwide leader. The market for plant-based food has been thriving at a tremendous pace in the region, resulting from the escalating consumer base with preference for healthy and nutritious alternatives to meat or other high-calorie foods. Rise in technological upgrades in the manufacturing process in line with major vendors competing on the basis of quality and price could again act in favor of the plant-based food market. Soaring demand for genetically modified -free products and the heightened number of vegetarians, flexitarians, and vegans in the region will be fostering the industry share as well.

The fastest CAGR is projected to be captured by the Asia Pacific market in the next couple of years, as the urban population continues to soar rapidly, in conjunction with the rise in health consciousness among people. This has led to a higher demand for organic, healthier food products. Increasing buying capacity of consumers in Japan, India, Singapore, and China as a consequence of the surge in their disposable incomes will further add substantially to the market worth.

The plant-based food market overview continues to flourish as consumers increasingly embrace healthier, sustainable dietary choices. With growing awareness of the environmental impact of animal agriculture and a heightened focus on personal well-being, the outlook for plant-based foods remains optimistic. Key drivers such as innovation in product development, expanding distribution channels, and evolving consumer preferences are poised to fuel further growth in this dynamic market, making it a promising and enduring sector within the global food industry.

Top Companies

The plant-based food brands in the worldwide market are DSM (Netherlands), DuPont. (US), Amway (US), The Nature's Bounty Co. (US), GlaxoSmithKline plc. (UK), and Nestlé SA (Switzerland) and many more.

Recent Updates

January 2022

Beyond Meat, one of the top plant-based meat developers, is seeing rapidly soaring stocks since it confirmed the launch of its plant-based chicken with KFC. The band is set to introduce its Beyond Fried Chicken at several KFC locations across the US in January 2022.

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