Market Analysis 

The plant-based food market size was valued at USD 18.5 billion in 2021. The plant-based food market industry is projected to grow from USD 20.39 Billion in 2022 to USD 40.24 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2022 - 2030), states the new Market Research Future (MRFR) report. Plant-based foods, simply put, is a diet which focuses on foods that are derived from plants. Some of the common foods used in plant-based diets include lentils, tofu, whole grains, soy, beans, seeds, nuts, vegetables, and fruits. Better nutrition, weight loss, healthier heart, lower risk of diabetes, and lower risk of cancer are some of the health benefits of consuming plant-based food. 

The plant-based food market overview has witnessed remarkable growth in recent years, reflecting a global shift towards healthier, more sustainable eating habits. With increasing consumer awareness of the environmental and health benefits associated with plant-based diets, the market has expanded to offer a diverse array of innovative and delicious alternatives to traditional animal-based products. From plant-based meat substitutes to dairy-free milks and vegan snacks, this burgeoning market continues to attract both health-conscious consumers and those concerned about the planet's future, making it a significant and dynamic segment of the food industry.

Numerous factors are propelling the plant-based food market. Such factors, according to the new Market Research Future report, include increasing concerns for animal welfare, growing demand for food safety, burgeoning demand for organic and natural products, the wave of health consciousness, rapid product innovation, and a rise in GDP in developing economies. Additional factors propelling the growth of the plant-based food market include changing lifestyle, increase in per capita income, technological advancements, the strong performance of the retail sector, increasing lactose-intolerance, health risks associated with eating meat, and increasing preference of consumers for vegan food. 

On the contrary, the high cost of plant-based food and low awareness about plant-based food, especially in underdeveloped and developing economies, are factors that may deter the plant-based food market growth during the forecast period.

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Market Segmentation 

The Market Research Future report offers a complete segmental analysis of the plant-based food market based on distribution channel, category, and product type. 

By product type, the plant-based food market is segmented into RTE and RTC meals, sweet and savory snacks, bakery and confectionery, non-dairy milk and dairy products, and others. Of these, non-dairy milk and dairy products will dominate the market during the forecast period. It includes cheese, butter, yogurt, ice cream, milk, and others. 

By category, the plant-based food market is segmented into conventional and organic. Of these, the conventional segment will lead the market during the forecast period for its economical pricing and ease of availability.

By distribution channel, the plant-based food market research is segmented into non-store-based and store-based. The store-based segment is again segmented into convenience stores, supermarkets and hypermarkets, and others. Of these, the store-based segment will have the maximum share in the market during the forecast period.

Regional Analysis

By region, the plant-based food market report covers the latest trends and growth opportunities across North America, the Asia Pacific, Europe, and the Rest of the World. Of these, Europe will command the largest share in the market during the forecast period for the rising consumer awareness about the adverse side effects of consuming synthetic ingredients and burgeoning demand for plant-based food that is organic. Germany and the UK are the chief contributors in this region.

The plant-based food market in North America will have healthy growth during the forecast period for the strong organized retail sectors present in the US coupled with the rising promotional activities carried out by the key players. Millennials are the leading consumer segment followed by baby boomers. The US is the chief contributor in this region. 

The plant-based food market in the APAC region will grow at the fastest pace during the forecast period for the growing food industry in India and China, growing economy, large population size, and the presence of growing economies including Malaysia, Indonesia, India, and China. 

The plant-based food market in the Rest of the World will have steady growth during the forecast period. 

Key Players

Notable players profiled in the plant-based food market report  include DSM (Netherlands), DuPont. (US), Amway (US), The Nature's Bounty Co. (US), GlaxoSmithKline plc. (UK), and Nestlé SA (Switzerland)

Industry News

December 2019: Co-founder of Shoes of Prey has launched Fable, a new plant-based food brand. Made using shiitake mushrooms, this brand will produce beef brisket and pulled pork that is plant-based. These meat alternatives can be utilized in everything from spicy chili con carne to Asian-style duck pancakes. Their mission is to make delicious plant-based meat products and minimizing processing and maximizing the usage of whole-food-based ingredients. 

Key Players are:

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