The plant-based food market has seen rapid growth, escalating from $50.32 billion in 2023 to $56.99 billion in 2024, reflecting a CAGR of 13.3%. This growth is attributed to health consciousness and environmental concerns. By 2028, the market is expected to reach $95.92 billion, with a CAGR of 13.9%. Growth drivers include the expansion of vegan populations and investments by food companies, alongside trends in plant-based snacks and sustainable packaging solutions.
Major Driver In The Plant Based Food Market
The plant-based food market is experiencing growth propelled by the growing preference for plant-derived food products worldwide. With consumers increasingly prioritizing health, ethical considerations, and environmental sustainability, plant-based foods offer an attractive alternative to conventional animal-derived products. The US retail market for plant-based foods witnessed substantial growth, reaching $7.4 billion in 2021, representing a 7.2% increase from the previous year. As sales continue to rise, driven by a 6% growth compared to 2020, the plant-based food market benefits from shifting consumer preferences towards healthier and more sustainable dietary choices, contributing to market expansion and diversification in the food industry.
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Plant Based Food Market Competitive Landscape
Nestlé S.A., Archer-Daniels-Midland Company, Danone SA, Kellogg Company, Gold and Green Foods, Hain Celestial Group Inc., Oatly Group AB, Turtle Island Foods, Amy's Kitchen Inc., Beyond Meat Inc., Happy Little Vegan, Morning Star Farms, Impossible Foods, Quorn Foods, Alpro, Daiya Food, Inc., The Vegetarian Butcher, Gourmet Foods, Atlantic Natural Foods LLC, Fry Group, Gardein, Soylent, Tofutti Brands, Inc., So Delicious Dairy Free, Cauldron Foods, Mosaic Foods Inc., Sunfed Meats, VBites, Garden Protein International Inc., Manila Bay, Herbivore, Kite Hill Foods, Laird Superfood, Like Meat Without Meat, Meatless Mondays, Modern Taste, MOS Burger, Vitalite, Yfuel
Key Plant Based Food Market Trend
Product Innovation is a key trend gaining popularity in the plant-based food market. Major companies operating in the plant-based food market are focused on developing innovative products such as clean-label products, vegan cheeses, egg substitutes, and other products to strengthen their position. For instance, in July 2022, Century Pacific Food, Inc., a Philippines-based food and beverage company, launched an innovative plant-based alternative 'unMEAT Fish-free Tuna'. It is 100% fish-free and plant-based ingredients that use non-GMO ingredients. The product is uniquely designed with low fat with zero content of mercury and trans-fat. The company developed the product with taste, texture, and appearance the same as tune but with zero-fish.
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Plant Based Food Market Segmentation
The plant-based food market covered in this report is segmented –
1) By Type: Diary Alternatives, Meat Alternatives, Egg Substitutes And Condiments, Other Types
2) By Source: Soy, Almond, Wheat, Pea, Rice, Other Sources
3) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Stores, Other Distribution Channels
By Geography:The regions covered in the plant-based food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the plant-based food market in 2023.
The Plant Based Food Global Market Report 2024 furnishes information about the global plant based food market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
