What Transformation Has the Plant-Based Food Market Undergone?
The plant-based food market has seen considerable growth due to a variety of factors.
• In the past few years, the dimension of the plant-based food market has experienced quick expansion. From $56.99 billion in 2024, it is projected to swell to a whopping $64.56 billion in 2025, representing a Compound Annual Growth Rate (CAGR) of 13.3%.
The upward trajectory during the historical period can be linked to an increase in health awareness, environmental apprehensions, considerations surrounding ethics and animal welfare, as well as innovations in the products available and their prominence in mainstream retail.
What Is the Forecasted Market Size and Growth Rate for The Plant-Based Food Market?
The plant-based food market is expected to maintain its strong growth trajectory in upcoming years.
• The projected expansion of the plant-based food market is predicted to experience a swift surge in the coming years, reaching a valuation of $109.86 billion in 2029 with a compound annual growth rate (CAGR) of 14.2%.
The surge during this forecasted timeframe can be linked to ongoing health and wellness trends, understanding of climate change, growth of the vegan and flexitarian communities, investment and growth efforts of food corporations, as well as government measures and policies. Noteworthy trends for the forecast duration consist of the launch of plant-based eggs and dairy substitutes, emphasis on nutritionally rich plant-based snacks, enlarging market presence in retail and online shopping, worldwide adoption of plant-based cuisine, and eco-friendly packaging solutions.
What Main Forces Are Fueling Expansion In The Plant-Based Food Market?
The escalating inclination towards plant-based food items is predicted to boost the expansion of the plant-based food market. Such food items are entirely composed of 100% plant components and are devoid of any animal products. They consist solely of vegetables, fruits, and grains, totally eliminating any animal products or ingredients derived from animals. The growing fondness for plant-based food items can be traced back to their health advantages, ethical considerations, and environmental concerns. This increase in preference will contribute significantly to market growth. To illustrate, The Good Food Institute Inc, a UK-based organization, reported in April 2023 that in 2022, the total sales value for meat substitutes under the plant-based category in Europe reached €2.0 billion, indicating a 3% growth from the previous year. Thus, the proliferating inclination towards plant-based food items is steering the growth of the plant-based food market.
What Key Areas Define The Segmentation Of The Global Plant-Based Food Market?
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: Super markets And Hyper markets, Convenience Stores, Online Stores, Other Distribution Channels
Subsegments:
1) By Dairy Alternatives: Plant-based Milk, Yogurt Alternatives, Cheese Alternatives, Cream And Sour Cream Alternatives, Ice Cream Alternatives
2) By Meat Alternatives: Plant-Based Burgers, Sausages, Meatballs, Chicken Alternatives, Fish Alternatives
3) By Egg Substitutes And Condiments: Egg Replacers, Plant-Based Mayonnaise, Sauces And Dressings
4) By Other Types: Snacks, Ready-To-Eat Meals, Frozen Plant-Based Foods, Plant-Based Protein Powders And Supplements
Pre-Book The Plant-Based Food Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The Plant-Based Food Market?
The escalating trend in the plant-based food market is Product Innovation. Key companies in the sector are honing their focus on the creation of novel products like clean-label products, vegan cheeses, substitutes for eggs, and more to solidify their market standing. Taking July 2022 as an example, Century Pacific Food, Inc., a firm hailing from the Philippines and specializing in food and beverages, unveiled an inventive plant-based replacement dubbed 'unMEAT Fish-free Tuna'. This product is entirely plant-based, devoid of any GMO ingredients, and 100% fish-free. Uniquely crafted to have low fat and absolutely no mercury or trans-fat, the product parallels real tuna in terms of taste, texture, and appearance, but without any fish content.
Who Are the Key Players in the Plant-Based Food Market?
Major companies operating in the plant-based food market include:
• 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
• 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.
• Herbivore
• Kite Hill Foods
• Laird Superfood
• Like Meat Without Meat
• MOS Burger
• Vitalite
• Yfuel
What Is The Most Dominant Region In The Plant-Based Food Market?
North America was the largest region in the plant-based food market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global plant-based food market during forecast period. The regions covered in the plant-based food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
