Plant Based Food Market

Market Synopsis:

The Global Plant Based Food Market is valued at USD 40.21 Billion in the year 2021 and is projected to reach a value of USD 78.95 Billion by the year 2028. The Global Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 11.90% over the forecast period.

Plant Based Food refers to a wide range of foods made from natural plant-based substances. Fruits, vegetables, nuts, oils, whole grains, and legumes are commonly used in these products, which do not contain any animal-sourced ingredients like meat, milk, or eggs. One of the major factors driving the market's growth is the rising prevalence of chronic lifestyle illnesses and sensitivity to animal protein. Furthermore, the industry is growing due to the rising adoption of vegan eating patterns around the world. Consumer awareness of animal welfare and the prevention of animal cruelty in the food industry is growing, resulting in a shift in consumer preference for Plant Based Food items all over the world. As a result, the stock market is looking up.

Another growth-inducing component is the introduction of novel products like plant-based milk, eggs, and meat. These goods are high in critical nutrients and taste almost identical to those derived from animals. Other factors, such as extensive promotional activities by celebrities and athletes to encourage the consumption of vegetarian products in order to maintain a healthy lifestyle and the easy availability of products through a growing number of online retail channels, are expected to fuel the market even more.

Market Segmentation:

The Plant Based Food Market is segmented on the basis of Type, Source and Distribution Channel. On the basis of Type, the market is divided into Dairy Alternatives, Meat Alternatives, Egg Substitutes and Condiments and Others. On the Basis of Source, the market is divided into Soy, Almond, Wheat and Others. On the basis of Distribution channel, the market is divided into Supermarkets and Hypermarkets, Convenience Stores, Online Stores and Others.

Based on Type:

On the Basis of type, the market is divided into Dairy Alternatives, Meat Alternatives, Egg Substitutes and Condiments and Others. The dairy alternatives section of the Plant Based Food industry is predicted to account for the highest share of the market. The growing number of lactose intolerant people, growing ethical concerns among consumers about animal maltreatment in modern dairy farming practices, and the nutritional benefits offered by plant-based dairy products are all contributing to this segment's huge market share. However, due to rising consumer demand for vegan seafood, increasing investments and food innovations in species-specific seafood substitutes, and an increasing number of new product releases, the seafood substitute category is predicted to develop at the quickest CAGR throughout the forecast period.

Based on Source:

Based on Application, the market is divided into Soy, Almond, Wheat and Others. The soy segment of the Plant Based Food Market is predicted to account for the greatest share. The large share of this segment is due to factors such as easy and wide availability of raw materials, lower cost compared to other sources, significant demand from meat alternative manufacturers, higher consumer acceptance level, and its wide range of applications in a variety of food and beverage sectors, including meat, dairy alternative, and bakery. The pea segment, on the other hand, is expected to grow at the fastest CAGR during the forecast period, thanks to consumers' growing desire for sustainable and tasty alternatives to animal-based proteins, as well as a growing number of investments from leading manufacturers to boost pea protein production.

North America is expected to acquire the largest market share during the year 2021:

North America has the highest revenue share of 39.50% in the 2021. The highest share of the Plant Based Food Market is anticipated to be in North America. North America's dominance in the Plant Based Food Market can be attributed to factors such as increased consumer awareness of the importance of protein-rich diets, a well-established food sector, higher technological developments in the food and beverage business, as well as considerable expenditures in the plant-based sector. Concerns over animal cruelty in the food industry, as well as its detrimental environmental impact, have grown. Increased awareness of the health benefits of eating Plant Based Foods, as well as growing awareness of animal cruelty, is expected to help the Plant Based Food Market report grow.