Plant Based Food Market

Market Overview:

The Global Plant Based Food Market is valued at USD 44.68 Billion in the year 2022 and is projected to reach a value of USD 108.30 Billion by the year 2030. The Global Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 11.70% 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.

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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.

Competitive Landscape:

Key players operating in the Global Plant Based Food Market include Amy's Kitchen Inc., Atlantic Natural Foods LLC, Beyond Meat Inc., Danone SA, Garden Protein International Inc., Impossible Foods Inc., Lightlife Foods Inc. (Maple Leaf Foods Inc.), Nestle S.A., Tyson Foods Inc., Vbite Food Ltd. and others.

Recent Developments

• March 2024, DSM-Firmenich has inaugurated a state-of-the-art pilot plant in Plainsboro, New Jersey, to foster collaboration with food and beverage brands. This facility, part of their Taste, Texture & Health Business Unit, emphasizes their commitment to global diet transformation. It aims to enable brands to develop enjoyable, healthier, and more sustainable eating and drinking experiences, reflecting a growing consumer preference for nutrition-conscious choices
• Aug. 08, 2023, HerbYvore, an Agrocorp International company, launched Singapore's first locally produced vegan cheese to support the country's food security initiative. The HerbY-Cheese products are nut- and soy-free, with pea protein making the plant-based cheese more allergen-friendly. HerbYvore's vegan cheese range is developed in collaboration with SIT and Enterprise Singapore.
• Aug. 07, 2023, Konscious Foods, a plant-based seafood brand in Canada, announced raising $26 Million in a Series Seed financing round. Funding includes participation from Protein Industries Canada, Zynik Capital, and Walter Group. The company will use funds to grow its retail & food service businesses, support operations at its production facilities, and deploy marketing initiatives for nationwide retail launches.
• The company offers a range of plant-based seafood products, including onigiri stuffed rice snacks, sushi rolls, and poke bowls. Konscious Foods' products are now available at fine retailers across the US and Canada, and they will be available for purchase in over 4,500 stores nationwide by the end of the year.
• Aug. 07, 2023, Veg of Lund AB, a leading provider of plant-based foods, announced signing a letter of intent (LOI) with Romagnoli F.lli S.p.A for distribution and sales of DUG in Italy. The companies will sell, market, and distribute Veg of Lund's products under the DUG brand in Italy. The LOI is a continuation of implementing the strategy of a partly distribution-based business model to complement license and direct sales.
• JUL 10, 2023, Veg of Lund signed a LOI with Haofood Shanghai Food Technology Co., Ltd. for the distribution and sales of DUG in China. Haofood sells and distributes plant-based products across China in approximately 4000 stores. The companies will sell, market, and distribute Veg of Lund's products under the DUG brand in China and select other markets in the region during the first quarter of 2024.
• In November 2022, Beyond Meat, Inc. launched Beyond Popcorn Chicken and Beyond Chicken Nuggets, expanding its plant-based offerings. These new products are now available in 5,000 Kroger and Walmart stores across the United States, alongside select Albertsons and Ahold divisions. The introduction of these items caters to the growing consumer demand for convenient, plant-based alternatives, emphasizing Beyond Meat's commitment to providing tasty options for meat lovers and vegetarians.
• In 2022, Danone introduced a new Dairy & Plant Blend baby formula to accommodate the rising trend of vegan and plant-based diets among parents. This innovative product aims to meet the nutritional needs of infants while aligning with parents' preferences for healthier, plant-based feeding options. Danone's launch reflects a broader shift in consumer behavior towards sustainable and ethical dietary choices, providing a solution for families seeking plant-based nutrition.
• In November 2022, Green Rebel unveiled a new product line called Creamy Crew, which includes a variety of dairy-free cheese, sauces, and dressings. This range exemplifies the company’s ongoing innovation within the plant-based sector, offering options like egg-free mayonnaise and a Caesar-style dressing. Available through their website, these products cater to the increasing demand for tasty and sustainable alternatives, appealing to consumers looking to reduce their dairy intake.
• In September 2022, Beyond Meat expanded its portfolio by launching Revolutionary Plant-Based Steak, aiming to provide a delicious and sustainable alternative to traditional meat products. This launch reflects Beyond Meat's commitment to innovation and meeting consumer demands for nutritious plant-based options. The introduction of this product signifies a pivotal step in the company's strategy to make plant-based eating accessible and appealing to a broader audience seeking meat alternatives

Segmentation of Global Plant Based Food Market: