From the period 2022 to 2028, the Global Plant Based Food Market is expected to reach USD 78.95 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 11.70%.
Consumers' increasing distaste for animal protein, the growing vegan population, and the increasing number of venture investments in Plant Based Food companies are all driving this market's rise. Furthermore, the growing number of R&D and new product launches by plant and protein alternative manufacturers, as well as expanding economies such as Asia-Pacific, Latin America, the Middle East, and Africa, are likely to provide profitable prospects for market competitors. However, factors such as the relatively higher price range of meat replacements, a strong preference for animal-based products, and customer desire for soy and gluten-free products are projected to stymie the market's expansion.
Key Highlights from the Report
- Based on the source, the market is segmented into Soy, Almond, Wheat, and others. Plant-based products have been around for years, yet they have been expanding in recent times. There are plant-based options galore in the current market, from soy milk to almond milk to a fully natural granola bar or multigrain meals. There are many reasons why people nowadays prefer to transition to plant-based products, whether it's for low-calorie food choices or to reduce animal suffering.
- Based on the Distribution channel, the market is segmented into Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others. In the Plant Based Food Market, the Hypermarkets/Supermarkets group had the biggest share. This is due to the large number of products that hypermarkets can make available to customers at the same time and in the same location, making the shopping experience more convenient for them. Furthermore, consumers prefer shopping at stores because of the convenience, availability of products, and availability of coupons and discounts. However, with the internet rapidly infiltrating many suburban and rural parts of various nations, online sales channels are getting a lot of traction.
- Asia Pacific is the fastest regional segment. In terms of growth. The market for Plant Based Foods in Asia-Pacific is rapidly growing and increasing. The market in Asia-Pacific is showing signals of continued robust expansion. The high market growth in Asia-Pacific can be attributed to a number of factors, including the increasing adoption of emerging technologies for product innovation, collaborations between international and domestic food companies, increased R&D investments by governments in the food sector, the presence of a large number of key players in the market, and the growing number of vegan restaurants. Factors such as increasing urbanization, a growing middle-class population and rising income level, and expanding awareness about the benefits of protein-rich diets all contribute to Asia-strong Pacific's market growth.
Some of the Key Players 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.
Growing awareness of what we eat and how it interacts with the human body, according to market insights, is a primary driver of the Plant Based Food Market. People don't just look at the labels. They're doing extensive research on the substances. For example, because of their great nutritional content, 87% of Americans are now eating plant-based proteins in their regular diet. Furthermore, shifting consumer tastes and moving to clean labeling is a growth driver for the Plant Based Food business. People are eating foods that are produced sustainably and have a lesser environmental impact. Overall, the Market and its growth are supported by a number of factors.
Lactose intolerance is one of the most current potentials for a global market. Lactose intolerance will continue to affect the majority of the world's population. This segment of the world population will always want a lactose-free option, which the Plant Based Food Industry can provide. Another option is the sustainable living movement, which promotes climate-friendly and animal-friendly diets. As consumers become more environmentally conscious and make changes to lower their carbon footprint at home, the worldwide market sees an exceptional opportunity for Plant Based Food Market growth.
The North American market will have the biggest revenue share of 39.50%. North America is expected to have the largest share of the Plant Based Food Market. Increased consumer awareness of the importance of protein-rich diets, a well-established food sector, higher adoption of technological advancements in the food and beverage industry, and significant investments in the plant-based sector are all factors contributing to North America's dominance in the Plant Based Food Market. Concerns over animal abuse in the food industry, as well as its negative influence on the environment, have increased. The Plant Based Food Market study is predicted to rise as people become more aware of the health benefits of consuming plant-based meals and of animal cruelty.