Plant-Based Fast Food Alternatives Market Growth Size [2031]

Report Description

The global plant-based fast food alternatives market size was valued at USD 17.9 billion in 2022 and is likely to reach USD 26.1 billion by 2031, expanding at a CAGR of 4.7% during 2023 – 2031. The growth of the market is attributed to the increasing vegan population around the world.

Increasing awareness about health-conscious diets among consumers is resulting in the higher adoption of plant-based products across the fast-food industry. This shift towards healthy diets reduces various health risks, such as obesity, cardiovascular issues, and diabetes. These risks are often associated with the consumption of traditional fast foods, as they contain a large amount of sugar, salt, saturated fats, trans fats, and other harmful ingredients. This is leading to a rising preference for vegan healthy foods, which is projected to propel the plant-based fast food alternatives market. For instance,

• According to a report published by World Health Organization (WHO) on June 9, 2021, the rate of obesity has tripled since 1975 and is expected to continue increasing. As per the estimates, in 2020, approximately 39 million children under 5 years old were overweight or obese. These conditions are caused by people's increased preference for unhealthy foods, including fast food.

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The plant-based products are popular for their low content of saturated fats, cholesterol, and calories. This helps people to reduce unhealthy meat-based fast food diets, which are key aspects propelling their demand, leading to the growth of the market. Furthermore, these alternatives contribute to environmental sustainability by reducing the demand for animal agriculture, which causes greenhouse gas emissions.

The research report finds that the COVID-19 pandemic moderately affected the market. The pandemic caused disruptions in the food industry, including the production and supply of plant-based alternatives. Many restaurants had to close or limit their operations, which affected the availability of these alternatives on menus. On the other hand, the pandemic also highlighted the importance of healthy diets, which further surged people's interest in healthier and environmentally friendly food choices, including plant-based fast foods. For instance,

• As per the report published by an American meal replacement manufacturer, Soylent, in 2023, the plant-based products market experienced 27% growth during the pandemic.

Plant-Based Fast Food Alternatives Market Dynamics

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Major Drivers

Increasing vegan diet culture is expected to drive the market. Individuals are becoming increasingly health-conscious due to the emergence of the COVID-19 pandemic and the subsequent rise in health concerns. More and more people are actively seeking ways to improve their overall well-being. Plant-based alternatives offer a route to healthier eating, as these products typically contain lower levels of saturated fats and cholesterol. These benefits often reduce the risks of health issues, including heart disease, obesity, and other disorders. For instance,

• According to the report published by Soylent in 2023, the global vegan population has reached over 79 million people. Such growing adoption of vegan foods is anticipated to propel the demand for plant-based fast food alternatives in the coming years.

Existing Restraints

Nutrition concerns related to plant-based fast food items are expected to hinder the market. Vegan fast food alternatives often have lower saturated fats and cholesterol, but they are still prepared with high levels of salt, sugar, and unhealthy fats to enhance flavor. Such factors further decrease the demand for these types of fast food in the market.

Emerging Opportunities

Rising global demand for plant-based fast food options is expected to create immense opportunities for the players competing in the market. Around the world, different culinary food cultures are adapting plant-based alternatives due to their health benefits. Furthermore, manufacturers are continually inventing new ways to produce plant-based alternatives that mimic the flavors and textures of meat and dairy to boost their market share.

Scope of the Plant-Based Fast Food Alternatives Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Product Analysis

Based on product, the plant-based fast food alternatives market is divided into dairy alternatives, meat alternatives, breads & sandwiches, and pizza & pasta. The dairy alternatives segment is expected to hold a major market revenue share during the forecast period, due to increasing demand for cheese, yogurt, ice cream, and other types of plant-based dairy products. These alternatives are generally better for health as compared to traditional dairy products.

The plant-based dairy products are often prepared using coconut, tree nuts, oats, and rice, which makes them a preferable choice among vegans. Furthermore, the growing lactose-intolerance population fuels the demand for plant-based dairy products in the market. For instance,

• As per the National Library of Medicine, nearly 65% of the global population has a lessened ability to digest lactose past infancy. Lactase non-persistence is highly common in East Asian communities, affecting 70 to 100 percent of people.

The meat alternatives segment is anticipated to register robust growth in the market during the projection period, owing to the ongoing advancement in manufacturing technology to improve the taste and texture of plant-based meat products. People are looking for options that let them enjoy their favorite fast-food meals while making healthier and planet-friendly choices. Moreover, the greenhouse gas emitted by traditional livestock farming further boosts the demand for plant-based meat products in the market. For instance,

• According to the report published by the United States Environmental Protection Agency on October 2020, around 37% of methane is emitted by bad agricultural and livestock practices. Furthermore, globally over 1.5 billion cattle are raised for meat harvesting, which causes 231 billion pounds of methane emission into the earth's atmosphere.  

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End-user Analysis

In terms of end-user, the market is classified as takeout and dine-in. The takeout segment is projected to register a considerable CAGR during the forecast period, due to the increasing demand for modern on-the-go plant-based fast-food options for people's busy lifestyles. The takeout food providers offer convenient options to grab a tasty meal and enjoy it wherever for its customers. Furthermore, the shift of restaurants and hotels to include plant-based fast-food items in their menu is further boosting the market.

Nature Analysis

On the basis of nature, the market is divided into standalone and franchised. The franchised segment is expected to grow at a significant CAGR in the market in the coming years, as they operate under well-established brands with recognized names having proven business models. This familiarity and reliability attract a larger number of customers which makes it easy to introduce and promote plant-based alternative products. Additionally, the adaptability to trends in various food cultures of franchises further fuels this segment in the market.

Regional Outlook

In terms of region, the global plant-based fast food alternatives market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market, due to the vast presence of popular fast-food chains and restaurants in this region. These fast-food providers have begun to introduce new menus with plant-based fast food for health-conscious customers. Moreover, the increasing vegan population owing to the growing awareness about the health benefits of plant-based products further boosts the market in this region. For instance

•  According to the article published by the World Animal Foundation in July 2023, 6% of the American population is vegan or vegetarian. The article further reveals that about one-third of the population in the US wants to consume more vegan food.

Asia Pacific is anticipated to expand at a rapid pace in the global market during the assessment period, due to the growing awareness about a healthy lifestyle. The plant-based fast foods are becoming popular among the Asian population as it offers healthier options without compromising on taste. Furthermore, the presence largest vegetarian population in the world contributes to the growth of the market in this region.

• According to a article by the World Animal Foundation (WAF) published in July  2023, India has the highest percentage of vegetarians in the world, which is 42% of the total global vegan population. Additionally, over 50 million Chinese people follow a vegetarian diet.

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