Plant Based Food Market Size, Industry Trends Report | 2031
Plant Based Food Market Size, Industry Trends Report | 2031
Segments - Plant-based Food Market by Types (Seafood Substitute, Egg Substitute, Meat Substitute, Dairy Substitute, and Others), Sources (Pea, Wheat, Nuts, Soybean, and Others), Distribution Channels (Online Retail, Specialty Stores, Convenience Stores, Modern Groceries, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :FB-4633
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| 187 Pages
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Report Description
The plant-based food market size was valued at USD 11.20 Billion in 2022 and is projected to reach USD 31.06 Billion by 2031 , expanding at a CAGR of around 12% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing consumer hatred for animal protein and a shift in consumer preference toward veganism.
Various food products that are manufactured from organic plant-based materials are referred to as plant-based food. These products, which do not contain any animal products or those derived from animals, such as milk, meat, or eggs, typically contain vegetables, fruits, nuts, whole grains, and legumes. Due to the health and therapeutic advantages of soy- and gluten-free diets, they have quickly emerged as the nutritional trend with the fastest growth. Rising demand for gluten-free products is attributed to the increasing prevalence of illnesses, especially chronic and non-communicable diseases that cause disability. As a result, consumers are avoiding foods that contain or are fortified with soy and wheat ingredients.
COVID-19 had a negative influence on the global plant-based foods market due to a lockdown and strict rules imposed by governments on production activities, which resulted in their closure in the first half of 2020. The COVID-19 pandemic transformed numerous aspects of the plant-based food industry, including customer behavior, product categories, prices, and stock availability. The supply of plant-based foods has been prioritized in both developed and emerging countries, which has helped in driving the market in past few years.
Market Trends, Drivers, Restraints, and Opportunities
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Celebrity and athlete-led awareness campaigns have encouraged the consumption of vegetarian products in order to have a healthy diet, which is estimated to drive the market.
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Rising chronic lifestyle diseases and intolerance to animal protein are anticipated to boost the market.
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Growing acceptance of vegan diets globally is expected to propel the market during the forecast period.
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Increasing awareness among people about animal welfare issues and the need to stop animal abuse in the food industry is anticipated to fuel the market.
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High cost of the product is projected to hinder the market growth in the coming years.
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Rising R&D and new product launches by manufacturers are expected to create lucrative growth opportunities for the market players.
Scope of the Report
The report on the global plant-based food market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Plant-based Food Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023 – 2031 |
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Segmentation |
Types (Seafood Substitute, Egg Substitute, Meat Substitute, Dairy Substitute, and Others), Sources (Pea, Wheat, Nuts, Soybean, and Others), Distribution Channels (Online Retail, Specialty Stores, Convenience Stores, Modern Groceries, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
VBIte Food Ltd; Unilever PLC; The Hain Celestial Group, Inc.; Taifun –Tofu GmbH; Sanitarium Health and Wellbeing Company; Sahmyook Foods; Plamil Foods Ltd.; Nutrisoy Pty Ltd.; Nestlé S.A.; Marlow Foods Ltd.; Lightlife Foods, Inc.; Impossible Foods Inc.; Garden Protein International, Inc.; Earth's Own Food Company Inc.; Danone SA; Daiya Foods Inc.; Beyond Meat Inc.; Axiom Foods; Atlantic Natural Foods LLC; Amy's Kitchen Inc. |
Market Segment Insights
The dairy substitute segment is projected to expand at a rapid pace
Based on types, the global plant-based food market is segregated into seafood substitute, egg substitute, meat substitute, dairy substitute, and others. The dairy substitute segment is projected to expand at a rapid pace during the forecast period. Growth of the segment is attributed to rising prevalence of lactose intolerance, consumer concern over animal cruelty in conventional dairy farming practices, and nutritional advantages of plant-based dairy alternatives. On the other hand, the seafood substitute segment is anticipated to expand at a high CAGR during the forecast period due to increasing investments and food developments in species-specific seafood substitutes, rising consumer preference for seafood that is vegan, and rising number of product innovations.
The soy segment is expected to hold a major market share during the forecast period
On the basis of sources, the plant-based food market is divided into pea, wheat, nuts, soybean, and others. The soy segment is expected to hold a major market share during the forecast period. Growth of the segment is attributed to less expensive as compare to other sources, increased acceptance among consumers, and its extensive applications in various food & beverage sectors such as bakery, dairy alternative, and meat. Moreover, the pea segment is estimated to expand at a high CAGR during the forecast period owing to increasing investment by major manufacturers to boost pea protein production. Additionally, peas are lactose-free, gluten-free, and allergen-free which drives the demand for pea-sourced plant-based food.
The modern groceries segment is estimated to expand at a high CAGR during the forecast period
In terms of distribution channels, the global plant-based food market is fragmented into online retail, specialty stores, convenience stores, modern groceries, and others. The modern groceries segment is estimated to expand at a high CAGR during the forecast period. Growth of the segment is attributed to factors such as more shelf space, appealing discounts, and bundling tactics.
Europe is anticipated to dominate the global market
On the basis of regions, the global plant-based food market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to dominate the global market during the forecast period. In the previous two years, the amount of plant-based food produced in Europe has doubled as a result of customers' increased choice for healthy and sustainable food. The consumption of non-vegetarian and meat products has significantly reduced in recent years as a result of increased adoption of a vegan lifestyle by the German population.
Segments
The global plant-based food market has been segmented on the basis of
Types
- Seafood Substitute
- Egg Substitute
- Meat Substitute
- Dairy Substitute
- Others
Sources
- Pea
- Wheat
- Nuts
- Soybean
- Others
Distribution Channels
- Online Retail
- Specialty Stores
- Convenience Stores
- Modern Groceries
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- VBIte Food Ltd
- Unilever PLC
- The Hain Celestial Group, Inc.
- Taifun –Tofu GmbH
- Sanitarium Health and Wellbeing Company
- Sahmyook Foods
- Plamil Foods Ltd.
- Nutrisoy Pty Ltd.
- Nestlé S.A.
- Marlow Foods Ltd.
- Lightlife Foods, Inc.
- Impossible Foods Inc.
- Garden Protein International, Inc.
- Earth's Own Food Company Inc.
- Danone SA
- Daiya Foods Inc.
- Beyond Meat Inc.
- Axiom Foods
- Atlantic Natural Foods LLC
- Amy's Kitchen Inc.
Competitive Landscape
Key players competing in the plant-based food market include VBIte Food Ltd; Unilever PLC; The Hain Celestial Group, Inc.; Taifun –Tofu GmbH; Sanitarium Health and Wellbeing Company; Sahmyook Foods; Plamil Foods Ltd.; Nutrisoy Pty Ltd.; Nestlé S.A.; Marlow Foods Ltd.; Lightlife Foods, Inc.; Impossible Foods Inc.; Garden Protein International, Inc.; Earth's Own Food Company Inc.; Danone SA; Daiya Foods Inc.; Beyond Meat Inc.; Axiom Foods; Atlantic Natural Foods LLC; Amy's Kitchen Inc. Some of these players are using several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares.
Frequently Asked Questions
Increasing awareness among people about animal welfare issues and the need to stop animal abuse in the food industry is anticipated to drive the plant-based food market.
The plant-based food market is projected to expand at a CAGR of around 12% during the forecast period, 2022 – 2030.
The plant-based food market was valued at USD 10 billion in 2021.
Europe is anticipated to dominate the global plant-based food market during the forecast period.
Danone SA; Daiya Foods Inc.; Beyond Meat Inc.; Axiom Foods; Atlantic Natural Foods LLC; Amy's Kitchen Inc. are a few of the leading players in the plant-based food market.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Plant-based Food Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Plant-based Food Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Plant-based Food Market - Supply Chain
4.5. Global Plant-based Food Market Forecast
4.5.1. Plant-based Food Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Plant-based Food Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Plant-based Food Market Absolute $ Opportunity
5. Global Plant-based Food Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Plant-based Food Market Size and Volume Forecast by Types
5.3.1. Seafood Substitute
5.3.2. Egg Substitute
5.3.3. Meat Substitute
5.3.4. Dairy Substitute
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Plant-based Food Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Plant-based Food Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Plant-based Food Demand Share Forecast, 2019-2026
7. North America Plant-based Food Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Plant-based Food Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Plant-based Food Market Size and Volume Forecast by Types
7.4.1. Seafood Substitute
7.4.2. Egg Substitute
7.4.3. Meat Substitute
7.4.4. Dairy Substitute
7.4.5. Others
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Plant-based Food Demand Share Forecast, 2019-2026
8. Latin America Plant-based Food Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Plant-based Food Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Plant-based Food Market Size and Volume Forecast by Types
8.4.1. Seafood Substitute
8.4.2. Egg Substitute
8.4.3. Meat Substitute
8.4.4. Dairy Substitute
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Plant-based Food Demand Share Forecast, 2019-2026
9. Europe Plant-based Food Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Plant-based Food Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Plant-based Food Market Size and Volume Forecast by Types
9.4.1. Seafood Substitute
9.4.2. Egg Substitute
9.4.3. Meat Substitute
9.4.4. Dairy Substitute
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Plant-based Food Demand Share Forecast, 2019-2026
10. Asia Pacific Plant-based Food Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Plant-based Food Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Plant-based Food Market Size and Volume Forecast by Types
10.4.1. Seafood Substitute
10.4.2. Egg Substitute
10.4.3. Meat Substitute
10.4.4. Dairy Substitute
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Plant-based Food Demand Share Forecast, 2019-2026
11. Middle East & Africa Plant-based Food Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Plant-based Food Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Plant-based Food Market Size and Volume Forecast by Types
11.4.1. Seafood Substitute
11.4.2. Egg Substitute
11.4.3. Meat Substitute
11.4.4. Dairy Substitute
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Plant-based Food Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Plant-based Food Market: Market Share Analysis
12.2. Plant-based Food Distributors and Customers
12.3. Plant-based Food Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. VBIte Food Ltd
12.4.2. Unilever PLC
12.4.3. The Hain Celestial Group, Inc.
12.4.4. Taifun –Tofu GmbH
12.4.5. Sanitarium Health and Wellbeing Company
12.4.6. Sahmyook Foods
12.4.7. Plamil Foods Ltd.
12.4.8. Nutrisoy
Methodology
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