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 2022 – 2030

The plant-based food market size was valued at USD 10 billion in 2021 and is projected to reach USD 34 billion by 2030, expanding at a CAGR of around 12% during the forecast period, 2022 – 2030. 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

• 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.
• Rising chronic lifestyle diseases and intolerance to animal protein are anticipated to boost the market.
• Growing acceptance of vegan diets globally is expected to propel the market during the forecast period.
• 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.
• High cost of the product is projected to hinder the market growth in the coming years.
• 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.

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

• Seafood Substitute
• Egg Substitute
• Meat Substitute
• Dairy Substitute
• Others

• Pea
• Wheat
• Nuts
• Soybean
• Others

• Online Retail
• Specialty Stores
• Convenience Stores
• Modern Groceries
• Others

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• 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.