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Global Plant-Based Food Market – Industry Trends and Forecast to 2029

  • Food & Beverage
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Food & Beverage
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Plant-Based Food Market By Product Type (Non-Dairy Milk and Dairy Products, Bakery and Confectionery, Sweet and Savoury Snacks, RTE and RTC Meals, Others), Category (Organic, Conventional), Distribution Channel (Store-Based, Non Store Based), – Industry Trends and Forecast to 2029

Plant-Based Food Market

Market Analysis and Size

Veganism is an environmentally conscious, low-carbon lifestyle that is here to stay for a long time. The global market and its expansion are the best examples of this. The world has been looking for new and different foods to eat, and this has reflected in the growth of the global plant based foods market. We have always eaten plants and their products as food as humans. On the other hand, plant-based foods are a more refined version of plant products marketed for commercial use.

Data Bridge Market Research analyses that the plant-based food market was valued at USD 14.3 billion and is expected to reach the value of USD 88.00 billion by 2029, at a CAGR of 25.5% during the forecast period of 2022-2029.

Market Definition

Plant-based food refers to a variety of food products made from natural plant ingredients. These products are typically made from fruits, vegetables, nuts, oils, whole grains, and legumes, with no animal-derived ingredients such as meat, milk, or eggs. Tofu, coconut and almond milk, tempeh, and seitan are examples of popular plant-based foods. A diet rich in vitamins B1, C, and E, folic acid, magnesium, and iron, as well as low in cholesterol and saturated fats, is recommended.

Market size and segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Bayer AG (Germany), Abbott (U.S.), DSM (Netherlands), DuPont. (U.S.), Amway (U.S.), The Nature's Bounty Co. (U.S.), GlaxoSmithKline plc. (U.K.), Nestlé (Switzerland), RiceBran Technologies (U.S.), Mead Johnson & Company, LLC. (U.S.), Medifast, Inc. (U.S.), Premier Nutrition Corporation (U.S.), TOOTSI IMPEX Inc. (Canada), U.S. Spice Mills, Inc. (U.S.), Health Food Manufacturers' Association (U.K.), NOW Foods (U.S.), Glanbia PLC (Ireland), Herbalife International of America, Inc. (U.S.), and Bionova (India), among others

Countries Covered

U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature's Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), True Nutrition (U.S.)

Opportunities

  • The extensive properties of plant based foods high-quality
  • The vast majority of the world's population will remain lactose intolerant
  • Sustainable living movement, which advocates for climate- and animal-safe foods

Plant-Based Food Market Dynamics

Drivers

  • Rising prevalence of chronic lifestyle diseases and intolerance to animal protein

One of the key factors driving market growth is the rising prevalence of chronic lifestyle diseases and intolerance to animal protein. Furthermore, the widespread adoption of vegan eating habits around the world is propelling market growth. With rising consumer awareness of animal health and the prevention of cruelty to animals in the food industry, there is a shift in global preference for plant-based food products. As a result, the market has a more positive outlook.

  • Rise in social media marketing

Furthermore, the development of novel products, such as plant-based milk, eggs, and meat, is stimulating growth. These products are high in essential nutrients and taste almost identical to their animal-derived counterparts. 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 ease of product availability via proliferating online retail channels, are expected to drive the market even further.

Opportunity

Lactose intolerance is one of the most recent opportunities for a global market. The vast majority of the world's population will remain lactose intolerant. This segment of the global population will always require a lactose-free alternative, which the plant-based food industry can provide. Another possibility is the sustainable living movement, which advocates for climate- and animal-safe foods. As people make more environmentally conscious choices to reduce their domestic carbon footprint, the global market is paying close attention to an excellent opportunity for plant-based food market.

Restraints

Plant-based products do not have the same flavour as animal-based products. As a result, a portion of the world's population may oppose the consumption of plant-based foods. Furthermore, some people are allergic to plant-based proteins and nutrients. As a result, plant-based foods may not be a widely accepted food alternative.

This plant-based food market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the plant-based food market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Plant-Based Food Market

The COVID-19 outbreak has put tremendous strain on the functional food and nutraceutical industries. Several frontline workers, including doctors, nurses, other medical professionals, hygiene workers or sweepers, and others, are working hard to stop the spread of the novel coronavirus. To combat the disease, government agencies have advised citizens to eat a healthy and nutritious diet. This is expected to increase demand for plant-based foods, which promote the body's good health and optimal functioning by providing essential nutrients. Plant-based foods are necessary for the growth and repair of human cells and tissues. Plant protein is beneficial for weight loss in addition to providing the building blocks for healthy muscles and tissues.

Recent Development

  • In response to rising demand for plant-based burgers, Grill'd, an Australian food chain focused on burger innovation, introduced the Beyond Burger in 2019.
  • Linda McCartney Foods, a British food brand, introduced meat-free sausages made from pea protein in April 2019. In the same month, Veggie Grill, a restaurant chain based in the United States that serves only plant-based foods, announced plans to open 50 new locations across the country.

Global Plant-Based Food Market Scope

The plant-based food market is segmented on the basis of product type, category and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

  • Non-Dairy Milk
  • Dairy Products
  • Bakery and Confectionery
  • Sweet and Savoury Snacks
  • RTE and RTC Meals
  • Others

Category

  • Organic
  • Conventional

Distribution channel

  • Store based
  • Non store based

Plant-Based Food Market Regional Analysis/Insights

The plant-based food market is analysed and market size insights and trends are provided by country, product type, category and distribution channel as referenced above.

The countries covered in the plant-based food market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is thought to have the largest share of the plant-based food market. North America's leading position in the plant-based food market can be attributed to factors such as consumer awareness of the importance of protein-rich diets, increased health consciousness, a well-established food sector, and higher adoption of technological advancements in the food and beverage industry. The Asia-Pacific market is showing signs of strong future growth. The high market growth in Asia-Pacific can be attributed to factors such as increased adoption of emerging technologies for product innovation, collaborations between international and domestic food companies, increased R&D investments by governments in the food sector, and the presence of a large number of key players in the market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Plant-Based Food Market Share Analysis

The plant-based food market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to plant-based food market.

Some of the major players operating in the plant-based food market are:

  • Bayer AG (Germany)
  • Abbott (U.S.)
  • DSM (Netherlands)
  • DuPont. (U.S.)
  • Amway (U.S.)
  • The Nature's Bounty Co. (U.S.)
  • GlaxoSmithKline plc. (U.K.)
  • Nestlé SA (Switzerland)
  • RiceBran Technologies (U.S.)
  • Mead Johnson & Company, LLC. (U.S.)
  • Medifast, Inc. (U.S.)
  • Premier Nutrition Corporation (U.S.)
  • TOOTSI IMPEX Inc. (Canada)
  • U.S. Spice Mills, Inc. (U.S.)
  • Health Food Manufacturers' Association (U.K.)
  • NOW Foods (U.S.)
  • Glanbia PLC (Ireland)
  • Herbalife International of America, Inc. (U.S.)
  • Bionova (India)


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Frequently Asked Questions

The major players covered in plant-based food products report are DANONE SA, Blue Diamond Growers, Hain Celestial, Pureharvest, SunOpta, Want Want China Holdings Limited, Kikkoman Corporation, Ripple Foods, Califia Farms, THE COCA COLA COMPANY, Pulmuone Foods USA, Inc., Troll Bridge Creek, Pepsi Co., BORGES INTERNATIONAL GROUP, S.L. & CSC BRANDS, L.P. among other domestic and global players.
The Plant-Based Food Market is to grow at a CAGR of 25.5% during the forecast by 2029.
On the basis of product, the Plant-Based Food Market is segmented into Non-Dairy Milk and Dairy Products, Bakery and Confectionery, Sweet and Savoury Snacks, RTE and RTC Meals, Others.
The major countries covered in the Plant-Based Food Market are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.