As per the latest report by IMARC Group, titled “Plant-based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global plant-based food market reached a value of US$ 35.6 Billion in 2020. Plant-based food refers to a variety of food products derived from vegetables, fruits, nuts, whole grains, legumes, oils and other plant sources. Tofu, coconut, almond milk, tempeh and seitan are plant-based food products that do not contain animal-sourced ingredients like meat, milk, and eggs. They are rich in numerous essential nutrients, including vitamin B1, C and E, folic acid, magnesium, and iron. They also comprise minimal cholesterol and saturated fats, which aids in reducing the risk of heart diseases, metabolic disorders, diabetes, obesity, high blood pressure, and some types of cancer. Nowadays, plant-based foods are highly preferred by health-conscious consumers due to their low-calorie and high-protein content.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Plant-based Food Market Trends:
The global plant-based food market is primarily driven by the growing prevalence of chronic and lifestyle diseases among people. The rising trend of veganism among millennials is positively impacting the market. Besides this, the increasing concerns for the prevention of cruelty against animals in the food industry have encouraged consumers to shift toward vegan alternatives. This has resulted in an escalated demand for plant-based food products across the globe. Moreover, athletes and celebrities are nowadays engaging in extensive advertisement campaigns to promote the consumption of vegetarian products. Furthermore, the introduction of innovative products like plant-based milk, eggs, and meat that offer the same level of nutrients and are identical in taste to their animal-sourced counterparts is providing a positive outlook for the market. On account of these factors, the market is expected to exhibit strong growth during the forecast period (2021-2026).
- Based on the type, the market has been divided into dairy alternatives, meat alternatives, egg substitutes and condiments, and others.
- On the basis of the source, the market has been classified into soy, almond, wheat and others.
- Based on the distribution channel, the market has been segmented into supermarkets and hypermarkets, convenience stores, online stores, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being 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. and Vbite Food Ltd.
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