Global Plant-Based Food Market to Grow at 12.11% During 2023-2028, Propelled by the Development of Innovative Products

September 23, 2021 | Food & Beverages

As per the latest report by IMARC Group, titled “Plant-Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global plant-based food market is expected to exhibit a CAGR of 12.11% during 2023-2028. 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.

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.

Market Summary:

  • 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.


Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Type, Source, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


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Global Plant-Based Food Market to Grow at 12.11% During 2023-2028, Propelled by the Development of Innovative Products
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