Plant-Based Food Market

Market Overview:

The global plant-based food market is expected to exhibit a growth rate (CAGR) of 12.11% during 2023-2028. The growing vegan population, wide availability through various distribution channels, and rising demand for plant-based cheese to prepare different dishes represent some of the key factors driving the market.

Plant-based food comprises minimally processed fruits, vegetables, whole grains, legumes, nuts and seeds, herbs, and spices and excludes all animal products, including red meat, poultry, fish, eggs, and dairy products. It is nutrient-dense and packed with fiber, healthy fats, protein, vitamins, and minerals. It boosts the immune system, as it offers phytochemicals and antioxidants that help keep cells healthy. It minimizes inflammation in the body by neutralizing toxins from pollution, processed food, bacteria, and viruses. It helps maintain a healthy weight and reduce the risk of various cancers, such as colorectal, post-menopausal breast, uterine, esophageal, kidney, and pancreatic. It improves the health of the gut, lowers cholesterol, stabilizes blood sugar levels, and enhances bowel movement. It assists in reducing the risk of developing type 2 diabetes, as it has higher insulin sensitivity. As it also aids in improving heart health by reducing high blood pressure, cholesterol, and other factors that contribute to heart disease, the demand for plant-based food is rising worldwide.

Global Plant-Based Food Market Trends:

At present, the increasing awareness among the masses about the benefits of consuming plant-based food products represents one of the key factors supporting the growth of the market. Besides this, key players are adopting advanced technology to make significant advancements in the textures of plant-based food products. They are also utilizing prolamin technology and extrudable fat technology to develop plant-based meat and plant-based cheese, which is impelling the growth of the market. In line with this, they are introducing numerous quality products in different flavors with attractive packaging solutions around the world. In addition, there is a rise in the vegan population across the globe due to the increasing concerns about animal health and cruelty. This, along with the growing demand for plant-based milk, yogurt, ice cream, and frozen novelties among lactose-intolerant individuals, is offering a favorable market outlook. Moreover, the escalating demand for plant-based cheese to prepare Italian dishes, such as pizzas, Caprese salad, pasta, and croquettes, and is available in the form of slices, cubes, shredded, and spreads, is propelling the growth of the market. Apart from this, the wide availability of plant-based food products via various distribution channels, such as convenience and specialty stores, hypermarkets, supermarkets, and online platforms, is strengthening the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global plant-based food market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, source and distribution channel.

Type Insights:

• Dairy Alternatives
• Meat Alternatives
• Egg Substitutes and Condiments
• Others
   

The report has provided a detailed breakup and analysis of the plant-based food market based on the type. This includes dairy alternatives, meat alternatives, egg substitutes and condiments, and others. According to the report, dairy alternatives represented the largest segment.

Source Insights:

• Soy
• Almond
• Wheat
• Others
   

A detailed breakup and analysis of the plant-based food market based on the source has also been provided in the report. This includes soy, almond, wheat, and others. According to the report, soy accounted for the largest market share.

Distribution Channel Insights:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others
   

A detailed breakup and analysis of the plant-based food market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, online stores, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for plant-based food. Some of the factors driving the Asia Pacific plant-based food market included the growing number of lactose-intolerant people, rising demand for dairy alternative products, increasing health consciousness among the masses, etc. 

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global plant-based food market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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., Vbite Food Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the plant-based food market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global plant-based food market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the plant-based food industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.