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We expect the global plant-based food market to exhibit a CAGR of 12.29% during 2022-2027.
The emerging trend of veganism, along with the increasing preference for plant-based foods by health-conscious consumers, owing to their low-calorie and high-protein content, is primarily driving the global plant-based food market.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of plant-based food items.
Based on the type, the global plant-based food market can be segmented into dairy alternatives, meat alternatives, egg substitutes and condiments, and others. Currently, dairy alternatives hold the majority of the total market share.
Based on the source, the global plant-based food market has been divided into soy, almond, wheat, and others. Among these, soy currently exhibits a clear dominance in the market.
Based on the distribution channel, the global plant-based food market can be bifurcated into supermarkets and hypermarkets, convenience stores, online stores, and others. Currently, supermarkets and hypermarkets account for the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global plant-based food market 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., and Vbite Food Ltd.
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