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The comprehensive Plant-Based Food Market report highlights CAGR value fluctuation during the forecast period of 2022-2029, historic data, current market trends, market environment, technological innovation, upcoming technologies and the technical progress in the related industry. With this industry report it becomes easy to uncover the best market opportunities and foster resourceful information for the business to thrive in the market. Plant-Based Food Market research report is wide-ranging and takes into account various parameters of the market that can be listed as market definition, currency and pricing, market segmentation, market overview, premium insights, key insights and company profile of the key market players.
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.
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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.
Some of the major players operating in the plant-based food market are: 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.)
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.
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, .
- 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,
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.
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.
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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
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