Richmond, Feb. 12, 2024 (GLOBE NEWSWIRE) -- According to a research report "Plant Based Food Market”, by Product Type (Vegetables, Beans and Legumes, Fruit, Whole Grains, Others), Category (plant-based foods, plant-based, processed foods, plant-based protein, Plant-based Meat, Others), Distribution Channel (Business to Business, Business to Customers, Modern Groceries, Convenience Store, Specialty Store, Online Retail, Others) and Region - Global Forecast to 2030.
Global Plant Based Food Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 43.77 Billion |
| Market size value in 2030 | USD 85 Billion |
| CAGR (2023-2030) | 9.95% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product Type, Category, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Plant Based Food Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The food industry has experienced a notable shift towards plant-based diets. The landscape of plant-based food can be categorized into three main segments: plant-based foods, processed plant-based foods, and plant-based protein. This shift poses challenges and opportunities for stakeholders such as food manufacturers, retailers, and marketers. Challenges encompass issues related to the taste, texture, and sensory aspects of plant-based products, regulatory obstacles, and supply chain limitations. On the flip side, there are opportunities to diversify product offerings, meet existing demand, utilize technological advancements for improved quality and sustainability, and appeal to the growing demographic of health-conscious and environmentally aware consumers. This analysis focuses on the plant-based processed foods and protein alternatives within the plant-based food landscape. Efforts have been made to examine the drivers of growth and demand in these categories, addressing the significant challenges confronting the industry, and exploring avenues for innovation and expansion. The discussion also investigates regulatory and policy developments influencing the plant-based food sector. As urbanization continues to rise, so too will the demand and variety of food choices. Additionally, the surge in lactose intolerance and the widespread adoption of vegetarian and vegan diets have transformed food preferences, potentially elevating the popularity of plant-based products that offer lactose-free and animal-free alternatives. The market for plant-based foods has witnessed rapid growth, driven by various factors, including health considerations, environmental consciousness, and evolving consumer preferences. The global momentum towards plant-based diets and alternative proteins is on the rise, with projections indicating continued growth in the years ahead.
Major Vendors in the Global Plant Based Food Market:
- Abbott
- Amway India Enterprises Pvt. Ltd.
- Bayer AG
- DSM
- DuPont
- Mead Johnson & Company, LLC.
- Medifast, Inc.
- Nature's Bounty
- Nestlé
- Premier Nutrition Company, LLC.
- RiceBran Technologies
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Growing Popularity of Flavored Plant-Based Meals
A significant driving force behind the global Plant Food Market is the widespread acceptance of plant-based foods and beverages. These products, derived primarily from plants like vegetables, nuts, seeds, legumes, and fruits, with minimal to no animal-sourced ingredients, have become deeply rooted in food culture. They span across diverse categories such as meat, dairy, seafood, condiments, and sauces, and are easily accessible in major retailers and an increasing number of restaurants, catering to a mainstream consumer base. Notably, even well-established brands like Cracker Barrel have joined this trend by introducing a vegan sausage product to their breakfast menu, indicating the shift of these products from niche natural markets to a broader audience. The plant-based food and beverage category encompasses alternatives made from various sources, including nuts, grains, legumes, and other plants. This category serves as a gateway for the adoption of other plant-based dairy products, with creamers and yogurt ranking among the top categories. While meat substitutes like veggie burgers have been available for decades, their popularity has recently surged. Brands like Gardenburger, BOCA, and MorningStar Farms have utilized innovation to create products that closely replicate the taste, appearance, and texture of real meat.
Market Dynamics
Drivers:
- The increase in the number of consumers of vegan food
- Rise consumers seek out alternatives to traditional/animal protein
- Expanding e-commerce sector increasing sale of plant-based food
- Growing popularity of flavored plant-based meals
- Improved Product Innovations
Opportunities:
- Capturing the attention of the growing segment of health-conscious and environmentally aware-consumers
- Growing technological innovations to improve product quality and sustainability
- expanding product portfolios to create new demand
- Growth of the organized retail sector and exports
Growing technological innovations to improve product quality and sustainability
Technological advancements are playing a pivotal role in significantly elevating the quality of plant-based food products. Innovations in ingredient development now enable the replication of taste and texture similar to traditional animal-based products, rendering plant-based alternatives more tempting. Furthermore, sophisticated processing technologies empower manufacturers to create plant-based products with improved taste, texture, and nutritional profiles, effectively addressing historical challenges associated with these alternatives. From a sustainability perspective, technology optimizes the supply chain for plant-based ingredients, minimizing waste, and enhancing overall efficiency. Advances in agricultural practices and technology are maximizing resource utilization, reducing water consumption, and mitigating the environmental impact of cultivating plant-based ingredients. Technology positively influences consumer awareness and education through the widespread distribution of information on digital platforms, educating consumers about the environmental and health benefits of plant-based diets. Social media platforms, influenced by technological advancements, play a pivotal role in shaping consumer preferences and rapidly spreading trends, thereby fostering wider acceptance of plant-based diets. Biotechnological progress, including cellular agriculture and fermentation processes, contributes to the production of alternative protein sources like plant-based meat substitutes, offering sustainable and ethical alternatives to conventional animal agriculture. Additionally, technology facilitates data analytics, enabling the collection and analysis of consumer data to create personalized plant-based products aligned with individual preferences and dietary needs. This ultimately enhances consumer satisfaction and expands market reach. Regulatory bodies recognize the importance of plant-based options, establishing explicit labeling standards and certifications, with technology aiding in monitoring and ensuring compliance, thereby fostering trust among consumers.
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North America Dominates The Market For Plant-Based Food.
The Plant Based Food Market's predominant position in North America can be attributed to various factors, including heightened consumer awareness regarding the significance of protein-rich diets, a well-established food sector, advanced technological developments in the food and beverage industry, and substantial investments in the plant-based domain. Growing concerns about animal cruelty in the food industry and its adverse environmental impact have further contributed to this dominance. Anticipated growth in the Plant Based Food Market is also fueled by increasing awareness of the health benefits associated with consuming plant-based foods and a heightened consciousness of animal welfare.
In the Asia-Pacific region, particularly in India, there is a noteworthy emergence as a significant player with considerable growth potential in the Plant Based Food Market. The Indian market's expansion is propelled by a rising urban population, escalating disposable incomes, and a shift towards Westernized dietary habits. The convenience factor, aligning seamlessly with the fast-paced urban lifestyle in countries like India, has led to a surge in the popularity of ready-to-eat foods. Moreover, government initiatives aimed at promoting the food processing sector and enhancements in distribution channels contribute significantly to the market's growth.
The Category Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Plant Based Food Market, the Packaging segment encompasses diverse categories like plant-based foods, processed plant-based foods, plant-based protein, plant-based meat, and other related products. Notably, plant-based meats represent one of the fastest-growing yet challenging segments in the plant-based foods industry. The surge in demand is propelled by the imperative to mitigate the environmental impact of the beef industry, a growing preference for healthier alternatives to animal-based meat, and an increasing number of individuals adopting a vegetarian or vegan diet. However, developing successful plant-based meats poses significant challenges, primarily centered around replicating the taste, texture, mouthfeel, firmness, and even sear marks characteristic of animal-based beef, chicken, or pork. Achieving this replication requires a careful approach to accurately measure the physical and structural properties of the plant materials used, as well as additives like starches, oils, and other proteins throughout the entire production process—from raw ingredients to mixing, forming, and cooking the meat. Critical to the success of plant-based meat development is the precise measurement of specific parameters such as rheology, viscosity, and consistency, along with an understanding of how these properties evolve over time and at different temperatures to simulate the cooking process.
Segmentations Analysis of Plant Based Food Market: -
- By Product Type
- Vegetables
- Beans and Legumes
- Fruit
- Whole Grains, Others
- Others
- By Category
- plant-based foods
- plant-based
- processed food
- plant-based protein
- Others
- By Distribution Channel
- Business to Business
- Business to Customers
- Modern Groceries
- Convenience Store
- Specialty Store
- Online Retail
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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