According to this latest publication from Meticulous Research®, the global plant-based food market is expected to grow at a CAGR of 12.4% from 2022–2029 to reach $95.52 billion by 2029. The growth of this market is driven by factors such as the increasing intolerance for animal protein amongst consumers, the growing vegan population, and the rising number of venture investments in plant-based food companies. In addition, the increasing number of research & development and new product launches by plant and protein alternative manufacturers and emerging economies, such as Asia-pacific, Latin America, and the Middle East & Africa, are expected to create lucrative opportunities for players operating in this market.
However, factors such as the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to a notable extent.
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The key players operating in the global plant-based food market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone SA (France), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Plamil Foods Ltd. (U.K.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods (U.S.), Daiya Foods Inc. (Canada), Earth’s Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), and Unilever PLC (U.K.).
Based on geography, the plant-based food market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the major share of the plant-based food market. The leading position of North America in the plant-based food market is attributed to factors such as the high awareness regarding the importance of protein-rich diets, increased health consciousness amongst consumers, a well-established food sector, higher adoption of technological advancements in the food & beverage industry, and significant investments in the plant-based sector. However, the Asia-Pacific plant-based food market is developing and expanding significantly. The market in Asia-Pacific is demonstrating signs of strong growth in the future.
The plant-based food market is segmented based on source, type, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at the country level.
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Based on type, the plant-based food market is segmented into dairy alternatives, meat substitutes, meals, baked goods, confectionery, RTD beverages, eggs substitutes, seafood substitutes, and others. In 2022, the dairy alternatives segment is expected to account for the largest share of the plant-based food market. The large market share of this segment is attributed to factors, such as the increasing number of lactose intolerant people, the growing ethical concerns amongst consumers about animal abuse in modern dairy farming practices, and the nutritional benefits offered by plant-based dairy products. However, the seafood substitute segment is expected to grow at the fastest CAGR during the forecast period due to the increasing consumer demand for vegan seafood, the rising number of investments and food innovations in species-specific seafood alternatives, and the increasing number of new product launches.
Based on source, the plant-based food market is segmented into soy, almond, wheat, pea, rice protein, and others. In 2022, the soy segment is expected to account for the largest share of the plant-based food market. The large share of this segment is attributed to factors such as the easy and wide availability of raw materials, lower cost compared to other sources, significant demand from meat alternatives manufacturers, higher consumer acceptance level, and its wide range of applications in numerous food & beverage sectors, including meat, dairy alternative, and bakery. However, the pea segment is expected to grow at the fastest CAGR during the forecast period due to the increasing desire amongst consumers to find sustainable and good tasting alternatives to animal-based proteins and the rising number of investments from leading manufacturers to increase pea protein production. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based food.
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Key questions answered in the report-
What are the high-growth market segments in terms of type, source, distribution channel, and geography?
What is the historical market for plant-based food across the globe?
What are the market forecasts and estimates for the period of 2022–2029?
What are the major drivers, restraints, and opportunities in the global plant-based food market?
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