The Plant-Based Food Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plant-Based Food Global Market Report 2024, The plant-based food market size has grown rapidly in recent years. It will grow from $50.32 billion in 2023 to $56.99 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to growing health consciousness, environmental concerns, ethical and animal welfare considerations, innovations in product offerings, mainstream retail availability.
The plant-based food market size is expected to see rapid growth in the next few years. It will grow to $95.92 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to continued health and wellness trend, climate change awareness, expansion of vegan and flexitarian populations, investments and expansion by food companies, government initiatives and regulations. Major trends in the forecast period include introduction of plant-based eggs and dairy alternatives, focus on nutrient-dense plant-based snacks, market expansion in retail and e-commerce, globalization of plant-based cuisine, sustainable packaging solutions.
Growing preference for plant-based food products is expected to propel the growth of the plant-based food market going forward. Plant-based food products refer to a product that is completely made from 100% plant ingredients and that is completely free from all animal products. They contain no animal products or animal-derived ingredients and include only vegetables, fruits, and grains. Increasing preference for plant-based food products is increasing because of their health benefits, ethical issues, and environmental concerns. People preferring plant-based food products will help to propel the market growth. For instance, in 2021, according to The Good Food Institute, a US-based nonprofit organization promoting plant- and cell-based products, the US retail market for plant-based foods increased from $6.9 billion in 2020 to $7.4 billion by 7.2% in 2021, and further, the sales grew by 6% compared to 2020. Therefore, the growing preference for plant-based food products is driving the growth of the plant-based food market.
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The plant-based food market covered in this report is segmented –
1) By Type: Diary Alternatives, Meat Alternatives, Egg Substitutes And Condiments, Other Types
2) By Source: Soy, Almond, Wheat, Pea, Rice, Other Sources
3) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Stores, Other Distribution Channels
Major companies operating in the plant-based food market are forming partnerships to develop new products and strengthen their positions in the market. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in October 2023, Nelson-Jameson, a US-based food processing distributor partnered with Vaess, a Dutch-based food tech company and Lallemand Specialty Cultures, a US-based specialty cultures manufacturing company for expanding plant-based manufacturing. The collaboration strives to provide plant-based options, expanding the customer base to address the growing demand for greater diversity in the portfolios of existing customers. The partnership aims to implement focused strategies for companies manufacturing plant-based and hybrid products.
The plant-based food market report table of contents includes:
- Executive Summary
- Plant-Based Food Market Characteristics
- Plant-Based Food Market Trends And Strategies
- Plant-Based Food Market – Macro Economic Scenario
- Global Plant-Based Food Market Size and Growth
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- Global Plant-Based Food Market Competitive Benchmarking
- Global Plant-Based Food Market Competitive Dashboard
- Key Mergers And Acquisitions In Plant-Based Food Market
- Plant-Based Food Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Nestlé S.A.
- Archer-Daniels-Midland Company
- Danone SA
- Kellogg Company
- Gold and Green Foods
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