The Plant-Based Food Global Market Report 2023 by The Business Research Company, provides plant based food market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Plant-Based Food Global Market Report 2023, the global plant-based food market size is expected to grow from $44.56 billion in 2022 to $50.47 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global plant-based food market size is expected to reach $82.12 billion in 2027 at a CAGR of 12.9%.
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.
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The plant based food market 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
Product Innovation is a key trend gaining popularity in the plant-based food market. Major companies operating in the plant-based food market are focused on developing innovative products such as clean-label products, vegan cheeses, egg substitutes, and other products to strengthen their position. For instance, in July 2022, Century Pacific Food, Inc., a Philippines-based food and beverage company, launched an innovative plant-based alternative ‘unMEAT Fish-free Tuna’. It is 100% fish-free and plant-based ingredients that use non-GMO ingredients. The product is uniquely designed with low fat with zero content of mercury and trans-fat. The company developed the product with taste, texture, and appearance the same as tune but with zero-fish.
The plant based food market report table of contents includes:
1. Executive Summary
2. Plant-Based Food Market Characteristics
3. Plant-Based Food Market Trends And Strategies
4. Plant-Based Food Market – Macro Economic Scenario
5. Plant-Based Food Market Size And Growth
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26. Africa Plant-Based Food Market
27. Plant-Based Food Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Plant-Based Food Market
29. Plant-Based Food Market Future Outlook and Potential Analysis
30. Appendix
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