Plant-Based Food Market: A Strategic Analysis of the Key Players and Their Strategies
Market Analysis
The plant-based food market size was valued at USD 18.5 billion
in 2021. The plant-based food market industry is projected to grow from USD
20.39 Billion in 2022 to USD 40.24 billion by 2030, exhibiting a compound
annual growth rate (CAGR) of 4.72% during the forecast period (2022 - 2030), states the new Market Research Future (MRFR) report. Plant-based
foods, simply put, is a diet which focuses on foods that are derived from
plants. Some of the common foods used in plant-based diets include lentils,
tofu, whole grains, soy, beans, seeds, nuts, vegetables, and fruits. Better
nutrition, weight loss, healthier heart, lower risk of diabetes, and lower risk
of cancer are some of the health benefits of consuming plant-based food.
The plant-based
food market overview has witnessed remarkable growth in recent years,
reflecting a global shift towards healthier, more sustainable eating habits.
With increasing consumer awareness of the environmental and health benefits
associated with plant-based diets, the market has expanded to offer a diverse
array of innovative and delicious alternatives to traditional animal-based
products. From plant-based meat substitutes to dairy-free milks and vegan
snacks, this burgeoning market continues to attract both health-conscious
consumers and those concerned about the planet's future, making it a
significant and dynamic segment of the food industry.
Numerous factors are propelling the
plant-based food market. Such factors, according to the new Market Research
Future report, include increasing concerns for animal welfare, growing demand
for food safety, burgeoning demand for organic and natural products, the wave
of health consciousness, rapid product innovation, and a rise in GDP in
developing economies. Additional factors propelling the growth of the
plant-based food market include changing lifestyle, increase in per capita
income, technological advancements, the strong performance of the retail
sector, increasing lactose-intolerance, health risks associated with eating
meat, and increasing preference of consumers for vegan food.
On the contrary, the high cost of
plant-based food and low awareness about plant-based food, especially in
underdeveloped and developing economies, are factors that may deter the
plant-based food market growth during the forecast period.
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Market
Segmentation
The Market Research Future report offers a
complete segmental analysis of the plant-based food market based on
distribution channel, category, and product type.
By product type, the plant-based food market
is segmented into RTE and RTC meals, sweet and savory snacks, bakery and
confectionery, non-dairy milk and dairy products, and others. Of these,
non-dairy milk and dairy products will dominate the market during the forecast
period. It includes cheese, butter, yogurt, ice cream, milk, and others.
By category, the plant-based food market is
segmented into conventional and organic. Of these, the conventional segment
will lead the market during the forecast period for its economical pricing and
ease of availability.
By distribution channel, the plant-based
food market research is segmented into non-store-based and store-based.
The store-based segment is again segmented into convenience stores,
supermarkets and hypermarkets, and others. Of these, the store-based segment
will have the maximum share in the market during the forecast period.
Regional
Analysis
By region, the plant-based food market
report covers the latest trends and growth opportunities across North America,
the Asia Pacific, Europe, and the Rest of the World. Of these, Europe will
command the largest share in the market during the forecast period for the
rising consumer awareness about the adverse side effects of consuming synthetic
ingredients and burgeoning demand for plant-based food that is organic. Germany
and the UK are the chief contributors in this region.
The plant-based food market in North
America will have healthy growth during the forecast period for the strong
organized retail sectors present in the US coupled with the rising promotional
activities carried out by the key players. Millennials are the leading consumer
segment followed by baby boomers. The US is the chief contributor in this
region.
The plant-based food market in the APAC
region will grow at the fastest pace during the forecast period for the growing
food industry in India and China, growing economy, large population size, and
the presence of growing economies including Malaysia, Indonesia, India, and
China.
The plant-based food market in the Rest of
the World will have steady growth during the forecast period.
Key
Players
Notable players profiled in the plant-based
food market report include DSM
(Netherlands), DuPont. (US), Amway (US), The Nature's Bounty Co. (US),
GlaxoSmithKline plc. (UK), and Nestlé SA (Switzerland)
Industry
News
December 2019: Co-founder of Shoes of Prey
has launched Fable, a new plant-based food brand. Made using shiitake
mushrooms, this brand will produce beef brisket and pulled pork that is
plant-based. These meat alternatives can be utilized in everything from spicy
chili con carne to Asian-style duck pancakes. Their mission is to make
delicious plant-based meat products and minimizing processing and maximizing
the usage of whole-food-based ingredients.
Key Players are:
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