Plant-based Food Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029, Segmented By Product Type ; By Technology ; By Distribution Channel ; By Region

Description

Global Plant-based Food Market Size More Than Doubles to Touch USD 22.3 Billion by 2029.

Global plant-based food market is flourishing due to the growing focus on the management of increasing prevalence of lifestyle diseases, such as obesity, diabetes, and heart diseases, increasing health awareness, and concerns over animal welfare among consumers.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global plant-based food market size at USD 10.24 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global plant-based food market size to grow at a significant CAGR of 11.82% reaching a value of USD 22.27 billion by 2029. Major growth drivers for global plant-based food market include growing vegan population and consumers' decreasing tolerance for animal protein. There has been a rise in venture investments in companies that produce plant-based foods. Emerging economies in regions such as Asia-Pacific, Latin America, and the Middle East & Africa, are also contributing to the growth of this market by increasing their research and development efforts and launching new plant and protein alternative products. This is expected to create profitable opportunities for companies operating in the plant-based food industry. However, high cost compared to conventional animal-based products, limited availability, and high prices of plant-based protein sources are anticipated to restrain the growth of the global plant-based food market during the period in analysis.

Global Plant-based Food Market - Overview:

The global plant-based food market refers to the industry that produces and sells food products that are derived from plant-based sources, such as vegetables, fruits, nuts, grains, legumes, and other non-animal sources. These products are intended to replace or reduce the consumption of animal-based products, such as meat, dairy, and eggs. Plant-based food products include items, such as meat substitutes, non-dairy milk, plant-based cheese, tofu, tempeh, and plant-based protein bars. The plant-based food market is driven by the increasing demand for vegan and vegetarian diets, concerns regarding animal welfare and environmental sustainability, and advancements in food processing technologies.

Impact of COVID-19 on Global Plant-based Food Market

COVID-19 had a detrimental impact on the functional food and nutraceutical industries. The pandemic placed immense pressure on frontline workers, including medical professionals, hygiene workers, and others who are working tirelessly to combat the spread of the virus. As a result, government agencies emphasized the importance of maintaining a healthy and nutritious diet to bolster the body's immune system. It was expected to drive the demand for plant-based foods, which are known to provide essential nutrients that support optimal health and bodily function. Plant-based foods play a crucial role in the growth and repair of human cells and tissues, and plant protein is particularly beneficial for weight loss and building healthy muscles and tissues.

Global Plant-based Food Market - By Technology:

Based on technology, the global plant-based food market is divided into Soya, Wheat, Peas, and Fruits segments. The soya segment is expected to hold the highest share of the plant-based food market. The dominance of this segment is attributed to several factors, including the widespread availability of raw materials, its relatively low cost compared to other sources, significant demand from meat alternatives manufacturers, higher acceptance levels among consumers, and its versatility in a wide range of food and beverages sector, such as dairy alternatives, meat, and bakery. However, during the forecast period, the peas segment is expected to grow at the fastest compound annual growth rate (CAGR). This can be attributed to the increasing consumer preference for sustainable and palatable alternatives to animal-based proteins, and the growing investments by leading manufacturers to ramp up pea protein production. Moreover, peas are allergen-free, gluten-free, and lactose-free, which further contributes to the high demand for pea-based food.

Competitive Landscape:

Major players operating in global plant-based food market include: Beyond Meat Inc., Impossible Foods Inc., The Vegetarian Butcher, Oatly AB, Quorn Foods, Daiya Foods Inc., Tofurky Company, Amy's Kitchen Inc., Gardein, Field Roast, Lightlife Foods, MorningStar Farms, Sweet Earth Foods, Alpha Foods, No Evil Foods, JUST Inc., Hain Celestial Group, Califia Farms, Good Catch Foods, and Miyoko's Creamery. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Plant-based Food Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Plant-based Food Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Product Code: BWC23319

1. Research Framework

1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation

2. Executive Summary

3. Global Plant-based Food Market Insights

3.1. Industry Value Chain Analysis
3.2. DROC Analysis
- 3.2.1. Growth Drivers
  - 3.2.1.1. Growing health awareness and concerns over animal welfare among consumers
  - 3.2.1.2. Increasing prevalence of lifestyle diseases such as obesity, diabetes, and heart diseases
- 3.2.2. Restraints
  - 3.2.2.1. High cost compared to conventional animal-based products
  - 3.2.2.2. Limited availability and high prices of plant-based protein sources
- 3.2.3. Opportunities
  - 3.2.3.1. Technological advancements in the production of plant-based protein sources
- 3.2.4. Challenges
  - 3.2.4.1. Intense competition among market players
3.3. Technology Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry

4. Global Plant-based Food Market Overview

4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Billion)
4.2. Market Share and Forecast
- 4.2.1. By Product Type
  - 4.2.1.1. Plant-based milk
  - 4.2.1.2. Meat alternatives
  - 4.2.1.3. Plant-based cheese
  - 4.2.1.4. Tofu
  - 4.2.1.5. Others
- 4.2.2. By Technology
  - 4.2.2.1. Soya
  - 4.2.2.2. Wheat
  - 4.2.2.3. Peas
  - 4.2.2.4. Fruits
  - 4.2.2.5. Others
- 4.2.3. By Distribution Channel
  - 4.2.3.1. Supermarkets and hypermarkets
  - 4.2.3.2. Health food stores
  - 4.2.3.3. Online retailers
  - 4.2.3.4. Others
- 4.2.4. By Region
  - 4.2.4.1. North America
  - 4.2.4.2. Europe
  - 4.2.4.3. Asia Pacific (APAC)
  - 4.2.4.4. Latin America (LATAM)
  - 4.2.4.5. Middle East and Africa (MEA)

5. North America Plant-based Food Market

5.1. Market Size & Forecast, 2019-2029
- 5.1.1. By Value (USD Billion)
5.2. Market Share & Forecast
- 5.2.1. By Product Type
- 5.2.2. By Technology
- 5.2.3. By End Users
- 5.2.4. By Country
  - 5.2.4.1. United States
  - 5.2.4.1.1. By Product Type
  - 5.2.4.1.2. By Source
  - 5.2.4.1.3. By Distribution Channel
  - 5.2.4.2. Canada
  - 5.2.4.2.1. By Product Type
  - 5.2.4.2.2. By Source
  - 5.2.4.2.3. By Distribution Channel

6. Europe Plant-based Food Market

6.1. Market Size & Forecast, 2019-2029
- 6.1.1. By Value (USD Billion)
6.2. Market Share & Forecast
- 6.2.1. By Product Type
- 6.2.2. By Source
- 6.2.3. By Distribution Channel
- 6.2.4. By Country
  - 6.2.4.1. Germany
  - 6.2.4.1.1. By Product Type
  - 6.2.4.1.2. By Source
  - 6.2.4.1.3. By Distribution Channel
  - 6.2.4.2. United Kingdom
  - 6.2.4.2.1. By Product Type
  - 6.2.4.2.2. By Source
  - 6.2.4.2.3. By Distribution Channel
  - 6.2.4.3. Italy
  - 6.2.4.3.1. By Product Type
  - 6.2.4.3.2. By Source
  - 6.2.4.3.3. By Distribution Channel
  - 6.2.4.4. France
  - 6.2.4.4.1. By Product Type
  - 6.2.4.4.2. By Source
  - 6.2.4.4.3. By Distribution Channel
  - 6.2.4.5. Spain
  - 6.2.4.5.1. By Product Type
  - 6.2.4.5.2. By Source
  - 6.2.4.5.3. By Distribution Channel
  - 6.2.4.6. Belgium
  - 6.2.4.6.1. By Product Type
  - 6.2.4.6.2. By Source
  - 6.2.4.6.3. By Distribution Channel
  - 6.2.4.7. Russia
  - 6.2.4.7.1. By Product Type
  - 6.2.4.7.2. By Source
  - 6.2.4.7.3. By Distribution Channel
  - 6.2.4.8. The Netherlands
  - 6.2.4.8.1. By Product Type
  - 6.2.4.8.2. By Source
  - 6.2.4.8.3. By Distribution Channel
  - 6.2.4.9. Rest of Europe
  - 6.2.4.9.1. By Product Type
  - 6.2.4.9.2. By Source
  - 6.2.4.9.3. By Distribution Channel

7. Asia-Pacific Plant-based Food Market

7.1. Market Size & Forecast, 2019-2029
- 7.1.1. By Value (USD Billion)
7.2. Market Share & Forecast
- 7.2.1. By Product Type
- 7.2.2. By Source
- 7.2.3. By Distribution Channel
- 7.2.4. By Country
  - 7.2.4.1. China
  - 7.2.4.1.1. By Product Type
  - 7.2.4.1.2. By Source
  - 7.2.4.1.3. By Distribution Channel
  - 7.2.4.2. India
  - 7.2.4.2.1. By Product Type
  - 7.2.4.2.2. By Source
  - 7.2.4.2.3. By Distribution Channel
  - 7.2.4.3. Japan
  - 7.2.4.3.1. By Product Type
  - 7.2.4.3.2. By Source
  - 7.2.4.3.3. By Distribution Channel
  - 7.2.4.4. South Korea
  - 7.2.4.4.1. By Product Type
  - 7.2.4.4.2. By Source
  - 7.2.4.4.3. By Distribution Channel
  - 7.2.4.5. Australia & New Zealand
  - 7.2.4.5.1. By Product Type
  - 7.2.4.5.2. By Source
  - 7.2.4.5.3. By Distribution Channel
  - 7.2.4.6. Indonesia
  - 7.2.4.6.1. By Product Type
  - 7.2.4.6.2. By Source
  - 7.2.4.6.3. By Distribution Channel
  - 7.2.4.7. Malaysia
  - 7.2.4.7.1. By Product Type
  - 7.2.4.7.2. By Source
  - 7.2.4.7.3. By Distribution Channel
  - 7.2.4.8. Singapore
  - 7.2.4.8.1. By Product Type
  - 7.2.4.8.2. By Source
  - 7.2.4.8.3. By Distribution Channel
  - 7.2.4.9. Vietnam
  - 7.2.4.9.1. By Product Type
  - 7.2.4.9.2. By Source
  - 7.2.4.9.3. By Distribution Channel
  - 7.2.4.10. Rest of APAC
  - 7.2.4.10.1. By Product Type
  - 7.2.4.10.2. By Source
  - 7.2.4.10.3. By Distribution Channel

8. Latin America Plant-based Food Market

8.1. Market Size & Forecast, 2019-2029
- 8.1.1. By Value (USD Billion)
8.2. Market Share & Forecast
- 8.2.1. By Product Type
- 8.2.2. By Source
- 8.2.3. By Distribution Channel
- 8.2.4. By Country
  - 8.2.4.1. Brazil
  - 8.2.4.1.1. By Product Type
  - 8.2.4.1.2. By Source
  - 8.2.4.1.3. By Distribution Channel
  - 8.2.4.2. Mexico
  - 8.2.4.2.1. By Product Type
  - 8.2.4.2.2. By Source
  - 8.2.4.2.3. By Distribution Channel
  - 8.2.4.3. Argentina
  - 8.2.4.3.1. By Product Type
  - 8.2.4.3.2. By Source
  - 8.2.4.3.3. By Distribution Channel
  - 8.2.4.4. Peru
  - 8.2.4.4.1. By Product Type
  - 8.2.4.4.2. By Source
  - 8.2.4.4.3. By Distribution Channel
  - 8.2.4.5. Rest of LATAM
  - 8.2.4.5.1. By Product Type
  - 8.2.4.5.2. By Source
  - 8.2.4.5.3. By Distribution Channel

9. Middle East & Africa Plant-based Food Market

9.1. Market Size & Forecast, 2019-2029
- 9.1.1. By Value (USD Billion)
9.2. Market Share & Forecast
- 9.2.1. By Product Type
- 9.2.2. By Source
- 9.2.3. By Distribution Channel
- 9.2.4. By Country
  - 9.2.4.1. Saudi Arabia
  - 9.2.4.1.1. By Product Type
  - 9.2.4.1.2. By Source
  - 9.2.4.1.3. By Distribution Channel
  - 9.2.4.2. UAE
  - 9.2.4.2.1. By Product Type
  - 9.2.4.2.2. By Source
  - 9.2.4.2.3. By Distribution Channel
  - 9.2.4.3. Qatar
  - 9.2.4.3.1. By Product Type
  - 9.2.4.3.2. By Source
  - 9.2.4.3.3. By Distribution Channel
  - 9.2.4.4. Kuwait
  - 9.2.4.4.1. By Product Type
  - 9.2.4.4.2. By Source
  - 9.2.4.4.3. By Distribution Channel
  - 9.2.4.5. South Africa
  - 9.2.4.5.1. By Product Type
  - 9.2.4.5.2. By Source
  - 9.2.4.5.3. By Distribution Channel
  - 9.2.4.6. Nigeria
  - 9.2.4.6.1. By Product Type
  - 9.2.4.6.2. By Source
  - 9.2.4.6.3. By Distribution Channel
  - 9.2.4.7. Algeria
  - 9.2.4.7.1. By Product Type
  - 9.2.4.7.2. By Source
  - 9.2.4.7.3. By Distribution Channel
  - 9.2.4.8. Rest of MEA
  - 9.2.4.8.1. By Product Type
  - 9.2.4.8.2. By Source
  - 9.2.4.8.3. By Distribution Channel

10. Competitive Landscape

10.1. List of Key Players and Their Offerings
10.2. Global Plant-based Food Market Share Analysis, 2022
10.3. Competitive Benchmarking, By Operating Parameters
10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)

11. Impact of Covid-19 on Global Plant-based Food Market

12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

12.1. Beyond Meat Inc.
12.2. Impossible Foods Inc.
12.3. The Vegetarian Butcher
12.4. Oatly AB
12.5. Quorn Foods
12.6. Daiya Foods Inc.
12.7. Tofurky Company
12.8. Amy's Kitchen Inc.
12.9. Gardein
12.10. Field Roast
12.11. Lightlife Foods
12.12. MorningStar Farms
12.13. Sweet Earth Foods
12.14. Alpha Foods
12.15. No Evil Foods
12.16. JUST Inc.
12.17. Hain Celestial Group
12.18. Califia Farms
12.19. Good Catch Foods
12.20. Miyoko's Creamery
12.21. Other Prominent Players

13. Key Strategic Recommendations

14. Research Methodology

14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
14.2. Quantitative Research
14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
14.4. Breakdown of Primary Research Respondents, By Region
14.5. Assumptions & Limitations