Global Plant-Based Foods Market - 2023-2030

Overview

Global Plant-based Food Market reached US$ 11.2 billion in 2022 and is expected to reach US$ 28.1 billion by 2030, growing with a CAGR of 12.2% during the forecast period 2023-2030.

The global plant-based food market has witnessed significant growth and transformations over the years, an increase in awareness about the health benefits associated with plant-based diets, an increase in innovative product launches, and an increase in the vegan population are expected to drive the market growth.

Furthermore, as the demand for these products is increasing, manufacturers are launching innovative high-quality products. For instance, in in March 2023, Indian alt-meat brand Wakao Foods launched a new product the plant-based Continental Burger Patty, made from 53% jackfruit. This product is rich in fiber and protein, and also contains spices, and mimics the texture of pulled meat. Hence, such products can help in increasing the market growth.

The plant-based meat segment holds the maximum share of the global market, similarly the North- American region remains the dominant force in the global plant-based food market, as there are more than 15.5 Million vegans in the US. Hence, it can help in driving the global plant-based food market.

Dynamics

Increase in Awareness about the Health Benefits Associated with Plant-Based Diets

Consumers are becoming more health-conscious, seeking alternatives to animal-based products, which has increased the demand for plant-based foods, as these are rich in essential nutrients, and minerals, also plant-based diets are often lower in saturated fats, which reduces the risk of heart disease.

Furthermore, the demand for plant-based foods products is increasing as consumers are shifting to veganism, for instance, according to the World Animal Foundation report there Are approximately 88 million vegans in the world, and this can help in increasing the adoption rate for vegan foods for wide applications.

Increase in Innovative Product Launches

As the demand for vegan and plant-based foods is increasing, Food companies and other research and developments have been actively innovating and introducing new plant-based products that closely mimic the taste, texture, and overall eating experience of traditional meat, which can help in increasing the popularity of plant-based foods.

Furthermore, many manufacturing companies are also launching products to expand their market growth, for instance, in May 2023, Two Hands partnered with UNLIMEAT, a renowned vegan meat brand from Korea, and Two Hands company launched a UNLIMEAT's vegan sausage, expanding their menu to offer plant-based options that cater to diverse tastes. Hence, such products can help in increasing the market growth.

High Product Cost

The high cost of plant-based foods, and the high cost of plant-based meat when compared to traditional meat is expected to hinder the market growth in the forecast period. For instance, plant-based milk costs twice the amount of traditional milk. The manufacturing costs and the collection costs of raw materials would hamper the market growth.

Segment Analysis

The global plant-based food market is segmented based on type, nature, ingredients, distribution channel, and region.

Increase in Demand for Alternatives of Animal-based Products

Plant-based meat segment holds the maximum share in the global plant-based foods market, due to the increased number of vegan populations globally and also the availability of a range of products. According to the report by the National Institute of Health in 2022, plant-based substitutes were the most favored meat alternatives, >90% of consumers would consume them.

Furthermore, as the demand for this plant-based meat is increasing, manufacturers are highly investing in this product. For instance, in September 2023, Novozymes company launched a Vertera ProBite, a solution set to advance the plant-based meat industry. The vertera probite is an enzyme MTGase, which is designed to enhance the texture of plant-based products. Hence, such product launches can help in increasing the market growth.

Geographical Penetration

High Plant-based Food Market and Product Launches

North America is expected to hold a dominant position in the market share. This is due to the increase in the vegan population, the increase in the number of plant-based food product launches in the region, and also the availability of a number of products of customer demands is expected to hold the region in the dominant position in the market share.

Also, the region has a high vegan population, for instance, according to the World Animal Foundation's most recent data for 2023, there are more than 15.5 Million vegans in the US. Also, the plant-based food market is increasing in this region, for instance, according to the Plant-based Food Association report it is estimated that U.S. retail sales of plant-based foods continue to increase, growing 6.2% in 2021 bringing the total plant-based market value to $7.4 billion

Additionally, the increase in the number of product launches is also expected to drive the market growth. For instance, In September 2021, Impossible Foods launched a plant-based chicken nugget substitute in the US. Furthermore, In May 2023, Beyond Meat Inc. launched the Beyond Smashable Burger which delivers everything consumers crave with the added nutritional and environmental benefits of plant-based meat.

Competitive Landscape

The major global players in the market include: Ingredion Inc., Omni Foods, Greenleaf Foods, SPC., Aqua Cultured Foods, Beyond Meat Inc., Impossible Foods Inc., Atlantic Natural Foods LLC, Umiami, Pacific Foods, and Danone SA.

COVID-19 Impact Analysis

The pandemic had a positive impact on the global plant-based foods market, many people started adopting plant-based foods due to an increase in health consciousness, which increased the adoption rate and demand for the development of new products, Hence, it can lead to an increase in global plant-based foods market growth.

By Type

• Plant-based Meat
• Chicken
• Beef
• Lamb
• Ham
• Sausage
• Others
• Plant-based Eggs
• Plant-based Milk
• Plant-based Sea Food
• Fish Products
• Prawn and Shrimp Products
• Crab Products
• Others
• Others

By Nature

• Organic
• Conventional

By Ingredients

• Tofu
• Soy
• Seitan
• Wheat Gluten
• Potato Starch
• Pea Protein
• Lentils
• Flax Seeds
• Aquafaba
• Sesame
• Others

By Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Russia
• Rest of Europe
• South America
• Brazil
• Argentina
• Rest of South America
• Asia-Pacific
• China
• India
• Japan
• Australia
• Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In May 2023, Wicked Kitchen, a 100% plant-based, flavor-forward global food brand acquired Current Foods, an alt-protein startup that provides plant-based seafood to food service and fine dining locations in the U.S. and Europe.
• In August 2023, Plant-based frozen foods processor Alpha Foods acquired LiveKindly Collective (LKC), this acquisition helped to boost the growth, particularly in product innovation in a segment often accused of stagnant, standardized development around patty and nugget formats.

Why Purchase the Report?

• To visualize the global plant-based food market segmentation based on type, nature, ingredients, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant-based food market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global plant-based food market report would provide approximately 69 tables, 76 figures and 186 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies