Plant-based Foods Market Forecasts to 2030 - Global Analysis By Product (Meat Substitutes, Dairy Alternatives, Staples & Snacks, Frozen Foods, Sauces & Dressings and Other Products), Source, Distribution Channel, End User and By Geography

According to Stratistics MRC, the Global Plant-based Foods Market is accounted for $12.24 billion in 2024 and is expected to reach $32.98 billion by 2030 growing at a CAGR of 14.5% during the forecast period. Plant-based foods are derived entirely from plants and exclude animal products. These foods are often chosen for their health benefits, such as lower cholesterol and reduced risk of chronic diseases. Plant-based diets can also support environmental sustainability by reducing the ecological footprint associated with animal farming. The emphasis is on whole, minimally processed ingredients to provide essential nutrients while promoting overall well-being.

According to a study conducted by Oxford Martin School researchers, global switch to diets that depend more on vegetables and fruit and less on meat can save around 8 million lives by 2050.

Market Dynamics:

Driver:

Rising concerns about animal welfare and ethical issues

Awareness of the inhumane conditions in industrial animal farming prompts individuals to seek diets that avoid animal exploitation. Plant-based foods offer a compassionate choice, aligning with ethical values and promoting animal rights. This growing ethical consciousness drives demand for plant-based products, as consumers increasingly choose options that reflect their values. Consequently, companies are expanding their plant-based offerings and innovating to meet this demand, further fueling market growth and accessibility.

Restraint:

Nutritional concerns

Nutritional concerns in plant-based foods arise from potential deficiencies in essential nutrients like protein, vitamin B12, iron, calcium, and omega-3 fatty acids. These concerns can deter consumers from fully adopting plant-based diets or lead to misconceptions about their nutritional adequacy. Additionally, addressing these nutritional needs often requires added fortifications or supplements, which can increase costs and complicate product development, further impacting market expansion.

Opportunity:

Mounting popularity of flexitarian and vegetarian diets

Flexitarians, who primarily eat plant-based but occasionally consume meat, drive interest in versatile, tasty plant-based options that fit their diet. Vegetarians, who exclude meat entirely, seek diverse plant-based products to meet their nutritional needs. This rising consumer preference encourages innovation and expansion in plant-based product offerings, enhances market availability, and promotes competitive pricing. Together, these dietary trends fuel market growth by creating a larger and more engaged audience for plant-based foods.

Threat:

Higher costs

Higher costs in plant-based foods often result from expensive raw materials, production processes, and technology investments. These elevated costs can be attributed to the premium ingredients used, specialized manufacturing techniques, and lower economies of scale compared to traditional animal-based products. This price disparity can limit consumer adoption, particularly among price-sensitive groups, and restrict market penetration.

Covid-19 Impact

Covid-19 significantly boosted the plant-based foods market as consumers increasingly sought healthier, immune-boosting diets and sustainable food options. The pandemic heightened awareness of health and hygiene, driving interest in plant-based products known for their nutritional benefits. Supply chain disruptions and a rise in online shopping further accelerated the market's growth. Additionally, the crisis underscored the environmental benefits of plant-based diets, contributing to long-term shifts in consumer preferences toward more sustainable and plant-focused eating habits.

The soy-based segment is expected to be the largest during the forecast period

The soy-based segment is estimated to have a lucrative growth. Soy-based plant foods are popular alternatives to animal products, offering a range of protein-rich options. Key soy-based products include tofu, tempeh, soy milk, and edamame. They are valued for their high protein content, essential amino acids, and versatility in cooking. Soy-based foods also contribute to lower cholesterol levels and improved heart health. The growing demand for soy products is driven by their affordability, nutritional benefits, and adaptability in various cuisines, making them a staple in plant-based diets.

The vegans segment is expected to have the highest CAGR during the forecast period

The vegans segment is anticipated to witness the highest CAGR growth during the forecast period. In vegan applications, plant-based foods are essential as they form the core of a diet that excludes all animal products. These foods provide vital nutrients such as protein, vitamins, and minerals while aligning with ethical, environmental, and health motivations. The variety and innovation in plant-based products cater to diverse culinary preferences and nutritional needs, supporting a balanced and fulfilling vegan lifestyle.

Region with largest share:

The plant-based foods market in the Asia-Pacific region is expanding rapidly, driven by rising health awareness, dietary shifts, and growing environmental concerns. Countries like China, India, and Japan are seeing increased adoption of plant-based diets due to improved product availability, innovative offerings, and government initiatives promoting sustainable eating. The region's diverse culinary traditions and increasing vegan and vegetarian populations are fueling market growth. Additionally, the rise of plant-based alternatives in traditional cuisines is enhancing market penetration and consumer acceptance.

Region with highest CAGR:

In North America, the plant-based foods market is experiencing robust growth, driven by increasing consumer awareness of health benefits, environmental sustainability, and ethical concerns regarding animal welfare. The expansion is fuelled by a growing variety of plant-based products, including dairy and meat alternatives, and widespread retail availability. High levels of investment in innovation and marketing by companies are also contributing to the market's growth. Additionally, the rise of flexitarian diets and dietary inclusivity further supports the demand for plant-based options.

Key players in the market

Some of the key players profiled in the Plant-based Foods Market include Nestle, Impossible Foods, Beyond Meat, Alpro, Silk, Daiya Foods, Tofurky, Miyoko's Creamery, Chobani, Ripple Foods, Good Catch, Numi Organic Tea, Plantfusion, Follow Your Heart, Amy's Kitchen, Oatly and Plantaway.

Key Developments:

In July 2024, Nestle has launched Maggi Rindecarne, a plant-based meat alternative designed to extend meals, in Chile. The mix of soy and spices allows consumers to prepare a dish combining meat and plant-based proteins, doubling the amount of servings at an affordable price. Additionally, it is versatile and customizable and can be used to prepare all minced meat top dishes.

In April 2024, Plantaway launched its latest addition to its portfolio - plant-based gelatos. The gelatos are made with 100% plant-based ingredients, ensuring that they are free from animal products. With no added sugar and dairy-free ingredients, these gelatos cater to consumers looking for healthier dessert options.

Products Covered:

• Meat Substitutes
• Dairy Alternatives
• Staples & Snacks
• Frozen Foods
• Sauces & Dressings
• Other Products

Sources Covered:

• Soy-Based
• Pea-Based
• Grain-Based
• Nut-Based
• Legume-Based
• Other Sources

Distribution Channels Covered:

• Supermarkets & Hypermarkets
• Specialty Stores
• Online Retail
• Convenience Stores
• Other Distribution Channels

End Users Covered:

• Vegans
• Vegetarians
• Flexitarians
• Health-Conscious Consumers
• Ethical Consumers
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances