The plant-based food market had been experiencing significant growth and attention due to various factors such as increasing consumer interest in health and sustainability, concerns about animal welfare, and advancements in food technology. The plant-based food market encompasses a wide range of products that are made from plant sources and are designed to mimic traditional animal-based foods.
Plant-based diets have been linked to a number of health benefits, including reduced risk of heart disease, stroke, type 2 diabetes, and some types of cancer. Moreover, the increasing availability of plant-based foods that are indistinguishable from animal-based foods. In recent years, there has been a significant improvement in the taste, texture, and appearance of plant-based foods. This has made them more appealing to a wider range of consumers.
The soybean segment is expected to account for the major share of the plant-based food market
The soybean segment is dominating the plant-based food market on the basis of the source. According to research done by RationalStat, the soybean segment is expected to account for the major share of the plant-based food market in 2022. The large share of this segment is attributed to factors such as the easy and wide availability of raw materials, lower cost compared to other sources, significant demand from meat alternative manufacturers, higher consumer acceptance level, and its wide range of applications in numerous food & beverage sectors, including meat, dairy alternative, and bakery.
With a rich nutritional profile, soybeans provide essential amino acids, fiber, and vitamins, rendering them a preferred choice for health-conscious consumers. Versatility underscores soy’s prominence, as it is transformed into an array of products, including tofu, tempeh, and plant-based meat alternatives. Rooted in historical acceptance, soy has ingrained itself in diets across cultures, particularly in the Asia Pacific. Additionally, soy’s alignment with health benefits, like cholesterol reduction and cardiovascular wellness, further fuels its widespread adoption.
Asia-Pacific held the prominent share of the global plant-based food market
Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia-Pacific, Latin America, Middle East, and Africa. Asia Pacific region is expected to dominate the global plant-based food market. A growing number of people in Asia Pacific are becoming aware of the health benefits of plant-based diets. These diets have been linked to a number of health benefits, such as reduced risk of heart disease, stroke, type 2 diabetes, and some types of cancer.
In North America, plant-based food alternatives were gaining significant traction due to their close resemblance to traditional animal-based products. Additionally, dairy alternatives like plant-based milk, cheese, and yogurt were also popular, driven by the growing demand for lactose-free and vegan options.
In Europe a strong presence of plant-based dairy alternatives, including soy, almond, oat, and coconut milk. Meat alternatives were also on the rise, with plant-based sausages, burgers, and meatballs gaining popularity. The region’s emphasis on sustainability and environmental concerns contributed to the growth of various plant-based segments. In addition, the rising popularity of flexitarian diets is also driving the demand for plant-based food in the region.
Market Structure and Competition Landscape
The global plant-based food market is characterized by the presence of various players operating in the market. Some of the prominent players that contribute significantly to the market growth include Impossible Foods Inc., Beyond Meat Inc., Atlantic Natural Foods LLC., Garden Protein International Inc., Kellogg’s Co., Vbite Foods Inc., Nestle S.A., Danone S.A., Amy’s Kitchen., Tofurky, MorningStae Farms, Daiya Foods, JUST Egg, Tyson Foods, and Unilever among others.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global plant-based food market include,
- In May 2023, Wicked Kitchen one of the prominent plant-based, flavor-forward global food brand, announced the acquisition of Current Foods, an alt-protein startup that provides plant-based seafood to food service and fine dining locations in the US and Europe.
- The aim of this acquisition is to extend the company’s multi-category retail strategy into the alternative seafood market.
- In July 2023, Mario acquires the plant-based brand PLIX a digital-first brand offering non-GMO, vegan, gluten-free, and cruelty-free products.
- Through this acquisition, Mario aims to broaden its total addressable market in the wellness and nutrition segments and to expand Pilx’s offline presence in the coming years.
Key Market Segmentation
RationalStat has segmented the global plant-based food market on the basis of type, source, distribution channel, and region.
- Global Plant-based Food Market Analysis in terms of Value (in US$ Million) and Volume (‘000 tons), By Type
- Dairy Substitute
- Meat Substitute
- Egg Substitute
- Seafood Substitute
- Global Plant-based Food Market Analysis in terms of Value (in US$ Million) and Volume (‘000 tons), By Source
- Global Plant-based Food Market Analysis in terms of Value (in US$ Million) and Volume (‘000 tons), By Nature
- Global Plant-based Food Market Analysis in terms of Value (in US$ Million) and Volume (‘000 tons), By Distribution Channel
- Online/E-commerce/Company Website
- Supermarkets and Hypermarkets
- Departmental Stores
- Convenience Store
- Global Plant-based Food Market Analysis in terms of Value (in US$ Million) and Volume (‘000 tons), By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Thailand, Philippines, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia (KSA)
- Rest of the GCC
- South Africa
- Rest of the Middle East & Africa
- North America
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RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, Plant-based Food Association, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for plant-based food producers, plant-based food brands, plant-based food suppliers and ingredient manufacturers, end users, packaged food manufacturers, government organizations, educational organizations, regulatory agencies, research organizations, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.