Global Plant-based Food Market Analysis and Forecast, 2019-2030
$2,800.00 – $5,440.00
The global plant-based food market is estimated to witness a strong CAGR of over 12.5% over the period of 2019-2030
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.
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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
- Others
- Global Plant-based Food Market Analysis in terms of Value (in US$ Million) and Volume (‘000 tons), By Source
- Soybean
- Nuts
- Wheat
- Pea
- Others
- Global Plant-based Food Market Analysis in terms of Value (in US$ Million) and Volume (‘000 tons), By Nature
- Organic
- Conventional
- 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
- Offline
- Supermarkets and Hypermarkets
- Departmental Stores
- Convenience Store
- Others
- Global Plant-based Food Market Analysis in terms of Value (in US$ Million) and Volume (‘000 tons), By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Peru
- Chile
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Hungary
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Thailand, Philippines, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia (KSA)
- Bahrain
- Qatar
- Rest of the GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
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Research Methodology
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.
Secondary Sources
- 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.
| REGION | Global |
|---|---|
| RELEASE YEAR | 2023 |
| RESEARCH CODE | RST-SAR-2403 |
| ADDITIONAL FEATURE | 24×7 Post sales support and 15% free customization |
| User License | Single User/Team License, Corporate License |
Table of Contents
1. Market Introduction
1.1. Scope of Study
1.2. Problem Statement
1.3. Market Segmentation
2. Assumptions and Acronyms
3. Executive Summary
3.1. Global Market in 2022
3.2. Analyst Insights & Recommendations
3.3. Growth Opportunities and Key Strategies
3.4. Supply-side and Demand-side Trends
4. Research Methodology
5. Analysis of COVID-19 Impact and Road Ahead
6. Market Indicators and Background
6.1. Macro-Economic Factors
6.1.1. Global Population Overview and Forecast
6.1.2. Per Capita Income by Select Countries
6.1.3. Global Food and Beverages Industry Market Overview
6.1.4. Global Supplement Industry Overview
6.2. Forecasting Factors
Robust assessment of various factors including industrial performance, industry players’ expenditures, and economic conditions, among others
6.3. Supply Chain & Value Chain Analysis
6.3.1. Raw Material Supplier
6.3.2. Plant-Based Food Manufacturers
6.3.3. Wholesalers and Distributors
6.3.4. Retailers
6.3.5. End Users
6.4. Industry SWOT Analysis
6.5. PESTLE Analysis
6.6. Porter’s Five Forces Analysis
7. Government Laws and Industry Regulations
8. Global and Regional Market Dynamics
8.1. Drivers
8.2. Restraints
8.3. Trends
8.4. Opportunities
9. Production Capacity by Top Players
9.1. Impossible Foods Inc.
9.2. Beyond Meat Inc.
9.3. Atlantic Natural Foods LLC.
9.4. Garden Protein International Inc.
9.5. Kellogg’s Co.
9.6. Vbite Foods Inc.
9.7. Nestle S.A., etc.
10. Consumption of Plant Based Food by Region
10.1.North America
10.2.Latin America
10.3.Western Europe
10.4.Eastern Europe
10.5.Asia Pacific
10.6.Middle East and Africa
11. Global Plant-Based Food Market: Key Investment Analysis
11.1.By Key Companies
11.2.By Key Associations
11.3.By Region
11.4.M&A Activities
Robust assessment of major investments made by various industry players in the areas ranging from the application, key end users, etc.
12. EXIM Analysis: Trade Data
12.1.Import Data by Value (US$ million) and Volume (‘000 Tons)
12.1.1. Major Importing Countries
12.1.2. Key Importing Destinations
12.2.Export Data by Value (US$ million) and Volume (‘000 Tons)
12.2.1. Major Exporting Countries
12.2.2. Key Exporting Destinations
13. Pricing Analysis
13.1.By Form
13.1.1. Liquid/Gel/Paste
13.1.2. Powders
13.1.3. Tablets
13.1.4. Soft Chewable
13.2.By Region
13.2.1. North America
13.2.2. Western Europe
13.2.3. Eastern Europe
13.2.4. Asia Pacific
13.2.5. Latin America
13.2.6. Middle East & Africa
14. Parent Market Overview: Global Food and Beverages Market Outlook
15. Segmental Analysis
15.1.Global Plant-Based Food Market by Type in Terms of Value (US$ Million) and Volume (‘000 Tons)
15.1.1. Dairy Substitute
15.1.2. Meat Substitute
15.1.3. Egg Substitute
15.1.4. Seafood Substitute
15.1.5. Others
15.2.Global Plant-Based Food Market by Source in Terms of Value (US$ Million) and Volume (‘000 Tons)
15.2.1. Soybean
15.2.2. Nuts
15.2.3. Wheat
15.2.4. Pea
15.2.5. Others
15.3.Global Plant-Based Food Market by Nature in Terms of Value (US$ Million) and Volume (‘000 Tons)
15.3.1. Segment Overview
15.3.1.1. Organic
15.3.1.2. Conventional
15.4.Global Plant-Based Food Market by Distribution Channel in Terms of Value (US$ Million) and Volume (‘000 Tons)
15.4.1. Segment Overview
15.4.1.1. Online/E-commerce/Company Website
15.4.1.2. Offline
15.4.1.2.1. Supermarkets and Hypermarkets
15.4.1.2.2. Departmental Stores
15.4.1.2.3. Convenience Store
15.4.1.2.4. Others
15.5.Global Plant-Based Food Market by Region in Terms of Value (US$ Million) and Volume (‘000 Tons)
15.5.1. North America
15.5.2. Latin America
15.5.3. Western Europe
15.5.4. Eastern Europe
15.5.5. Asia Pacific
15.5.6. Middle East & Africa
16. Regional Analysis
16.1.North America Plant-Based Food Market Analysis and Forecast 2019-2028
16.1.1. Regional Market Overview and Key Takeaways
16.1.2. North America Plant-Based Food Market by Type
16.1.3. North America Plant-Based Food Market by Source
16.1.4. North America Plant-Based Food Market by Nature
16.1.5. North America Plant-Based Food Market by Distribution Channel
16.1.6. North America Plant-Based Food Market by Country
16.1.6.1. US
16.2.Latin America Plant-Based Food Market Analysis and Forecast 2019-2028
16.2.1. Regional Market Overview and Key Takeaways
16.2.2. Latin America Plant-Based Food Market by Type
16.2.3. Latin America Plant-Based Food Market by Source
16.2.4. Latin America Plant-Based Food Market by Nature
16.2.5. Latin America Plant-Based Food Market by Distribution Channel
16.2.6. Latin America Plant-Based Food Market by Country
16.2.6.1. Brazil
16.2.6.2. Mexico
16.2.6.3. Rest of Latin America
16.3.Western Europe Plant-Based Food Market Analysis and Forecast 2019-2028
16.3.1. Regional Market Overview and Key Takeaways
16.3.2. Western Europe Plant-Based Food Market by Type
16.3.3. Western Europe Plant-Based Food Market by Source
16.3.4. Western Europe Plant-Based Food Market by Nature
16.3.5. Western Europe Plant-Based Food Market by Distribution Channel
16.3.6. Western Europe Plant-Based Food Market by Country
16.3.6.1. Germany
16.3.6.2. UK
16.3.6.3. France
16.3.6.4. Spain
16.3.6.5. Italy
16.3.6.6. Benelux
16.3.6.7. Nordic
16.3.6.8. Rest of Western Europe
16.4.Eastern Europe Plant-Based Food Market Analysis and Forecast 2019-2028
16.4.1. Regional Market Overview and Key Takeaways
16.4.2. Eastern Europe Plant-Based Food Market by Type
16.4.3. Eastern Europe Plant-Based Food Market by Source
16.4.4. Eastern Europe Plant-Based Food Market by Nature
16.4.5. Eastern Europe Plant-Based Food Market by Distribution Channel
16.4.6. Eastern Europe Plant-Based Food Market by Country
16.4.6.1. Russia
16.4.6.2. Poland
16.4.6.3. Rest of Eastern Europe
16.5.Asia Pacific Plant-Based Food Market Analysis and Forecast 2019-2028
16.5.1. Regional Market Overview and Key Takeaways
16.5.2. Asia Pacific Plant-Based Food Market by Type
16.5.3. Asia Pacific Plant-Based Food Market by Source
16.5.4. Asia Pacific Plant-Based Food Market by Nature
16.5.5. Asia Pacific Plant-Based Food Market by Distribution Channel
16.5.6. Asia Pacific Plant-Based Food Market by Country
16.5.6.1. China
16.5.6.2. Japan
16.5.6.3. India
16.5.6.4. South Korea
16.5.6.5. Australia
16.5.6.6. ASEAN
16.5.6.7. Rest of Asia-Pacific
16.6.Middle East & Africa Plant-Based Food Market Analysis and Forecast 2019-2028
16.6.1. Regional Market Overview and Key Takeaways
16.6.2. Middle East & Africa Plant-Based Food Market by Type
16.6.3. Middle East & Africa Plant-Based Food Market by Source
16.6.4. Middle East & Africa Plant-Based Food Market by Nature
16.6.5. Middle East & Africa Plant-Based Food Market by Distribution Channel
16.6.6. Middle East & Africa Plant-Based Food Market by Country
16.6.6.1. GCC
16.6.6.2. South Africa
16.6.6.3. Turkey
16.6.6.4. Rest of the Middle East & Africa
17. Competitive Landscape
17.1.Competition Dashboard
17.1.1. Market Share Analysis by Brands
17.1.1.1. Regional
17.1.1.2. Global
17.1.2. Market Structure by Geography
17.2.Competitive Benchmarking
17.3.Key Strategy Analysis
17.3.1. Impossible Foods Inc
17.3.1.1. Company Overview
17.3.1.2. Product/Service Offerings
17.3.1.3. Key Financials
17.3.1.4. Recent Developments
17.3.2. Beyond Meat Inc
17.3.2.1. Company Overview
17.3.2.2. Product/Service Offerings
17.3.2.3. Financials
17.3.2.4. Recent Developments
17.3.3. Atlantic Natural Foods LLC
17.3.3.1. Company Overview
17.3.3.2. Product/Service Offerings
17.3.3.3. Financials
17.3.3.4. Recent Developments
17.3.4. Garden Protein International Inc
17.3.4.1. Company Overview
17.3.4.2. Product/Service Offerings
17.3.4.3. Financials
17.3.4.4. Recent Developments
17.3.5. Kellogg’s Co.
17.3.5.1. Company Overview
17.3.5.2. Product/Service Offerings
17.3.5.3. Financials
17.3.5.4. Recent Developments
17.3.6. Vbite Foods Inc.
17.3.6.1. Company Overview
17.3.6.2. Product/Service Offerings
17.3.6.3. Financials
17.3.6.4. Recent Developments
17.3.7. Nestle S.A.
17.3.7.1. Company Overview
17.3.7.2. Product/Service Offerings
17.3.7.3. Financials
17.3.7.4. Recent Developments
17.3.8. Danone S.A.
17.3.8.1. Company Overview
17.3.8.2. Product/Service Offerings
17.3.8.3. Financials
17.3.8.4. Recent Developments
17.3.9. Amy’s Kitchen
17.3.9.1. Company Overview
17.3.9.2. Product/Service Offerings
17.3.9.3. Financials
17.3.9.4. Recent Developments.
17.3.10. Tofurky
17.3.10.1. Company Overview
17.3.10.2. Product/Service Offerings
17.3.10.3. Financials
17.3.10.4. Recent Developments.
17.3.11. MorningStae Farms
17.3.11.1. Company Overview
17.3.11.2. Product/Service Offerings
17.3.11.3. Financials
17.3.11.4. Recent Developments.
17.3.12. Daiya Foods
17.3.12.1. Company Overview
17.3.12.2. Product/Service Offerings
17.3.12.3. Financials
17.3.12.4. Recent Developments.
17.3.13. JUST Egg
17.3.13.1. Company Overview
17.3.13.2. Product/Service Offerings
17.3.13.3. Financials
17.3.13.4. Recent Developments.
17.3.14. Tyson Foods
17.3.14.1. Company Overview
17.3.14.2. Product/Service Offerings
17.3.14.3. Financials
17.3.14.4. Recent Developments.
17.3.15. Unilever
17.3.15.1. Company Overview
17.3.15.2. Product/Service Offerings
17.3.15.3. Financials
17.3.15.4. Recent Developments.
A comprehensive list of more than 420 Plant-Based Food Market producers will be provided along with geographical reach, employee count, revenue, product capacities, and capabilities
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Complete Table of Contents, List of Charts and Tables
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