(Food-Beverage-News.Com, July 22, 2022 ) According to a new market research report titled, “Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Substitutes, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C (Convenience Store, Online Retail)) - Global Forecast to 2029, ” the global plant-based food market is anticipated to grow at a CAGR of 12.4% from 2022 to 2029 to reach $95.52 billion by 2029.
In recent years, there has been a growing trend towards vegetarianism and veganism across the globe due to increasing awareness about health, concern for the environment, and compassion for animals. According to the vegan statistics, in 2021, around 10% of the population was vegetarian globally. In 2020, 40% of millennials were identified as vegan. Baby Boomers and Generation X accounted for 21% each, with only 2% of seniors labeling themselves vegan.
According to the Academy of Nutrition and Dietetics, appropriately planned vegetarian diets are healthy and nutritionally adequate as they reduce the risk of certain health conditions, including ischemic heart disease, type 2 diabetes, hypertension, and certain types of cancer, and obesity. Thus, growing veganism provides significant opportunities for plant-based food manufacturers.
The growth of the global plant-based food market is mainly driven by increasing incidences of animal protein intolerance, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in plant-based food manufacturers. Moreover, research & development and new product launches by plant and protein alternative manufacturers and emerging economies- Asia-Pacific, Latin America, and the Middle East & Africa are expected to create lucrative opportunities for players operating in this market.
However, some of the meat substitutes have a comparatively higher price range, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to some extent.
To provide efficient analysis, Meticulous Research® has segmented this market based on type (dairy alternatives (milk, cheese, yogurt, butter, ice cream, creamer, and others), meat substitutes (tofu, TVP, burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, others), meals, baked goods, confectionery, RTD beverages, eggs substitutes, seafood substitutes, and others), source (soy, almond, wheat, pea, rice protein, and others), distribution channel (B2B, B2C (convenience stores, modern groceries, specialty stores, online channels, and other distribution channels)), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on type, the dairy alternatives segment is expected to account for the largest share of the overall plant-based food market in 2022. This can be attributed to the increased number of lactose-intolerant people, awareness of ethical concerns about animal abuse in modern dairy farming practices, and nutritional benefits offered by plant-based dairy products. However, the seafood substitutes segment is expected to grow at the highest CAGR during the forecast period.
Based on source, the soy segment is expected to account for the largest share of the overall plant-based food market in 2022. However, the pea segment is expected to grow at the highest CAGR during the forecast period due to growing consumers’ desire to find sustainable and good tasting alternatives to animal-based proteins and investments from leading manufacturers to increase pea protein production. Along with this, peas' nutritional qualities and their allergen-free, gluten-free, and lactose-free properties also support the growing demand for peas for plant-based food.
Based on distribution channel, the B2C segment is estimated to account for the largest share of the overall global plant-based food market in 2022. The large share of this market is mainly attributed to increased sales of plant-based food in well-established supermarkets and hypermarkets chains; consumers prefer shopping from brick-and-mortar grocers due to easy access and availability; increasing consumer expenses on vegan food products.
Geographically, North America is expected to account for the major share of the overall plant-based food market in 2022. The leading position of North America in the plant-based food market is primarily attributed to higher awareness of the consumption of a protein-rich diet, increased health consciousness, a well-established food sector, higher adoption of technological advancements in the food & beverages industry, and overflow of investments in the plant-based sector.
However, Asia-Pacific plant-based food market is developing and expanding significantly. The rapid growth of this region is mainly attributed to the growing adoption of emerging technologies for product innovation, growing number of collaborations between international & domestic food companies, increasing government investment in the food R&D sector, increasing presence of a large number of key players in the market, and increasing number of vegan restaurants.
Some of the key players operating in the global plant-based food market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone SA (France), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Plamil Foods Ltd. (U.K.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods (U.S.), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), and Unilever PLC (U.K.).
Plant-based Food Market, by Source Soy Almond Wheat Pea Rice Others
Plant-based Food Market, by Distribution Channel Business to Business Business to Customers Modern Groceries Convenience Store Specialty Store Online Retail Others
Plant-based Food Market, by Geography North America U.S. Canada Europe Germany U.K. Spain Italy France The Netherlands Belgium Austria Poland Portugal Rest of Europe (RoE) Asia-Pacific (APAC) China India Japan Australia Thailand South Korea Rest of Asia-Pacific (RoAPAC) Latin America Brazil Mexico Argentina Rest of Latin America (RoLATAM) Middle East & Africa