As per our research report, the global Plant-based Food Market Size is estimated to be growing at a CAGR of 11.70 % from 2023 to 2030.
The market, for plant-based food has been experiencing growth due to a change in consumer preferences toward healthier and more sustainable dietary choices. People are increasingly opting for plant-based foods derived from vegetables, grains, legumes, and fruits as they align with their health and environmental concerns. This trend is not attracting the attention of professionals and researchers. Also shaping the broader food industry landscape. As the demand for plant-based products continues to rise industry leaders are adapting to meet evolving consumer dynamics by ensuring product quality and fostering innovation. Plant-based diets are gaining momentum because of health benefits and market trends. According to a study published by the National Center for Biotechnology Information (NCBI) adopting a plant-based diet can reduce the risk of disease by up to 28%.
Furthermore, a recent report released by the United States Department of Agriculture (USDA) reveals that there has been an increase, in the number of adults in the United States who have opted for plant-based diets in 2022. Currently, 10% of adults in the US have embraced plant-based diets, which is a jump from the reported figure of 3% back in 2012. These statistics highlight the growing awareness among consumers and their increasing acceptance of plant-based alternatives. Consequently, this presents promising opportunities for businesses operating within the Plant-based Food Market.
In addition to health benefits environmental concerns are also driving the adoption of plant-based diets across Europe where Scandinavian and Western European countries are actively seeking alternatives to reduce their carbon footprint. The plant-based protein sector is experiencing growth fueled by these sustainability concerns. When it comes to plant-based food products North America has emerged as a hub with companies, like Beyond Meat and Impossible Foods leading the way by introducing meat alternatives made from plants that have gained acceptance. Not have these companies brought forth groundbreaking products. They have also expanded their product lines to offer a diverse range of options.
The retail industry has seen an increase, in the availability of plant-based food products in the Asia Pacific region. This growth is due to factors, including the COVID 19 which disrupted supply chains but also highlighted the importance of health and wellness. As a result, there has been a demand for plant-based foods that are perceived as healthier and more sustainable. Moreover, there are developments on the horizon with lab-grown or cultured plant-based foods. These innovative products aim to replicate the taste and texture of animal-based foods potentially revolutionizing the plant-based food market.
Overall this market growth is driven by factors such as consumer health consciousness, environmental awareness, advancements in product development, and increased accessibility through expansion and e-commerce. With advancements, like lab-grown plant-based foods emerging we can expect this dynamic landscape to evolve more.
In the Plant-based Food Market Non-Dairy Milk is predicted to be the leading segment, expected to reach $28.2 billion by 2028 with a growth rate of 12.1%. This dominance is attributed to the increasing number of people, with intolerance changing preferences and the belief in the associated health benefits. At the time the Sweet and Savoury Snacks category is experiencing growth surpassing the overall food market. This expansion is driven by healthy individuals who are seeking plant-based snack options that align with their personal well-being and sustainability trends.
Organic plant-based foods have taken the lead, in the market of plant-based food capturing the attention of health consumers who prioritize wholesome and sustainable options. Simultaneously conventional plant-based foods are also gaining popularity due, to their affordability, wide availability, and unique flavors although they may be growing at a rate.
The plant-based food market is thriving in parts of the world. North America, specifically the United States and Canada accounts for, more than 40% of the market share. This growth is primarily fueled by an increasing awareness of health benefits and a wide variety of plant-based products available. Europe follows closely with over 30% market share emphasizing the importance of sustainability.
The Asia Pacific region, spearheaded by China, India, and Japan is experiencing growth due to health consumers and innovative food options. Latin America is emerging as a market while Saudi Arabia dominates the Middle East and Africa in terms of plant-based food consumption. Collectively these regions are driving a shift towards plant-based diets motivated by concerns, for both health and sustainability.
Companies playing a leading role in the global plant-based food market profiled in this report are Beyond Meat Inc., Impossible Foods Inc., Danone SA, Garden Protein International, Inc., and Amy's Kitchen Inc....
Non-Dairy Milk
Dairy Products
Bakery and Confectionery
Sweet and Savoury Snacks
RTE and RTC Meals
Organic
Conventional
North America
Europe
Asia-Pacific
South America
Middle East and Africa
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