REDDING,
Calif., May 23, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Plant-based Food
Market by Type (Dairy Alternatives, Plant-based Meat, Meals,
Confectionery, Beverages, Egg Alternatives, Seafood), Source (Soy,
Wheat, Pea, Rice), Distribution Channel (B2B, B2C [Convenience
Store, Online Retail] - Global Forecast to 2031,'
the plant-based food market is expected to reach $113.1 billion by 2031, at a CAGR of 12.3% from
2024 to 2031.
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The growth of this market is driven by the increasing
intolerance for animal-derived protein amongst consumers, the
growing vegetarian population, the rising number of venture
investments in plant-based food companies, innovation in food
technology, and the growing focus on animal welfare and
sustainability. In addition, the increasing number of research
& development and new product launches by plant and protein
alternative manufacturers and emerging economies, such as
Asia-Pacific, Latin America, and the Middle East & Africa, are expected to create lucrative
opportunities for players operating in this market.
However, factors such as the comparatively higher price range of
meat substitutes, 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 a notable
extent.
Key Players:
The report includes an extensive assessment of the key strategic
developments by leading market participants in the industry over
the past four years (2021–2024). The key players profiled in
the plant-based food market are Beyond Meat Inc. (U.S.), Impossible
Foods Inc. (U.S.), Danone S.A. (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), Daiya Foods Inc.
(Canada), Earth's Own Food Company
Inc. (Canada), Lightlife Foods,
Inc. (U.S.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.),
VBIte Food Ltd (U.K.), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), Unilever PLC (U.K.), Sophie's
Kitchen (U.S.), and Eat Just, Inc. (U.S.).
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The plant-based food market is segmented by type (dairy
alternatives [milk, cheese, yogurt, butter, ice cream, creamer,
other dairy alternatives], meat substitutes [tofu, textured
vegetable protein, burger patties, tempeh, hot dogs & sausages,
seitan, meatballs, ground meat, nuggets, crumbles, shreds, and
other meat substitutes], plant-based meals, plant-based baked
goods, plant-based confectionery, plant-based beverages, egg
substitutes, fish and seafood alternatives, and other plant-based
foods), source (soy, almond, wheat, pea, rice, oat, and other
sources), distribution channel (business-to-business,
business-to-consumer [modern groceries/supermarkets and
hypermarkets, convenience stores, specialty stores, online retail
stores, other B2C distribution channels], and geography
(North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa). The
study also evaluates industry competitors and analyzes the market
at the regional and country levels.
Key Findings in the Plant-based Food Market Study:
Among all types studied in the report, in 2024, the dairy
alternatives segment is expected to account for the largest share
of the plant-based food market. However, the egg substitute segment
is expected to register the highest CAGR during the forecast
period. This segment's rapid growth is attributed to the increasing
consumer demand for egg alternatives, the rising number of
investments and food innovations in egg alternatives, the
increasing number of new product launches, and the low cholesterol
levels provided by egg substitutes.
Among all sources studied in the report, in 2024, the soy
segment is expected to account for the largest share of the
plant-based food market. The large market 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 alternatives manufacturers, higher consumer acceptance
level, and its wide range of applications in numerous food &
beverage sectors, including meat, dairy alternative, and
bakery.
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However, the pea segment is expected to register the highest
CAGR during the forecast period. The rapid growth of this segment
is attributed to the increasing desire amongst consumers to find
sustainable and good-tasting alternatives to animal-based proteins,
the rising number of investments from leading manufacturers to
increase pea protein production, and the growing adoption of pea
protein in plant-based foods. In addition, peas are allergen-free,
gluten-free, and lactose-free, which further increases the demand
for pea-based food.
Among all distribution channels studied in the report, the
business-to-consumer segment is expected to register the highest
CAGR during the forecast period. This segment's rapid growth is
mainly attributed to the faster accessibility, convenience, and
cost-effectiveness offered by the online retail sector.
Among all the geographies studied in the report, the
Asia-Pacific region is expected to
register the highest CAGR during the forecast period due to the
increasing investment in the plant-based sector and the growing
adoption of emerging technologies for product innovation.
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Scope of the report:
Plant-based Food Market Assessment—by Type
- Dairy Alternatives
- Milk
- Cheese
- Yogurt
- Butter
- Ice Cream
- Creamer
- Other Dairy Alternatives
- Meat Substitutes
- Tofu
- Textured Vegetable Protein (TVP)
- Burger Patties
- Tempeh
- Hot Dogs & Sausages
- Seitan
- Meatballs
- Ground Meat
- Nuggets
- Crumbles
- Shreds
- Other Meat Substitutes
- Plant-based Meals
- Plant-based Baked Goods
- Plant-based Confectionery
- Plant-based Beverages
- Egg Substitutes
- Fish and Seafood Alternatives
- Others Plant-Based Food
Plant-based Food Market Assessment—by Source
- Soy
- Almond
- Wheat
- Pea
- Rice
- Oat
- Other Sources
Plant-based Food Market Assessment—by Distribution
Channel
- Business-to-Business
- Business-to-Consumer
- Modern Groceries/Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other B2C Distribution Channels
Plant-based Food Market Assessment—by Geography
- North America
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Netherlands
- Belgium
- Austria
- Poland
- Portugal
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
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Europe Plant-based Food Market by Type [Dairy Alternatives,
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Related Blogs:
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