Plant-Based Food & Beverages Market Future Challenges, SWOT Analysis, and Industry Growth Outlook
Research Reports
Apr 13, 2022
Plant-Based Food & Beverages Market Outlook
Plant-based foods and beverages do not include any animal-based ingredients, and as a result, customers who follow a vegetarian or vegan diet are increasingly choosing them. As per an MRFR report, the market is estimated to use a CAGR of 10.92% and reach a value of USD 40,697.2 million by 2028.
Concerns about animal welfare, human health, and the environment have fueled the rise of veganism, which has encouraged many people and has established itself as the main driving factor behind the vegan movement. Consequently, the growing acceptance of a vegetarian and vegan diet is propelling the worldwide plant-based food and beverage market.
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Segment Analysis
The segmental evaluation of the plant-based food & beverage market is conducted based on his. source, category, product type, distribution channel, and region. The category segment of the plant-based food & beverage market consists of organic and conventional. The product type segment of the plant-based food & beverage market consists of plant-based milk, plant-based meat, bakery & confectionery, plant-based milk & derivatives, RTD tea & coffee, sweet & savory snacks, and plant-based juices. The source segment of the plant-based food & beverage market consists of soy, coconut, almond, wheat, pea, and cashew. The region segment of the plant-based food & beverage market consists of North America, Europe, Asia-Pacific, and the other vital regions. The distribution channel segment of the plant-based food & beverage market consists of store-based and non-store-based.
Regional Analysis
The regional scrutiny of the plant-based food & beverage market includes North America, Europe, Asia-Pacific, and the other vital regions. Europe is expected to be a lucrative region for manufacturers of plant-based food & beverages. The demand for plant-based food & beverages in the region is growing at an exponential rate. Consumers are increasingly opting for healthy and nutritious drink choices over high-calorie soft drinks. The Asia-Pacific plant-based food & beverage market accounted for the highest share of the global market in 2020. China is the leading country-level market in the region, accounting for the largest market share. With the strong dominance of the vegetarian market, the region is expected to create lucrative opportunities for plant-based food & beverage manufacturers during the forecast period.
Competitive Analysis
Organizations need to think about automating low-value, time-consuming manual processes. For executives improving customer experience is a top strategic priority, but rising expectations, fast-changing technologies, and market upheaval make it challenging to achieve. During this crisis, connectivity has been the most important enabler of social involvement. All stakeholders must work together to build the digital infrastructure to support new forms of remote working and advance the digital way of life. The major concerns for businesses are market access for competitors and the peer group’s deep funds for acquiring market share. The company transformation’s purpose was to maximize potential throughout the value chain. Despite their importance, companies’ risk monitoring and mitigation strategies fall short of their board of directors’ expectations. Organizations can benefit greatly from successful data, technology, and analytics integration. To develop a solid reporting and monitoring strategy, a combination of internal staff and external advisors must be used to integrate company knowledge with information about best practices.
Most companies in the plant-based food & beverage market is Danone SA (France), Del Monte Fresh Produce NA, Inc. (the US), Nestlé S.A. (Switzerland), Keystone Natural Holdings (US), General Mills, Inc. (the US), Clara Foods (US), Premier Foods Plc (UK), Amy’s Kitchen (US), Tyson Foods Inc (Arkansas), and Blue Diamond Growers (US).
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Industry Updates:
Oct 2021 Sacco System, a global biotech company serving the food, nutraceutical, and pharmaceutical industries, and Döhler, a global producer, marketer, and provider of technology-driven natural ingredients, ingredient systems, and integrated solutions for the food and beverage industry, have announced a strategic partnership to develop new innovative, clean label, and 100 percent natural plant-based dairy alternatives food solutions.
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