Plant-Based Food Market to Reach $40.24 Bn, Globally, by 2030 at 4.72% CAGR with Patties Segment Driving Growth During 2022–2030 | MRFR.
Research Reports
Aug 21, 2023
Plant-Based Food Market Insights:
The plant-based food market size was valued at USD 18.5 billion in 2021. The plant-based food market industry is projected to grow from USD 20.39 Billion in 2022 to USD 40.24 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2022 – 2030).
The Plant-Based Food Market has seen the impact of the pandemic on its grades, just like other other market segments. There are holes in the supply chain and manufacturing since the immediate market impact was a sharp slowdown. In the meantime, there were issues with the global supply chain, and sales in the whole retail sector declined. The manufacturing of plant-based foods was also negatively impacted. However, once the retail and production network had been trained to acclimatise itself to a post-pandemic environment, the global market looked at clear growth forecasts.
There are a few restrictions that apply to the market for plant-based foods. For instance, products made from plants don’t taste the same as those made from animals. As a result, employing plant-based food products may result in throwing away a portion of the world’s population. Additionally, certain people may be extremely sensitive to the minerals and proteins found in plants. Therefore, it’s possible that plant-based foods won’t be widely recognised as a food alternative. A new study found that the best approach to decrease the growth in diabetes cases in the US is to consume a plant-based, whole-food diet.
Researchers investigated the effects of plant-based diets rich in vegetables, whole grains, and legumes on inflammatory dietary Advanced Glycation End-Products (AGEs), a biomarker linked to the onset of chronic illnesses. They compared the amounts of AGEs in diets high in dairy and meat to those that were plant-based. The study found that adopting a plant-based diet and staying away from animal products drastically reduced AGEs levels by 80%.
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Key Players:
Tyson Foods Inc., Nestle SA, Keystone Natural Holdings, General Mills Inc, Premier Foods PLC are the major companies in the market.
Market Segmentation:
This market analysis of plant-based foods includes a thorough examination of all relevant segments. Based on different food categories, the market is divided into its primary segments. For instance, plant-based milk and its derivatives make up a sizable portion of the global market. The segment of plant-based milk and derivatives holds a considerable market share globally. The global market share is also dominated by other products like tea and coffee and RTC meals. Additionally, bakery and confectionery have a sizable global market share.
By the end, however, the sector of plant-based juices will have experienced the greatest gain in global market revenue. The number of vegan restaurants in Japan has increased dramatically, from 400 to over 1,000 between 2018 and 2020. The biggest airline in the nation, All Nippon Airways (ANA), is promoting a plant-based diet with new menu options. ANA will provide vegetarian, vegan, and gluten-free alternatives starting on November 1 thanks to a partnership with a renowned chef.
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Regional Analysis:
The market for plant-based foods is segmented by continents. Understanding Global Market Analysis by region is also necessary to comprehend the expansion of the overall plant-based food industry. North America, Europe, Asia Pacific, and the rest of the world are the major regional markets. In the European continent, there has always been a significant need for plant-based diets. The trend of going vegan has also contributed to the expansion of the regional global market in North America. In terms of revenue generated by the plant-based food industry, the USA dominates North America. In terms of global Market Revenue, China is the leader in the Asia Pacific area. In actuality, Asia Pacific exhibits the greatest regional rate of market size growth during the projection period. IFFCO GROUP has introduced THRYVETM, the first plant-based company in the area, to speed up the shift to nutritious, sustainable food sources. By commissioning its first 100% plant-based food factory by early 2023 as part of the launch, The IFFCO Group hopes to serve the growing segment of consumers who are concerned about their health and the environment by providing them with nourishing, local, and healthy plant-based meat that is flavoured with Middle Eastern flavours. The founding of the first wholly plant-based business in the GCC represents the IFFCO Group’s commitment to the long-term expansion of regenerative farming in the Middle East.
Some of the key trends in the plant-based food market include:
- The rise of plant-based meat alternatives: Plant-based meat alternatives, such as Beyond Meat and Impossible Burger, are becoming increasingly popular. These products are made from plant-based ingredients, but they look, taste, and cook like meat.
- The growth of the plant-based dairy alternatives market: Plant-based dairy alternatives, such as almond milk, soy milk, and oat milk, are also growing rapidly. These products are a good source of protein and calcium, and they are also lactose-free and vegan.
- The increasing popularity of plant-based snacks and desserts: Plant-based snacks and desserts are becoming more popular as consumers look for healthier and more sustainable options. There are now a wide variety of plant-based snacks and desserts available, from cookies and cakes to chips and candy.
Discover more research Reports on Food, Beverages & Nutrition Industry, by Market Research Future:
Plant-Based Beverages Market Research Report Information By Source (Fruits, Nuts, Vegetables, Soy, and Seeds & Leaves), By Type (RTD Tea & Coffee, Plant-Based Milk, and Juices), By Distribution Channel (Store-Based, and Non-Store Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
Plant-Based Food Ingredients Market Research Report: Information by Source (Soy, Pea, Rice, Almond, Cashew, Oats & Coconut), Category (Organic and Conventional), Application (Plant-based milk & derivatives, Bakery & Confectionery, Sweet & Savory Snacks, Meat Substitutes and RTE & RTC Meals), and Region (North America, Europe, Asia-Pacific, and the Rest of the World) —Forecast till 2030
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