Plant-Based Food Market Size, Share, Trends & Competitive Analysis By type (Meat alternatives, Dairy alternatives, Egg alternatives, Other plant-based foods) By application (Ready-to-eat meals, Ingredients, Foodservice, Retail By end user) By distribution channel: By Regions, and Industry Forecast, Global Report 2023-2030

The global Plant-Based Food market size was valued at USD 51.59 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 15.3% during the forecast period, reaching a value of USD 165.70 billion by 2030.

Plant-Based Food market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.

MARKET OVERVIEW:

Plant-Based Food refers to a category of food products that are primarily derived from plant sources, rather than animal-based ingredients. These foods are designed to provide a nutritionally balanced and sustainable alternative to traditional animal-based products. Plant-based foods can encompass a wide range of items, including plant-based meat substitutes, dairy alternatives, snacks, and beverages, which are created using ingredients like soy, wheat, rice, nuts, and various other plant sources. The growing popularity of plant-based foods is driven by various factors, including environmental concerns, health considerations, and the desire for more ethical and sustainable food choices. This shift toward plant-based eating reflects a broader movement toward a more sustainable and environmentally friendly food industry.

MARKET DYNAMICS:

The increasing consumer awareness of health and environmental concerns. Many individuals are opting for plant-based food products as they are perceived as healthier and more sustainable alternatives to traditional animal-based foods. Additionally, the rise of ethical and animal welfare considerations contributes to the growing demand for plant-based food options.

However, the market also faces restraints, particularly in terms of taste and texture challenges. Some consumers find it challenging to transition from animal-based products to plant-based ones due to taste and mouthfeel differences. Overcoming these sensory barriers remains a significant challenge. Nevertheless, opportunities in the Plant-Based Food market are abundant, as technological advancements in food production, innovation in plant-based ingredients, and the expansion of plant-based fast-food chains open new avenues for growth.

PLANT-BASED FOOD MARKET SEGMENTAL ANALYSIS

BY TYPE:

In the category of meat alternatives, the surge in demand for plant-based protein sources is a dominant factor driving growth. Consumers are increasingly seeking alternatives to traditional meat products, driven by concerns about health, sustainability, and animal welfare. As a result, meat alternatives have witnessed a substantial rise in popularity, leading to innovation and a diversified range of plant-based meat products.

In the dairy alternatives segment, lactose intolerance, dairy allergies, and the desire for healthier options are key drivers. Consumers are turning to plant-based dairy products made from sources like soy, almond, and oat as substitutes for traditional dairy items. The growing awareness of the environmental impact of the dairy industry is also contributing to the popularity of dairy alternatives, making this product category a dominant factor in the Plant-Based Food market.

Egg alternatives are gaining prominence due to the ethical concerns associated with egg production and the demand for cholesterol-free options. The market for plant-based egg alternatives is driven by the desire to reduce the environmental footprint of egg production while still providing consumers with a familiar ingredient for cooking and baking. Additionally, other plant-based foods such as snacks, beverages, and condiments are influenced by consumers' evolving dietary preferences, offering a wide array of options for those seeking plant-based choices.

BY APPLICATION:

In the ready-to-eat meals category, the demand for convenient and healthy food options is a driving force. Consumers are increasingly looking for plant-based ready-to-eat meals that offer a quick and nutritious alternative to traditional meat-based dishes. This surge in demand has led to an expansion of plant-based meal offerings in various forms, from plant-based burgers to meatless frozen dinners.

In the ingredients sector, the dominant factor is the need for plant-based components that can be incorporated into a wide range of food products. Food manufacturers seek versatile and high-quality plant-based ingredients to meet the growing demand for plant-based foods. The availability of such ingredients is pivotal in driving innovation and enabling the creation of diverse plant-based products, from dairy-free cheese to plant-based protein powders.

Foodservice establishments, including restaurants and cafeterias, play a significant role in the Plant-Based Food market. The dominant factor in this category is the increasing interest in plant-based menu options. As more consumers seek plant-based dining choices, restaurants and foodservice providers are adapting by offering plant-based entrees and alternatives. This shift reflects the evolving tastes and preferences of consumers looking for plant-based dishes when dining out.

In the retail segment, the dominant factor is the growing shelf space dedicated to plant-based food products. Retailers are responding to consumer demand by expanding their plant-based product offerings. This has led to the increased visibility and accessibility of plant-based foods in supermarkets and grocery stores, making it easier for consumers to incorporate these products into their home cooking and everyday meals.

BY END USER:

For vegans and vegetarians, the dominant factor is the availability of plant-based food options that align with their ethical choices and dietary restrictions. This has spurred the growth of plant-based food products that cater to these specific groups, ranging from meat and dairy alternatives to a variety of plant-based snacks and beverages.

Flexitarians, who are primarily meat-eaters but occasionally incorporate plant-based foods into their diet, are a dominant factor in the market due to their desire for balanced and healthier meal options. This group has led to the development of plant-based meat alternatives that aim to replicate the taste and texture of traditional meats, making it easier for flexitarians to reduce their meat consumption.

Lactose intolerant individuals and allergy sufferers represent another dominant factor in the Plant-Based Food market. Their dietary restrictions drive the demand for dairy alternatives and egg substitutes, which offer viable solutions for those with lactose intolerance or specific food allergies. These plant-based options provide these consumers with safe and nutritious alternatives.

Health-conscious consumers, regardless of their specific dietary preferences, are a significant driver of the plant-based food market. The dominant factor for this group is the perceived health benefits of plant-based foods. As they seek healthier and more environmentally sustainable choices, they fuel the demand for a wide range of plant-based products, including those rich in plant-based proteins, whole grains, and natural ingredients. 

BY DISTRIBUTION CHANNEL:

In supermarkets and hypermarkets, the dominant factor lies in the increasing shelf space allocated to plant-based food products. The rising consumer demand for plant-based options has prompted these retail giants to expand their plant-based product offerings, making these choices more accessible to a wider audience.

Convenience stores are also playing a significant role in driving the Plant-Based Food market, with the dominant factor being the demand for on-the-go plant-based snacks and meal options. The convenience and accessibility of plant-based products in these outlets cater to busy consumers seeking quick and healthy plant-based alternatives for their snacks and meals.

Online retailers represent a prominent distribution channel in the Plant-Based Food market, with the dominant factor being the convenience of e-commerce. Online platforms provide a vast array of plant-based products and offer consumers the flexibility to explore and purchase these items from the comfort of their homes. This convenience has driven the surge in online sales of plant-based foods.

Specialty stores, including health food stores and organic markets, cater to a niche consumer base of health-conscious individuals. The dominant factor in this channel is the availability of high-quality and specialized plant-based products, including organic and non-GMO options. These specialty stores contribute to the growth of the Plant-Based Food market by providing unique and premium plant-based choices for discerning consumers.

REGIONAL ANALYSIS:

In North America, the market enjoys a robust presence driven by a surge in consumer interest in healthier and sustainable food choices. The region is home to a growing population of vegans, vegetarians, and health-conscious individuals who have propelled the demand for a wide range of plant-based products. Additionally, the popularity of plant-based meat alternatives and dairy substitutes is on the rise, making North America a significant player in the Plant-Based Food market.

In Europe, a strong emphasis on sustainability, environmental awareness, and ethical food consumption has bolstered the Plant-Based Food market. Consumers in Europe are increasingly gravitating toward plant-based options, and this trend is reflected in the region's expanding range of plant-based products, from dairy alternatives to plant-based convenience foods. Similarly, Asia Pacific is witnessing notable growth due to its vast and diverse consumer base. As more people in Asia become health-conscious and environmentally aware, the demand for plant-based foods has surged, and various international and local brands have entered the market to cater to this demand.

COVID-19 IMPACT:

As the world grappled with the uncertainties of the crisis, the demand for plant-based food products witnessed significant growth. Consumers became more conscious of their dietary choices, seeking healthier and immune-boosting options, which often included plant-based foods. The pandemic highlighted the importance of food safety and sustainability, driving a surge in interest in plant-based alternatives to animal products. This shift in consumer behavior towards plant-based foods is expected to have a lasting impact, as individuals continue to prioritize health and sustainability in their diets.

INDUSTRY ANALYSIS:

Mergers & Acquisitions

• Unilever acquires The Vegetarian Butcher, a Dutch plant-based meat company, for €412 million in 2022.
• Nestlé acquires Terrafertil, a Brazilian plant-based food company, for an undisclosed amount in 2023.
• JBS acquires Vivera, a Dutch plant-based meat company, for €410 million in 2023.

Product New Launches

• Impossible Foods launches Impossible Sausage Patties made from plants in 2022.
• Beyond Meat launches Beyond Mince made from plants in 2023.
• Oatly launches oat-based ice cream in 2023.

KEY MARKET PLAYERS:

• Beyond Meat, Inc.
• Impossible Foods Inc.
• Quorn Foods
• The Hain Celestial Group
• Amy's Kitchen
• Daiya Foods Inc.
• MorningStar Farms
• Gardein
• Tofurky
• Lightlife Foods, Inc.
• Silk (WhiteWave Foods)
• Califia Farms
• Oatly AB
• Blue Diamond Growers
• Field Roast Grain Meat Co.
• Boca Foods Co.
• Sweet Earth Foods
• Pacific Foods
• Nutiva
• Greenleaf Foods, SPC
• Good Catch
• The Vegetarian Butcher
• Maple Leaf Foods
• SunOpta Inc.
• Upton's Naturals
• others