Plant-Based Food Market Demand, Trends, Size and Future Growth Prospects till 2028

IMARC Group, a leading market research company, has recently releases report titled “Plant-Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global plant-based food market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the plant-based food market?

The global plant-based food market is expected to exhibit a growth rate (CAGR) of 12.11% during 2023-2028.

Market Outlook: 

Plant-based food refers to food products that are derived primarily from plants, such as fruits, vegetables, legumes, grains, nuts, and seeds. These foods are not derived from animal sources and are consumed as alternatives to animal-based products. Plant-based diets emphasize the consumption of plant foods while minimizing or excluding animal products, including meat, poultry, fish, dairy, and eggs. Plant-based foods also play a crucial role in sustainable and environmentally friendly food choices.

Plant-Based Food Market: Uses and Application

The production of plant-based foods typically requires fewer natural resources, such as water and land, and contributes less to greenhouse gas (GHG) emissions. Plant-based foods offer a wide range of options and can be prepared and consumed in various forms. They include fruits and vegetables in their whole, fresh, or frozen forms, as well as processed plant-based products, such as plant-based milk, tofu, tempeh, seitan, plant-based meat substitutes, plant-based cheeses, plant-based yogurts, and plant-based protein powders.

Moreover, plant-based foods can cater to various dietary preferences and restrictions, including vegetarian and vegan diets. They offer alternatives for individuals with lactose intolerance or dairy allergies, as well as those who follow gluten-free or soy-free diets.

However, some plant-based products still contain added sugars, unhealthy fats, and processed ingredients. It's important to choose whole, minimally processed plant-based foods and maintain a balanced diet to ensure proper nutrition.

What are the growth prospects and trends in the plant-based food industry?

Benefits of a plant-based diet

The increasing health consciousness among consumers represents one of the key factors driving the growth of the market across the globe. This, coupled with the rising awareness among consumers about the impact of diet on the environment and the increasing focus on improving their overall health, weight management, reducing the risk of chronic diseases, and adopting a more sustainable lifestyle, is acting as a major growth-inducing factor.

In line with this, the rising demand for healthier alternatives to animal-based products due to their lower levels of saturated fats and cholesterol is contributing to the growth of the market. The market is also driven by the increasing concerns for environmental sustainability, including greenhouse gas emissions, deforestation, and water usage. In addition to this, the rising ethical and animal welfare considerations, along with the increasing number of consumers choosing plant-based options are contributing to the growth of the market.

Apart from this, advancements in product development and innovations, including the introduction of plant-based alternatives that closely mimic the taste, texture, and appearance of animal-based products, such as burgers, sausages, dairy-free milk, cheese, and ice cream, are attracting both vegans and vegetarians as well as flexitarians, which is further facilitating the growth of the market.

Other factors, including the easy availability and accessibility of plant-based food options, celebrity endorsements, rising social media influence, changing lifestyle, rapid urbanization, and government initiatives, such as dietary guidelines recommending increased consumption of plant-based foods, are creating a positive outlook for the market across the globe.

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Who are the key players operating in the industry?

The report covers the major market players including: 

Plant-Based Food Companies: 

• Amy's Kitchen Inc.
• Atlantic Natural Foods LLC
• Beyond Meat Inc. 
• Danone SA
• Garden Protein International Inc. 
• Impossible Foods Inc.
• Lightlife Foods Inc. 
• Nestle S.A. 
• Tyson Foods Inc. 
• Vbite Food Ltd.

Read Full Blog: Top 10 Plant-Based Food Companies in the World

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

• Dairy Alternatives
• Meat Alternatives
• Egg Substitutes and Condiments
• Others

Breakup by Source:

• Soy
• Almond
• Wheat
• Others

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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