Plant-Based Food Market Statistics, Size, Share, Trends, Demand and Regional Analysis 2023-2028

IMARC Group has recently released a new research study titled “Plant-Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

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.

Factors Affecting the Growth of the Plant-Based Food Industry:

• Consumer Health and Ethical Concerns:

The increasing consumer awareness of health, environmental, and ethical issues associated with animal-based products represents one of the key factors driving the growth of the market across the globe. Many consumers are turning to plant-based foods as part of a healthier diet to reduce the risk of chronic diseases like heart disease, diabetes, and certain cancers. Additionally, there is a growing sensitivity towards animal welfare and a desire to reduce the environmental impact of one's diet, particularly concerning the carbon footprint and water usage associated with animal farming. These health and ethical concerns are not only encouraging more consumers to adopt vegetarian and vegan diets but are also leading to a rise in 'flexitarian' eating patterns, where people significantly reduce their meat consumption without eliminating it entirely.

• Advancements in Food Technology:

The plant-based food market is also driven by significant technological advancements in food science and processing. These advancements are leading to the development of plant-based products that closely mimic the taste, texture, and nutritional profile of animal products. For instance, improvements in protein extraction and flavor enhancement techniques are resulting in more appealing and diverse plant-based meat and dairy alternatives. These technological innovations are making plant-based foods more accessible and acceptable to a broader audience, not just vegetarians and vegans, which is fueling the growth of the market across the globe.

• Economic Factors:

Economic considerations significantly impact the plant-based food market. Factors, such as the cost of raw materials, production, and distribution affect the price and availability of plant-based products. As economies of scale improve and production processes become more efficient, the cost of plant-based foods is gradually decreasing, thus making them more competitive with traditional animal products. In addition to this, government policies and subsidies influence market growth, either positively or negatively. For instance, government initiatives promoting sustainable agriculture and healthy eating can boost the plant-based food market, while subsidies for animal farming can hinder its growth.

Request to Get the Sample Report: https://www.imarcgroup.com/plant-based-food-market/requestsample

Plant-Based Food Market Report Segmentation:

By Type:

Dairy alternatives are the largest type segment in the plant-based food market due to rising lactose intolerance, veganism, and consumer preference for plant-based nutritional profiles over traditional dairy products.

By Source:

Soy is the largest source segment in the plant-based food market because of its high protein content, versatility in various food forms, and established position as a preferred plant-based alternative.

By Distribution Channel:

Supermarkets and hypermarkets are the largest distribution channel segment in the processed meat market due to their widespread availability, diverse product range, and convenience for one-stop shopping for consumers.

Regional Insights:

Asia Pacific is the largest region in the plant-based food market due to its large population, increasing health awareness, rising vegan and vegetarian lifestyles, and cultural dietary preferences that favor plant-based foods.

Global Plant-Based Food Market Trends:

The rising consumer interest in health and sustainability is driving demand for plant-based alternatives to meat and dairy products. This shift is further fueled by growing concerns over animal welfare and the environmental impact of animal agriculture. Moreover, innovation in product development is prominent, with companies offering a wider range of tastier and more nutritious plant-based options, including meat and dairy substitutes.

In line with this, the expansion of distribution channels, particularly online platforms, is making plant-based foods more accessible. Additionally, there's an increasing incorporation of plant-based ingredients in mainstream restaurants and fast-food chains. The market is also driven by seeing a trend toward clean-label products, with consumers preferring foods with fewer and more natural ingredients.

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.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com