The “Global Plant-based Food Market 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
According to the report, the plant-based food market is projected to exceed USD 75 billion in size, growing from USD 41.06 billion in 2022. This impressive growth is anticipated to continue with a CAGR of 10.95% from 2023 to 2028. This trend mirrors the increasing popularity and adoption of veganism, which is driven by heightened awareness of ecological and ethical considerations.
Uncover the driving forces, challenges, and trends shaping the landscape of plant-based food market, as it becomes a major player in the global food industry.
Rising Demand: A Catalyst for Growth
The global sales of plant-based foods are on the rise, propelled by growing concerns over the ecological impact of conventional food production and animal welfare issues. In response to these concerns, consumers are increasingly turning to plant-based alternatives. This shift is not only driven by ethical considerations but also by the escalating concerns about food security. As a result, the market is witnessing rapid growth, with international restaurant chains such as Taco Bell, Chipotle, Jamba Juice, and Starbucks playing a significant role in driving increased consumption of plant-based options.
Driving Factors: The Power of Change
Several factors are driving the growth of the plant-based food market. Intolerance for animal protein among consumers, a growing vegan population, and increased venture investments in plant-based food companies are contributing to the market’s expansion. Notably, research and development efforts, along with new product launches by plant and protein alternative manufacturers, are fueling innovation. Emerging economies, especially in Asia-Pacific, South America, and the Middle East & Africa, are providing lucrative opportunities for market players.
Plant-based Foods: A Global Transformation
Plant-based foods are not new; humans have consumed plants and their products for centuries. However, the current surge in the market is a testament to the refined commercialization of plant-based food products. As veganism gains prominence as an environmentally conscious and low-carbon lifestyle, the global plant-based food market is flourishing. This growth showcases how the world is embracing new dietary options, with the demand for different foods driving the expansion of the market.
Challenges on the Horizon
Despite the growth potential, challenges exist. One significant challenge is the ability of plant-based seafood to replicate the authentic taste of seafood. Seafood has a unique and complex flavor profile that can be difficult to mimic with plant-based ingredients. Additionally, issues surrounding labeling and regulations can create confusion for consumers. Clarity is needed in product descriptions and labels to ensure transparency and prevent misleading claims.
Trends Shaping the Future
Two notable trends shaping the plant-based food market are the expansion of product offerings and the focus on clean label and natural ingredients. Consumers are seeking a wider array of plant-based alternatives across various categories, driving companies to innovate and improve taste and texture. Furthermore, the clean label movement is gaining traction, as consumers demand transparency in ingredients and production processes. Natural, recognizable ingredients are preferred, offering nutritional benefits and catering to dietary restrictions.
COVID-19 Impact: A Silver Lining
Surprisingly, the COVId-19 pandemic had a positive impact on the global plant-based food industry. The pandemic highlighted the link between public health and animal meat consumption, leading to increased interest in vegan diets. Additionally, disruptions in traditional meat processing due to the pandemic led consumers to explore plant-based alternatives, further boosting the market.
Emergence of Key Players
The plant-based food market is witnessing the emergence of key players who are driving innovation and market growth. Companies like Beyond Meat, Impossible Foods, and others are revolutionizing the market with their plant-based meat alternatives. Major food corporations like Nestle, Danone, and Unilever are also entering the plant-based food arena, indicating the industry’s significance and growth potential.
Regional Dynamics: Middle East & Africa
The Middle East and Africa region, with its rich history of plant-based diets rooted in cultural and religious practices, is set to experience substantial growth. As urbanization and lifestyle changes occur in the region, health and wellness take center stage. Plant-based diets, perceived as healthier alternatives, gain traction, driven by cultural practices and a desire for overall well-being. Governments in the region are actively supporting plant-based food consumption, further fueling market growth.
Market Segments: A World of Choices
The plant-based food market spans diverse segments, including plant-based milk, meat alternatives, cheese, desserts, ice cream, yogurt, butter, bakery snacks, condiments, and more. These products are available in various distribution channels, with hypermarkets and supermarkets leading the way. Consumers can explore an array of options that cater to their dietary preferences and align with their values.
Shaping the Future Plate
The plant-based food market is not just a trend; it’s a movement that’s reshaping the food industry. As consumers become more conscious of their choices and their impact on the planet and health, the demand for plant-based alternatives continues to grow. With innovations, expanded product offerings, and a focus on sustainability, the plant-based food market is carving a new path for a more sustainable and ethical food future.
Recent Developments
- In December 2022, The Hain Celestial Group Inc announced the completion of the divestiture of its Westbrae Natural brand, which is now taken over by Bush Brothers & Company.
- In September 2022, ADM acquired Comhan, a major South African flavor distributor, facilitating the development of novel products that respond to regional preferences and needs.
- In August 2022, ADM and New Culture, a pioneer in animal-free dairy, collaborated to create products that will benefit from New Culture’s advances in new ingredients and animal-free dairy products. Also, this is expected to promote the development and commercialization of plant-based dairy products.
- In May 2022, Danone launched the new Dairy & Plants Blend baby formula to meet parents’ demand for feeding options suitable for vegetarian, flexitarian, and plant-based diets, while still meeting their baby’s specific nutritional requirements.
- In March 2022, Good mylk, the plant-based dairy company, has acquired the nutrition brand PRO2FIT in one of the first M&As in India’s growing plantbased sector. PRO2FIT produces plant-based food such as vegan protein powder and retails across India.
Companies Profiled
- The Kellogg Company
- Danone S.A.
- Archer Daniels Midland Company
- Blue Diamond Growers
- Nestle S.A.
- JBS S.A.
- The Kraft Heinz Company
- Unilever plc
- General Mills, Inc.
- Conagra Brands, Inc.
Key Topics Covered
1. Executive Summary
2. Market Dynamics
3. Research Methodology
4. Market Structure
5. Economic/Demographic Snapshot
6. Global Plant-based Food Market Outlook
7. North America Plant-based Food Market Outlook
8. Europe Plant-based Food Market Outlook
9. Asia-Pacific Plant-based Food Market Outlook
10. South America Plant-based Food Market Outlook
11. Middle East & Africa Plant-based Food Market Outlook
12. Competitive Landscape
13. Strategic Recommendations
14. Annexure
For more information about this report visit https://www.researchandmarkets.com/r/can6sy
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SOURCE: Research and Markets
