Global Market Insights on Plant-Based Foods (2019-2026)

$3500$6860

Emphasis on Product (Plant-Based Milk, Plant-Based Meat, Plant-Based Creamer, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter and Other Plant-Based Products), Application (Supplements & Nutritional Powders, Beverages, Bakery & Snacks, Breakfast Meals, Infant Nutrition and Other Applications), Sources (Almond, Soy, Pea, and Other Sources) and Region/Country

Published:

Oct-2020

Pages:

190

Table:

147

Figure:

62

Report ID:

UMCG20187

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

The Plant-Based Food market stood at US$ 23 billion in 2019 and is expected to grow at a CAGR of 14.87% during the forecast period 2021-2026. The global meat and dairy sector are currently going through an unprecedented level of competition and disruption, driven by the growth of viable plant-based alternatives across many categories. People are reducing or eliminating animal products from their diet for a variety of reasons. Some want to cut back on cholesterol, others may be concerned about animal welfare, and some tend to worry about the effect of animal agriculture on the environment. Whatever the reason may be, consumers globally are shifting to a plant-based food diet. There is a seismic shift occurring in eating habits, creating a significant market opportunity for plant-based foods. Most important, many kinds of research reveal that for consumers, consuming plant-based foods has moved beyond experimentation into a permanent change brought on by health, lifestyle, and social factors. Thus, following are market dynamics that discuss the plant-based food product aspects in the market.

Plant-based foods product categories are in the beginning stages of the explosive growth. For example, retail sales of plant-based creamer, plant-based cheese, and plant-based cheese, all these categories have witnessed a significant growth in the past year. Due to the alignment of market factors between these emerging categories and the historic trajectory of the plant-based foods sector, one could expect to see these other plant-based dairy categories, as well as plant-based milk and meat, reach similar levels of ubiquity in the coming years.

Climate change is recognized as a significant public health issue that will impact on food security. One of the major contributors to global warming is the livestock industry, and, relative to plant-based agriculture, meat production has a much higher environmental impact in relation to freshwater use, amount of land required, and waste products generated. Promoting increased consumption of plant-based foods is a recommended strategy to reduce human impact on the environment and is also now recognized as a potential strategy to reduce the high rates of some chronic diseases such as cardiovascular disease and certain cancers.

Consumer Trends Leading to Adoption of Plant-Based Food

Tofurky, Quorn foods Inc., Amy’s kitchen, Archer Daniel’s Midland, Claudron Foods, Morning Star Farms, Sweet Earth Foods, Impossible Foods, Maple Leaf food and Beyond Burgers are some of the prominent players operating in the plant-based foods market. These companies have adopted numerous growth strategies including innovative product launches, investment in R&D, partnership, mergers, etc. to sustain in the growing plant-based food market.

Insights Presented in the Report

 “Amongst Product, Plant-Based Milk segment holds the major share”

Based on product type, the market is fragmented into Plant-Based Milk, Plant-Based Meat, Plant-Based Creamer, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter and Other Plant-Based Products. Plant-Based Milk dominated the market with a share of 40.5% in 2019. Plant-based milk are produced from plants such as almond milk, soy milk and coconut milk, is an alternative to dairy milk. For those with lactose intolerance or such medical conditions, they generally prefer plant-based milk, but some those still prefer this for reasons of lifestyle or improved living standards. Plant-based milk products are full of nutrients such as protein, fat, carbohydrates, and vitamins etc. Around 30-50 million people are lactose-intolerant in the U.S., according to the National Institute of Children’s Health & Human Development.

“Amongst Application, Oncology is expected to dominate the market during the analyzed period”

Based on the application, the global plant-based food market is segmented Beverages, Bakery and Snacks, Breakfast Meals, Infant nutrition, and other applications. In 2019, beverages dominated the market with almost 50% share, however, increasing demand for plant-based meat would lead an increasing market of bakery and snacks segment during the forecast period.  Traditional baked goods rely heavily on butter, eggs, and cream. Roughly 387 million people are living with diabetes, and according to the International Diabetes Federation, the number is expected to increase to nearly 600 million by 2035. Studies claim a whole-food, plant-based diet can prevent and even reverse a litany of food and lifestyle-borne illnesses, including heart disease and type 2 diabetes.

“Amongst Sources, Soy is expected to dominate the market during the analyzed period”

Based on the source, the Plant-Based Food market is segmented into Soy, Almond, Pea, and other sources. In 2019, Soy dominated the source segment, generating revenue of US$ 12.2 billion. The segment is expected to grow at a CAGR of 12.21% during the forecast period by 2026. Soy is the most common source for plant-based foods product and beverage formulations globally as it contains all eight essential amino acids.

“Europe represents one of the largest markets of plant-based foods market”

For a better understanding on the market dynamics of the plant-based foods market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, Mexico, and Rest of North America), Europe (Germany, United Kingdom, France, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC) and rest of the world has been conducted. Europe generated revenue of US$ 10 billion in 2019 and is expected to grow at a CAGR of 13.86% over the analyzed period.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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  1.1Market Definition     
  1.2The objective of the Study    
  1.3Limitation     
  1.4Stakeholders     
  1.5Currency used in the Report    
  1.6Scope of the Plant-Based Food Market Study

 

  2.1Research Methodology for Plant-Based Food Market Study 
   2.1.1The main objective of the Plant-Based Food Market Study

 

  3.1General Overview     
   3.1.1North America Regulatory Framework for Plant-Based Food
   3.1.2Europe Regulatory Framework for Plant-Based Food
   3.1.3APAC Regulatory Framework for Plant-Based Food 
   3.1.4Rest of the World Regulatory Framework for Plant-Based Food
  6.1Introduction     
  6.2Market Dynamics     
   6.2.1Market Drivers    
    6.2.1.1Increasing Purchasing Power of Consumers
    6.2.1.2Significant Media Coverage and Smartphones Penetration
    6.2.1.3Rising Consumer Awareness and Health-conscious Consumer
    6.2.1.4Environmental Impact of Dairy and Meat Products
    6.2.1.5Widening the range of ingredients and flavours
    6.2.1.6Increased Support for branded Plant-Based food from Supermarkets
   6.2.2Major Trend in the Plant-Based Food Market 
    6.2.2.1Use of Avocado   
    6.2.2.1Vegan Cheese   
    6.2.2.2Faux Meat   
    6.2.2.3Fermented Foods   
   6.2.3Case Study 1- Positives of Plant-Based Diet 
    6.2.3.1Some other Trends witnessed in the Food & Beverage Industry
     6.2.3.1.1Established industry players revising their strategy
     6.2.3.1.2Direct to Consumer Business Model (D2C)
   6.2.4Market Restraints    
    6.2.4.1Impact of changing weather conditions plantation
    6.2.4.2Consumers shift from the Traditional Taste of Dairy and Meat Product
    6.2.4.3Significant Preference for Animal Based Protein
   6.2.5Opportunity    
    6.2.5.1Increasing Demand for Natural and Organic Products
     6.2.5.1.1Organic Agriculture: Key Indicators and Top Countries, 2015
    6.2.5.2Increasing Ethical Consumerism 
    6.2.5.3Increasing Innovation in Food Industry

 

  7.1General Overview     
  7.2Livestock and Environmental Impact   
  7.3Benefits of Plant-Based Products over Livestock Products 
   7.3.1Comparison of impact of Plant-based meat and Animal-based meat
   7.3.1Case Study 2- Antimicrobial Use in Food Animals Represents A Systemic Risk
  7.4Plant-Based Diets and Human Health   
   7.4.1Pictorial representation of the changing face of the world
  7.5Regional Variations- Meat Eating Trends   
   7.5.1Country wise Key Statistic on Plant-Based Diet, recent available
  7.6Plant-Based Meats Trend- Role of Food Manufacturers 
   7.6.1Impossible Foods    
   7.6.2Tyson Foods    
   7.6.3Kraft Foods    
   7.6.4Nestle

 

  8.1Demand Side Analysis    
  8.2Supply Side Analysis    
   8.2.1Top Winning Strategies   
    8.2.1.1Top Product launches  
    8.2.1.2Top Investments   
    8.2.1.3Top Acquisition and Collaborations 
  8.3Value Chain Analysis    
   8.3.1Value Chains for Plant-based food: Examples in Action
   8.3.2Case Study 2- Impossible Foods  
   8.3.3Case Study 3- Papa John’s Pizza

 

  9.1General Overview     
   9.1.1Plant-Based Milk    
   9.1.2Plant-Based Meat Substitutes   
   9.1.3Plant-Based Creamer   
   9.1.4Plant-Based Cheese    
   9.1.5Plant-Based Yogurt    
   9.1.6Plant-Based Butter    
   9.1.7Plant-Based Other Products
  10.1General Overview     
   10.1.1Plant-Based Supplements and Nutritional Powders 
   10.1.2Plant-Based Beverages   
   10.1.3Plant-Based Bakery and Snacks  
   10.1.4Plant-Based Breakfast and Cereals  
   10.1.5Plant-Based Infant Nutrition   
    10.1.5.1Key Facts on Plant-Based Infant Nutrition
   10.1.6Other Plant-Based Food

 

  11.1General Overview     
   11.1.1Soy     
   11.1.2Almond     
   11.1.3Pea     
   11.1.4Others

 

  12.1General Overview     
  12.2North America Plant-Based Food Market   
   12.2.1North America Plant-Based Food Market, by Product
   12.2.2North America Plant-Based Food Market, by Application
   12.2.3North America Plant-Based Food Market, by Source 
   12.2.4North America Plant-Based Food Market, by Country
    12.2.4.1United States Plant-Based Food Market 
     12.2.4.1.1US Plant-Based Food Market, by Product
     12.2.4.1.2US Plant-Based Food Market, by Application
     12.2.4.1.3US Plant-Based Food Market, by Source
    12.2.4.2Canada Plant-Based Food Market 
     12.2.4.2.1Canada Plant-Based Food Market, by Product
     12.2.4.2.2Canada Plant-Based Food Market, by Application
     12.2.4.2.3Canada Plant-Based Food Market, by Source
    12.2.4.3Mexico Plant-Based Food Market 
     12.2.4.3.1Mexico Plant-Based Food Market, by Product
     12.2.4.3.2Mexico Plant-Based Food Market, by Application
     12.2.4.3.3Mexico Plant-Based Food Market, by Source
    12.2.4.4Rest of North America Plant-Based Food Market
     12.2.4.4.1Rest of NA Plant-Based Food Market, by Product
     12.2.4.4.2Rest of NA Plant-Based Food Market, by Application
     12.2.4.4.3Rest of NA Plant-Based Food Market, by Source
  12.3European Plant-Based Food Market   
   12.3.1Europe Plant-Based Food Market, by Product 
   12.3.2Europe Plant-Based Food Market, by Application 
   12.3.3Europe Plant-Based Food Market, by Source 
   12.3.4Europe Plant-Based Food Market, by Country 
    12.3.4.1Germany Plant-Based Food Market 
     12.3.4.1.1Germany Plant-Based Food Market, by Product
     12.3.4.1.2Germany Plant-Based Food Market, by Application
     12.3.4.1.3Germany Plant-Based Food Market, by Source
    12.3.4.2UK Plant-Based Food Market  
     12.3.4.2.1Case Study 4- Royal Blackburn Teaching Hospital, United Kingdom
     12.3.4.2.2UK Plant-Based Food Market, by Product
     12.3.4.2.3UK Plant-Based Food Market, by Application
     12.3.4.2.4UK Plant-Based Food Market, by Source
    12.3.4.3France Plant-Based Food Market 
     12.3.4.3.1France Plant-Based Food Market, by Product
     12.3.4.3.2France Plant-Based Food Market, by Application
     12.3.4.3.3France Plant-Based Food Market, by Source
    12.3.4.4Rest of Europe Plant-Based Food Market 
     12.3.4.4.1Rest of EU Plant-Based Food Market, by Product
     12.3.4.4.2Rest of EU Plant-Based Food Market, by Application
     12.3.4.4.3Rest of EU Plant-Based Food Market, by Source
  12.4Asia-Pacific Plant-Based Food Market   
   12.4.1Key Facts on Asia-Pacific Plant-Based Food Market 
   12.4.2Asia-Pacific Plant-Based Food Market, by Product 
   12.4.3Asia-Pacific Plant-Based Food Market, by Application
   12.4.4Asia-Pacific Plant-Based Food Market, by Source 
   12.4.5Asia-Pacific Plant-Based Food Market, by Country 
    12.4.5.1China Plant-Based Food Market 
     12.4.5.1.1China Plant-Based Food Market, by Product
     12.4.5.1.2China Plant-Based Food Market, by Application
     12.4.5.1.3China Plant-Based Food Market, by Source
    12.4.5.2Japan Plant-Based Food Market 
     12.4.5.2.1Japan Plant-Based Food Market, by Product
     12.4.5.2.2Japan Plant-Based Food Market, by Application
     12.4.5.2.3Japan Plant-Based Food Market, by Source
    12.4.5.3India Plant-Based Food Market 
     12.4.5.3.1India Plant-Based Food Market, by Product
     12.4.5.3.2India Plant-Based Food Market, by Application
     12.4.5.3.3India Plant-Based Food Market, by Source
    12.4.5.4Australia Plant-Based Food Market 
     12.4.5.4.1Australia Plant-Based Food Market, by Product
     12.4.5.4.2Australia Plant-Based Food Market, by Application
     12.4.5.4.3Australia Plant-Based Food Market, by Source
    12.4.5.5Rest of Asia-Pacific Plant-Based Food Market
     12.4.5.5.1Rest of APAC Plant-Based Food Market, by Product
     12.4.5.5.2Rest of APAC Plant-Based Food Market, by Application
     12.4.5.5.3Rest of APAC Plant-Based Food Market, by Source
  12.5Rest of the World Plant-Based Food Market (2019-26) 
   12.5.1ROW Plant-Based Food Market, by Product 
   12.5.2ROW Plant-Based Food Market, by Application 
   12.5.3ROW Plant-Based Food Market, by Source

 

  13.1Porter’s Five Forces Analysis    
   13.1.1Bargaining power of Buyer   
   13.1.2Bargaining power of Supplier   
   13.1.3Threat of new entrants   
   13.1.4Availability of Substitute   
   13.1.5Industry Rivalry    
  13.2Plant-Based Food Market Share Analysis, 2019

 

  14.1SWEET EARTH FOODS    
   14.1.1Key Facts     
   14.1.2Business Description   
   14.1.3Key Product/Services Offerings  
   14.1.4Growth Strategy    
   14.1.5SWOT Analysis    
   14.1.6Recent Developments   
    14.1.6.1Product launches   
    14.1.6.2Sweet Earth Foods Business Expansions and Investment
    14.1.6.3Mergers and Acquisitions  
  14.2Quorn Foods     
  14.3Amy’s Kitchen, Inc     
  14.4Archer Daniel’s Midland    
  14.5Cauldron Foods     
  14.6Morning Star Farms     
  14.7Beyond Meat Company    
  14.8Impossible Food, Ltd.    
  14.9Maple Leaf Food     
  14.10Tofurky 

 

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Plant-Based Foods Market were the three major steps undertaken to create and analyze the adoption of Plant-Based Foods across various applications in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the plant-based foods sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Plant-Based Foods through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Plant-Based Foods Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Product, application, and source. Further country level analyses were conducted to evaluate the overall adoption of the Plant-Based Foods in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of plant-based foods. Further, we conducted factor analysis using dependent and independent variables such as increasing purchasing power of consumers, rising consumer awareness and health-conscious consumer, environmental impact of dairy and meat products, increased support for branded plant based food from supermarkets and widening range of ingredients and flavors among others. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, product launches, and analyzing the list of start-ups in the plant-based foods sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the plant-based foods market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up approach were applied to arrive at the market forecast about 2026 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of plant-based foods across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the plant-based foods market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the plant-based foods market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of plant-based foods of the plant-based foods market.

The main objective of the Plant-Based Foods Market Study

The current & future market trends of plant-based foods were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of plant-based foods in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of product, application, and source
  • Define and analysis of the regulatory framework for the plant-based foods sector
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the plant-based foods market for the major region
  • Major regions studied in the report include North America (the U.S., Canada, Mexico and Rest of North America), Europe (Germany, United Kingdom, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Australia, and Rest of Asia-Pacific), and rest of the world
  • Company profiles of major players, and the growth strategies adopted by them to sustain in the fast-growing market Deep dive regional level analysis of the industry