Plant-Based Food Market: Current Analysis and Forecast (2022-2028)
Emphasis on By Product (Plant-Based Dairy & Dairy Alternative, Plant-Based Nutrition, Plant-Based Meat Substitutes); By Application (Supplements & Nutritional Powders, Beverages, Bakery & Snacks, Breakfast Cereals, Infant Nutrition, and Others); By Source (Soy, Pea, Wheat, Others); Region/Country
The Global Plant-Based Food Market was valued at USD 25.2 billion in 2020 and grow at a CAGR of 9.7% from 2022-2028. The major factor in the growth of the plant-based food industry is the increased ethical focus of the consumer. This is partly led by the millennial generation and the emergence of the ‘flexitarian’ consumer. Also, certain ingredients in plant-based foods are often identified to provide the consumer with high levels of protein and nutritional value such as soy, oat, coconut, almond, rice, hemp etc. In addition, animal welfare rights groups have gained significant traction and the ways in which animals are treated in the production of products have caused a switch in consumer preferences towards plant-based food.
Further, the plant-based food market is expected to grow at an accelerating rate owing to rising demand for innovative products has driven a significant increase in new product development across chilled, ambient, and frozen segments. Therefore, gives the consumer a wider choice of products and brands, and allows the plant-based food industry various opportunities to grow in the coming years. For instance: In November 2022, beyond popcorn chicken and beyond chicken nuggets were launched by Beyond Meat, Inc
Amy’s Kitchen Inc., Atlantic Natural Foods LLC, Beyond Meat Inc, Danone SA, Garden Protein International Inc., Impossible Foods Inc., Light life Foods Inc. (Maple Leaf Foods Inc.), Nestle S.A., Tyson Foods Inc., V bite Food Ltd.
Insights Presented in the Report
“Amongst product, plant-based dairy & dairy alternatives category to witness robust CAGR during the forecast period.”
Based on the product, the plant-based food market is segmented into plant-based dairy & dairy alternatives, plant-based nutrition, and plant-based meat substitutes. The plant-based dairy & dairy alternative segment caters to a significant market share. Plant-based dairy alternatives such as almond milk, and oats milk demand is growing among the consumer owing to their texture, which is thicker and creamier than other plant-based products, making them suitable for both beverages and food products. In addition, consumers with lactose intolerance are also adopting plant-based dairy products such as animal-free yoghurts, desserts, and cheese coupled with a growing number of launches of blended milk products, bringing new nutritional profiles, tastes, and textures for toddlers are also driving the market size of plant-based food. For instance: On 5 July 2022, Danone announced the launch of the first-ever Dairy and Plants Blend baby formula, for vegetarian and flexitarian options for babies.
“Amongst source, soy category to witness robust CAGR during the forecast period.”
Based on source, the plant-based food market is segmented into soy, pea, wheat, and others. The soy segment acquired the highest share in the plant-based food market. Soy and soy foods are common nutritional solutions for vegetarians, due to their high protein content and versatility in the production of meat analogs and milk substitutes. Further, soy is valuable for plant-based products as it is rich in protein and contains unsaturated fat, iron, and vitamin B1. Also, various key players are launching 100% soy snacks, and beverages in the plant-based food market which in turn would create opportunities in the market. For instance: In March 2022, Otsuka Pharmaceutical Co., Ltd. (Otsuka) announced the launch of SOYJOY Plant-Based, a new series in the SOYJOY line of delicious, convenient whole-soy nutrition bars in two flavors (white chocolate and banana), nationwide in Japan
“North America to hold a significant share in the market.”
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the growing consumer acceptance of plant-based food items because of the development and popularity of novel products such as egg substitutes, plant-based milk, and plant-based meat substitute are accentuating the market size of plant-based foods in the region. In addition, the rising vegan and flexitarian population in the U.S. and the strong presence of leading plant-based food manufacturing companies are driving market growth. For instance, according to a study done by Vegetarian Times, 9.7 million Americans follow a vegetarian diet, with almost one million of those being vegan. 59% of plant-based food eaters in the United States are female, with 41% being male.
Plant-Based Food Market Report Coverage
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 an 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.
Customization Options:
The global Plant-Based Food market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Plant-Based Food Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Plant-Based Food market were the three major steps undertaken to create and analyze the adoption of Plant-Based Food 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 global Plant-Based Food market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting 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 of 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 Food market through company internal sources such as annual reports & 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 Food market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, application, and source. Further country-level analyses were conducted to evaluate the overall adoption of testing models 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 the Plant-Based Food market. Further, we conducted factor analysis using dependent and independent variables such as product, application, and source a thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Plant-Based Food market 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 global Plant-Based Food 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., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Plant-Based Food market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Plant-Based Food market in terms of the product 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, 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
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Plant-Based Food market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, application, and source in the global Plant-Based Food market.
The main objective of the Global Plant-Based Food Market Study
The current & future market trends of the global Plant-Based Food market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends 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 from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Plant-Based Food market in terms of value (USD). 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 Food
- 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 Food market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Plant-Based Food market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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