Dublin, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The "Global Plant-Based Food Market: Analysis By Type (Dairy, Meat, Egg, and Others), By Distribution Channel (Supermarkets & Hypermarkets, Online, Convenience Stores, and Other Store-Based), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
In 2021, the global plant-based food market was valued at US$39.42 billion and is anticipated to grow to US$103.56 billion by 2027. Plant-based food refers to a wide range of food products derived from natural plant ingredients. Plant-based food items have long been known for their importance in vital nutrition and human health. These products are typically prepared from fruits, vegetables, nuts, oils, whole grains, and legumes, with no animal ingredients. A plant-based diet has less cholesterol and saturated fat, is an excellent source of the vitamins B1, C, and E, folic acid, magnesium, and iron, and may help lower the risk of having certain types of cancer, diabetes, obesity, high blood pressure, heart disease, and metabolic disorders.
Food manufacturers ranging from startups to leading CPG companies are innovating rapidly in the plant-based food market. Next-generation plant-based meat, eggs, and dairy products are increasingly competitive with animal products on taste, price, and accessibility. Some of the major reasons why consumers are shifting their preference towards plant-based foods are the fear of an increase in animal-borne diseases, rising health concerns, and demand for clean label products & natural products. The plant-based food market is expected to grow at a CAGR of 17.52% over the forecast period of 2022-2027.
Market Segmentation Analysis:
- By Type: The report provides the bifurcation of the plant-based food market into four segments based on type: Dairy, Meat, Egg, and Others. In 2021, the dairy segment lead the plant-based food market, accounting for more than 60% share of the market, owing to the increase in occurrences of milk allergies and lactose intolerance cases.
- Furthermore, the milk section of the plant-based dairy industry is divided into four product segments: almond, soy, rice, and others. And, the plant-based meat market is classified into six segments based on product: burgers, sausages, crumbles, nuggets, meatballs, and others.
- By Distribution Channel: In the report, the global plant-based food market is divided into four segments based on the distribution channel: Supermarkets & Hypermarkets, Online, Convenience Stores, and Other store-based. Supermarkets & Hypermarkets dominated the market in 2021 with almost 46% share of the global market. The online segment is expected to grow at the highest CAGR during the forecast period since it saves time for both buyers and retailers while also providing a high level of comfort to consumers, as they don't have to bear the hassles of traffic or getting ready while shopping online.
- By Region: The global plant-based food market can be divided into four regions: Asia Pacific, North America, Europe, and the Rest of the World. The Asia Pacific dominated the market in 2021 with more than 40% share of the global market. The increased use of innovative technologies for product innovation, partnerships between domestic and international food companies, and rising government R&D expenditures in the food sector are the key factors driving the Asia Pacific plant-based food market.
Market Dynamics
Growth Drivers
- Rapid Urbanization
- Growing Vegan Population
- Growing Grocery E-commerce Sales
- Favorable Government Initiatives
- Increase in Diabetic Patients
- Increase in Plant-Based Food Investments
- Emergence of Flexitarians
- Growing Environmental Concerns
- Rise in Number of Lactose-Intolerant People
Challenges
- Comparatively Higher Price Range
- Significant Preference for Animal Based Products
Market Trends
- Increasing Usage of Artificial Intelligence (AI)
- Rise in Social Media Marketing
- Rising Popularity of Plant-Based Meat and Seafood
- Emergence of 3D Printing Plant-Based Meat
- Increased Focus on Taste & Texture of Plant-Based Food
- Increased Raw Material Diversity & Category Expansion
The key players of the global plant-based food market are
- Nestle S.A.
- Archer Daniel's Midland Company
- Beyond Meat Inc.
- Danone S.A.
- Unilever PLC
- The Hain Celestial Group, Inc.
- Conagra Brands (Garden Protein International Inc.)
- Otsuka Holdings (Daiya Foods Inc.)
- Impossible Foods Inc.
- Atlantic Natural Foods LLC
- Plamil Foods Ltd.
- Tofutti Brands, Inc.
- Eden Foods, Inc.
- Amy's Kitchen Inc.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact Of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/nah66a
