Dublin, March 02, 2023 (GLOBE NEWSWIRE) -- The "Plant-based Food Market by Type, Source, Distribution Channel - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The Global Plant-based Food Market is expected to reach $95.52 billion by 2029, growing at a CAGR of 12.4% during the forecast period of 2022 to 2029.
The growth of this market is driven by factors such as the increasing intolerance for animal protein amongst consumers, the growing vegan population, and the rising number of venture investments in plant-based food companies.
In addition, the increasing number of research & development and new product launches by plant and protein alternative manufacturers and emerging economies, such as Asia-pacific, Latin America, and the Middle East & Africa, are expected to create lucrative opportunities for players operating in this market.
However, factors such as the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to a notable extent.
Based on type, the dairy alternatives segment is expected to account for the largest share of the plant-based food market in 2022.
However, the seafood substitute segment is expected to grow at the fastest CAGR during the forecast period due to the increasing consumer demand for vegan seafood, the rising number of investments and food innovations in species-specific seafood alternatives, and the increasing number of new product launches in this plant-based food category.
Based on the source, the plant-based food market is segmented into soy, almond, wheat, pea, rice protein, and others.
In 2022, the soy segment is expected to hold the largest share of the plant-based food market. The large market share of this segment is attributed to factors such as the higher adoption of soybean for the manufacturing of plant-based food due to their wide availability and cost-effectiveness, the wider application range of soy in various food & beverage sectors, including meat, dairy alternatives, and bakery, and the higher level of acceptance for plant-based food derived from soy amongst consumers. However, the pea segment is expected to grow at the fastest CAGR during the forecast period.
Based on the distribution channel, the B2C distribution channel segment is estimated to account for the largest share of the plant-based food market in 2022.
The large share of this segment is attributed to the increased sales of plant-based food in well-established supermarkets and hypermarkets chains, consumers' preference for shopping from brick-and-mortar grocers due to easy access and availability, and the increasing consumer expenses on vegan food products. This segment is also expected to grow at the fastest CAGR during the forecast period due to the rapidly growing online retail sector.
Based on geography, North America is expected to account for the major share of the plant-based food market in 2022.
The leading position of North America in the plant-based food market is attributed to factors such as the high awareness regarding the importance of protein-rich diets, increased health consciousness amongst consumers, a well-established food sector, higher adoption of technological advancements in the food & beverage industry, and significant investments in the plant-based sector. However, the Asia-Pacific plant-based food market is developing and expanding significantly.
Market Insights
Drivers
- Increasing Incidences of Intolerance for Animal Protein
- Growing Preference for Plant-Based Food Products
- Increasing Vegan and Vegetarian Population
- Venture Investments in Plant-Based Food Companies
- Innovation in Food Technology
Restraints
- Expensive Nature of Plant-Based Products
- Significant Preference for Animal-Based Products
- Consumer Preference for Soy and Gluten-Free Products
Opportunities
- Product Launches by Plant-Based Food and Alternative Protein Manufacturers
- Emerging Economies
Trends
- Rising Industry Concentration with Growth in Mergers and Acquisitions in the Plant-Based Food Space
Companies Mentioned
- Beyond Meat Inc. (U.S.)
- Impossible Foods Inc. (U.S.)
- Danone SA (France)
- Garden Protein International Inc. (Canada)
- Amy's Kitchen Inc. (U.S.)
- Plamil Foods Ltd. (U.K.)
- The Hain Celestial Group Inc. (U.S.)
- Sahmyook Foods (South Korea)
- Sanitarium Health and Wellbeing Company (Australia)
- Axiom Foods (U.S.)
- Daiya Foods Inc. (Canada)
- Earth's Own Food Company Inc. (Canada)
- Lightlife Foods Inc. (U.S.)
- Marlow Foods Ltd. (U.K.)
- Taifun -Tofu GmbH (Germany)
- Atlantic Natural Foods LLC (U.S.)
- VBIte Food Ltd (U.K.)
- Nutrisoy Pty Ltd. (Australia)
- Nestle S.A. (Switzerland)
- Unilever PLC (U.K.).
Scope of the report
Plant-based Food Market, by Type
- Dairy Alternatives
- Milk
- Cheese
- Yogurt
- Butter
- Ice Cream
- Creamer
- Others
- Meat Substitutes
- TVP
- Burger Patties
- Tempeh
- Hot Dogs and Sausages
- Seitan
- Meatballs
- Ground Meat
- Nuggets
- Crumbles
- Shreds
- Others
- Meals
- Baked Goods
- Confectionery
- RTD Beverages
- Egg Substitutes
- Seafood Substitutes
- Others
Plant-based Food Market, by Source
- Soy
- Almond
- Wheat
- Pea
- Rice
- Others
Plant-based Food Market, by Distribution Channel
- Business to Business
- Business to Customers
- Modern Groceries
- Convenience Store
- Specialty Store
- Online Retail
- Others
Plant-based Food Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Netherlands
- Belgium
- Austria
- Poland
- Portugal
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- Thailand
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/l26au6
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