Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "North America Plant-based Food Market Outlook, 2028" report has been added to ResearchAndMarkets.com's offering.
The latest research publication focusing on the North America Plant-based Food market has been released, offering a detailed outlook for the industry through 2028. The extensive report, which now graces our comprehensive online repository, delves into significant aspects of the market, including product types, distribution channels, market drivers, trends, and challenges.
Plant-Based Revolution: A Flourishing Market in North America
North America's market for plant-based foods is on the ascendancy, particularly in the United States, where more than 80% market share was captured in 2022. This surge is underpinned by an increase in vegan and flexitarian lifestyles, as well as the presence of leading plant-based food manufacturing companies like Beyond Meat Inc., and Amy’s Kitchen. The continuous projections point towards a promising future with the market's valuation surpassing USD 10 Billion as of 2022.
The Growing Preference for Sustainable and Healthy Eating
As health and wellness consciousness permeates North America, the plant-based diet is swiftly becoming the de facto choice for many, translating into robust market performance. This burgeoning demand is bolstered by a rising predisposition towards sustainability, the detrimental environmental impacts of animal product consumption, and a collective pursuit of wellness-promoting dietary patterns.
Factors Influencing Market Dynamics: E-commerce and Generational Shifts
The convenience and expansive reach of e-commerce are propelling the market forward, with a predicted CAGR exceeding 12% between 2023 and 2028. Meanwhile, Millennials and Generation Z are pivotal in this shift, championing plant-based consumption through both their lifestyle choices and purchasing power.
Market Challenges: Competition and Foodservice Adaptability
Despite the growing interest in plant-based foods, the path forward is not without obstacles. A competitive landscape with established brands and limited plant-based options in foodservice venues delineate the primary challenges confronting the market.
Market Trends: Cultural Diversity and Influencer Endorsements
The plant-based market in North America is not just about meat and milk alternatives – it is evolving to include diverse ethnic cuisine options, garnering attention for their uniqueness and authenticity. Furthermore, the influence of celebrity chefs and social influencers is integral to driving consumer engagement and broadening the popularity of plant-based foods.
- The research encapsulates the vast potential and innovative landscape of the North American plant-based food market, providing strategic insights and forecasted trends.
- Regional differentiation, such as the dominance of the United States in the market and the pivotal role of Canada's government in backing the industry, is highlighted.
The comprehensive analysis and future projections contained in this report cater to industry consultants, manufacturers, suppliers, associations, and various other stakeholders within the industry. This publication aims to arm these entities with valuable information to formulate market-centered strategies and stay abreast of competitive industry knowledge.
For more information about this report visit https://www.researchandmarkets.com/r/t11q75
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