Plant-Based Food Market size is estimated to be 15.3 billion in 2019, growing at a CAGR of 9.8% during the forecast period 2020-2025. Plant-Based Food consist of minimally processed fruits, vegetables, whole grains, legumes, nuts, seeds, herbs and spices and excludes all animal products including red meat, poultry, fish and eggs. Growing population along with increasing prevalence of diabetes, chronic disease and the preference of vegetarian foods among consumers is a significant factor driving the plant-based food market in the upcoming years. Moreover, the shift of consumers towards vegetarian food owing to its several health benefits is propelled to increase the utilization and demand of the product. Apart, from this the use of plant-based food in beverages, animal feed, infant food and dietary supplement is also fueling its market growth. Product launches, development, collaboration is some of the key factors contributing to its market growth. For instance, Keytone Dairy Corporation Limited launched a new proprietary product range, Tonik plant, the largest order received from Walmart China to date and provided an update on the recently announced Stage 3 and Stage 4 lockdowns in the state of Victoria, Australia in relation to the ongoing response of Covid-19.
By Application- Segment Analysis
By Application, the Plant-Based Food is segmented into Food and Beverages, Bakery & Confectionary, Animal Feed, Infant Food, Dietary Supplement and others. Food and Beverages segment held the largest market share in the year 2019 owing to the wide usage of Plant-Based Food in beverages as well as in food products. Growing population along with the rising demand of health supplements such as Anti-Inflammatory Turmeric Ginger Hot Cocoa and Moroccan Spiced Vegan Eggnog is driving its market growth. Also, bakery and confectionary industry is projected to witness growth at fastest CAGR of 10.6% in forecast period 2020-2025. As consumers are preferring snacks that are more commonly found in main meal such as vegetable and proteins there is a surge in the use of chickpeas, lentils, peas, beans, seeds and nuts in snacks which is eventually contributing to the product demand.
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By Distribution Channel- Segment Analysis
Based on Distribution Channel, the Plant-Based Food market is segmented into Online Retail, Specialty Stores, Supermarket/Hypermarket, Convenience Stores and others. Amongst these the Supermarket/Hypermarket stores held the largest share offering large number of products to its customers in one place. Moreover, the availability of beverages, milkshakes, protein supplements and infant’s food products, bakery at online retail, hypermarket is further contributing to the market growth.
Geography- Segment Analysis
Europe contributed to the largest market share of more than 38% owing to the presence of large dominant players in the region including Schouten and Vivera Food Group. Increasing demand of Plant-Based Food among consumers owing to its health benefits have highly supported the regional demand of plant-based food. Moreover, in March 2020, Vivera announced a weekly production of 15 million/annual production of 70-million plant-based products. Also, the company recently launched successful products such as Bacon pieces and BBQ Goujons currently available at many large retailers in Europe, thus boosting the market expansion. North America Plant-Based Food market is another dominant market owing to growth in demand for nutritional foods and inclination of people towards healthy diets. Larger players in the market are also focusing on product innovation to enhance their market share. For instance, in June 2019, Nestle launched its own plant-based burger in the U.S.
Drivers – Plant-Based Food Market
Rising Health Benefits of Plant-Based Food
Rising health benefits of plant-based food is a significant factor driving the Plant-Based Food market during the forecast period 2020-2025. Increasing prevalence of cardiovascular diseases and the shift of consumers towards vegetarian diet is fueling its market growth. Vegetarian diets offer several health benefits such as reduce the chances of obesity, reduce the risk of heart disease, lower blood pressure and lower the risk of type-2 diabetes. Therefore, these are the key benefits propelling the demand of the Plant-Based Food in the future.
Increasing Demand of Plant-Based Food in Beverage Industry
Increasing demand of Plant-Based Food in beverage industry is another major factor driving the Plant-Based Food Market during the forecast period 2020-2025. The demand of beverages with lower-fat content among consumers in triggering its market growth. Moreover, in April 2020, Nestle Australia has launched the world’s first version of a plant-based Milo which boast lower sugar content in addition to its vegan consumable status. Therefore, products offered by major players in beverage industry is driving the market growth in the upcoming years.
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Challenges – Plant-Based Food Market
High Cost of Plant-Based Food
High Cost of Plant-Based Food serves as a major setback for the growth of the Plant-Based Food Market during the forecast period 2020-2025. This has resulted in the high cost of health supplements and food products, that lower- and middle-class people are unable to purchase, which in turn is restraining its market during the forecast period 2020-2025.
Plant-Based Food Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Plant-Based Food Market. Plant-Based Food Market top 10 are Beyond Meat, Califia Farms, Dream, Gardener Cheese Company, Impossible Foods Inc., Kite Hill, Mason Co, Oatly, Pacific Foods of Oregon LLC and So Delicious Dairy Free.
May 2020: Nestle Launched the vegan burger in Europe under its Garden Gourmet brand and vegan awesome burger and awesome grounds in the U.S. under the Sweet Earth Brand.
Food and Beverages segment held the largest market share in the year 2019 owing to the wide usage of Plant-Based Food in beverages as well in food products.
Amongst the distribution channel, the Supermarket/Hypermarket stores held the largest share offering large number of products to its customers in one place such as beverages, bakery and confectionary.
Europe contributed to the largest market share of more than 38% owing to the presence of large dominant players in the region including Schouten and Vivera Food Group.
Increasing health benefits of plant-based food is a significant factor driving the Plant-Based Food market during the forecast period 2020-2025.
Related Reports :
A. Plant Protein Ingredients Market
B. Plant-based Beverages Market
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