According to the latest report by IMARC Group, titled “Plant-based Food Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026,” the global plant-based food market reached a value of US$ 35.6 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit strong growth during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Plant-based food refers to a variety of food products derived from vegetables, fruits, nuts, whole grains, legumes, oils and other plant sources. Tofu, coconut, almond milk, tempeh and seitan are plant-based food products that do not contain animal-sourced ingredients like meat, milk, and eggs. They are rich in numerous essential nutrients, including vitamin B1, C and E, folic acid, magnesium, and iron. They also comprise minimal cholesterol and saturated fats, which aids in reducing the risk of heart diseases, metabolic disorders, diabetes, obesity, high blood pressure, and some types of cancer. Nowadays, plant-based foods are highly preferred by health-conscious consumers due to their low-calorie and high-protein content.
Global Plant-based Food Market Trends:
The global plant-based food market is primarily driven by the growing prevalence of chronic and lifestyle diseases among people. The rising trend of veganism among millennials is positively impacting the market. Besides this, the increasing concerns for the prevention of cruelty against animals in the food industry have encouraged consumers to shift toward vegan alternatives. This has resulted in an escalated demand for plant-based food products across the globe. Moreover, athletes and celebrities are nowadays engaging in extensive advertisement campaigns to promote the consumption of vegetarian products. Furthermore, the introduction of innovative products like plant-based milk, eggs, and meat that offer the same level of nutrients and are identical in taste to their animal-sourced counterparts is providing a positive outlook for the market.
Plant Based Food Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the plant based food market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the plant based food market on the basis of type, source, Distribution Channel and region.
Breakup by Type:
Breakup by Source:
Breakup by Distribution Channel:
Breakup by Region:
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Key highlights of the report:
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