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 grow at a CAGR of 10.4% 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 products are derived from natural plant-sourced ingredients. These products are generally manufactured using fruits, nuts, vegetables, oils, whole grains, legumes, etc., and do not contain any animal-sourced substances, such as meat, eggs, milk, etc. Some of the most common plant-based food products include coconut and almond milk, tofu, tempeh, seitan, etc. A balanced diet with these products is rich in vitamins B1, C and E, folic acid, iron, magnesium, etc., with minimal cholesterol and saturated fats. The regular consumption of plant-based foods may help minimize the risks of high blood pressure, heart and metabolic disorders, diabetes, obesity, certain types of cancers, etc.
The escalating prevalence of various chronic lifestyle diseases and the growing intolerance against animal proteins are among the primary factors driving the plant-based food market. Moreover, the rising adoption of vegan dietary habits by the consumers is further bolstering the market growth. Apart from this, the increasing consumer consciousness regarding the importance of preserving animal health and preventing cruelty against animals in the food industry is also shifting their preferences towards plant-based food products and thereby augmenting the global market. Furthermore, the development of innovative product variants, including plant-based milk, eggs, meat, etc., which are nutritious and nearly identical in taste to their animal-sourced counterparts, is anticipated to stimulate the plant-based food market in the coming years.
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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