The global plant-based food & beverages market is projected to be valued at USD 40,697.2 million by 2028, recordinga CAGR of 10.92% during the forecast period. The growth of the market is anticipated to be driven by several factors during the forecast period from 2021 to 2028. The growing lactose intolerance among the global population is resulting in an increased demand for non-dairy products like plant-based milk and derivatives. Also, growing consumer preference for a vegan and vegetarian diet is driving the growth of the global plant-based food & beverages market. Moreover, the growth of the organized retail sector in the developing economies is contributing to market growth, making the products easily available to consumers. However, poor olfactory properties along with allergic reactions associated with certain plant protein sources hamper the market growth.
The COVID-19 pandemic has fundamentally changed the consumer trend towards plant-based food.Hence, the manufacturers of plant-based food and beverages are increasingly becoming confident due tothis shift in consumer taste and preference. Plant-based food & beverages manufacturing companies, such as Impossible Foods Inc, are investing in plant-based foods. Similar investments are anticipated to increase during the recovery phase of the COVID-19 outbreak. The market is anticipated to have a healthy growth rate in the long run due to ashift in consumer taste and preference.
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The global plant-based food & beverages market has been segmented based onproduct type, source, category, distribution channel, and region.
By product type, the market has been divided intoplant-based milk & derivatives, plant-based milk, plant-based meat, bakery & confectionery, sweet & savory snacks, plant-based juices, RTD tea & coffee, and others. The plant-based milk & derivatives segment is further broken down into plant-based milk, plant-based cheese, plant-based yogurt, plant-based butter, and others. The plant-based meat is further sub-segmented into tofu & tofu products, sausages & patties, seitan, tempeh, and others. The plant-based milk & derivatives segment accounted for the largest market sharein 2020,whereas the plant-based juicessegment is expected to record the highest CAGR of 11.64% during the forecast period.Consumption of fruits and vegetable juices is beneficial and easier for the human body to absorb. Owing to this, vegetable and fruit juices are very popular worldwide. Dieticians usually advise the consumption of fruit juices and vegetable juices as they provide essential nutrients to the human body.
Based on source, the global plant-based food & beverages market has been classified as soy, wheat, pea, coconut, almond, cashew, and others. The soysegment accounted for the largest market share in 2020. Soy is the most common source used in the preparation of meat-free products. Soy protein isolates have a similar biological value as that of meat and are a good calcium and linoleic acid source. Soya-based food products (meat replacers and dairy alternatives) have high demand among health-conscious consumers. Soyis valuable in manufacturing emulsion-type products because of its power to emulsify, stabilize, texture, and hydrate the products.
Based on category, the global plant-based food & beverages market has been classified as conventional and organic. The conventional segment garnered a larger market share in 2020.This segment includes plant-based food & beverages in which the plant ingredients used are grown using conventional farming practices. They are grown under normal conditions without additional support.
Based on distribution channel, the global plant-based food & beverages market has been classified as store-based and non-store-based. The non-store-basedsegment is projected to exhibit a higher CAGR during the forecast period. Non-store-based distribution channels include e-commerce channels, wherein the manufacturers distribute plant-based food & beverages through various online shopping sites or their websites.
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Geographically, the global plant-based food & beverages market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Europe constituted a dominant share of the global plant-based food & beverages market in 2020. Plant-based products are becoming so mainstream in Europe that retailers promote plant-based food & beverages on the same shelves and traditional dairy and other food products. Also, the market in North America offers lucrative opportunities for manufacturers of plant-based food & beverages owing to the increasing consumption of meat alternatives, fruit juices, plant-based eggs, and dairy alternatives in the region. Major plant-based food & beverage manufacturers in China, such as Huiyuan and Dali Foods, are investing in product innovation and introducing new plant-based beverages.The Rest of the World’splant-based food & beverages market isprojected to register thelowestCAGR of 8.71%during the forecast period.Increasing purchasing power and growing awareness for a healthy lifestyle is anticipated to boost the demand for the plant-based food & beverages market in theRest of the World.
Key Findings of the Study:
The global plant-based food & beverages market is projected to register a growth rate of 10.92% from 2021 to 2028.
The plant-based milk & derivatives segment is estimated to retain its prominent share till 2028, whereas the plant-based juices segment is projected torecord the highest CAGR of 11.64% during the forecast period.
The soysegment accounted for the largest market share in 2020 where as, the pea segment is expected to grow at the fastest rate of 11.46% during the forecast period.
The conventional segment is estimated to retain its dominance till 2028 where as, the organic segment is estimated to register a higher growth rate during the forecast period.
The store-based segment is estimated to retain its dominant share till 2028, where as the non-store-based segment is estimated to register a higher growth rate during the forecast period.
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