Market Research Future (MRFR) projects that the plant-based food market will be acquiring a growth rate of 10.20% over the review period (between 2020 and 2027). The anticipated market value by 2027 should be around USD 37981.6 Mn, confirms MRFR.
Growth Boosters and Impediments:
The Plant Based Food Market has been gaining at a moderate speed over the years. However, with the rising investments as well as product innovations, the demand should continue to skyrocket in the forthcoming years. Steady enhancements in the texture and taste, along with the changes in people’s preferences as well as values, the worldwide industry could expect tremendous growth in the coming years. The rapidly declining meat consumption globally is enhancing the demand for a variety of plant-based food products.
In recent years, the whole food industry has been subject to numerous advances, thanks to the favorable trade policies and the booming global population. This widens the scope of various plant-based foods, while the soaring preference for healthier alternatives to meat further elevate the demand. Meat alternatives are enjoying a massive demand at present, given the soaring cases of diabetes, heart diseases, and obesity. Plus, rising number of companies now understand the magnitude of the business opportunities in the market and are therefore, forging new partnerships, mergers, and acquisitions to secure a better standing.
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The amplified cases of lactose intolerance across countries facilitates growth of the plant-based food industry as well. Lactose intolerance is giving way to a number of other issues, including abdominal bloating, stomach pain, diarrhea, tiredness, sleep disturbances, vomiting, and more. With the continuous rise in these cases in various regions, plant-based food products would see further demand in the following years.
The major plant-based food types in the market are Plant-Based Juices, Plant-Based Milk & Derivatives [Plant-Based Milk, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter, and more], Sweet & Savory Snacks, RTE & RTC Meals, RTD Tea & Coffee, Bakery & Confectionery, and others.
Category-wise, the top segments are conventional as well as organic.
Distribution channels covered in the MRFR analysis include store based (Convenience Stores, along with Supermarkets & Hypermarkets), coupled with non-store based.
Europe, securing the highest share of 33.99% in the global market, is currently the worldwide leader. The market for plant-based food has been thriving at a tremendous pace in the region, resulting from the escalating consumer base with preference for healthy and nutritious alternatives to meat or other high-calorie foods. Rise in technological upgrades in the manufacturing process in line with major vendors competing on the basis of quality and price could again act in favor of the plant-based food market. Soaring demand for genetically modified -free products and the heightened number of vegetarians, flexitarians, and vegans in the region will be fostering the industry share as well.
The fastest CAGR is projected to be captured by the Asia Pacific market in the next couple of years, as the urban population continues to soar rapidly, in conjunction with the rise in health consciousness among people. This has led to a higher demand for organic, healthier food products. Increasing buying capacity of consumers in Japan, India, Singapore, and China as a consequence of the surge in their disposable incomes will further add substantially to the market worth.
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The plant-based food brands in the worldwide market are Clara Foods (US), General Mills Inc. (US), Amy’s Kitchen (US), Keystone Natural Holdings (US), Nestle SA (Switzerland), Del Monte Fresh Produce N.A. Inc. (US), Tyson Foods, Inc. (US), Danone S.A. (France), Premier Foods PLC (UK), and many more.
January 2022: Beyond Meat, one of the top plant-based meat developers, is seeing rapidly soaring stocks since it confirmed the launch of its plant-based chicken with KFC. The band is set to introduce its Beyond Fried Chicken at several KFC locations across the US in January 2022.
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