The global plant-based diet market size was valued at $94.2 billion in 2023, according to a new report by GlobalData Plc. Companies operating in the market are focusing on product innovations revolving around improving the food and beverages’ texture, taste, aroma, and functional benefits to cater the dynamic consumers’ demands who are looking for novel products in the market.
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Plant-based Diet Market FAQs
The global plant-based diet market size is estimated to be valued at $94.2 billion in 2023.
The global plant-based diet market is expected to grow at a CAGR of 7.2% during the forecast period (2023-2027).
Increasing health consciousness, environmental concerns, rising intolerance towards animal cruelty, and rise in investment and product innovation is anticipated to drive the plant-based diet market.
Plant-Based Diet Product Type Segments: Meat Substitutes, Dairy Alternatives, and Nuts & Seeds Snacks
Plant-Based Diet Source Type Segments: Grain-Based, Soy-Based, Nuts & Seeds-Based, Vegetable-Based and Single Cell-Based
Plant-Based Diet Distribution Type Segments: Hypermarkets & Supermarkets, Convenience Stores, Food & Drinks Specialists, and eRetailers
The leading plant-based diet companies are Hebei Yangyuan Zhihui Beverage Co.; Blue Diamond Growers; Danone Group; Three Squirrels Co Ltd; Coconut Palm Group Co. Ltd.; PepsiCo, Inc.; The Kraft Heinz Company; Dairy Farmers Of America, Inc.; Valsoia S.p.A.; and Nestle.
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Plant-based Diet Market Dynamics
Post the COVID-19 pandemic, consumers are exhibiting increasing concerns regarding their personal health and are looking for ways to cut down their consumption of anismal-derived food and beverages. The increasing awareness regarding the animal welfare coupled with adverse impact of livestock farming on the environment are motivating the consumers to replace their meat and dairy products with plant-based food and beverages.
Furthermore, the introduction of emerging technologies, including 3D printing and nanotechnology is enabling the food and beverages manufacturers to develop innovative products by tailoring the plant-based products with specific flavors, shape, and functional benefits to suit the targeted consumers.
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Plant-Based Diet Market Report Highlights
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Plant-based Diet Market Scope
GlobalData Plc has segmented the plant-based diet market report by device type and region:
Global Plant-Based Diet Product Type Outlook (Revenue, $ Million, 2017-2027)
Global Plant-Based Diet Source Type Outlook (Revenue, $ Million, 2017-2027)
Global Plant-Based Diet Distribution Type Outlook (Revenue, $ Million, 2017-2027)
Global Plant-Based Diet Regional Outlook (Revenue, $ Million, 2019-2030)
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