The Increasing Adoption of a Vegetarian and Vegan Diet is Expected to Propel the Growth of the Global Plant-Based Food Market at a CAGR of 4.72% during the Review Period

August 2022, Market Research Future has published a Report on the Global Plant-Based Food Market

Plant-Based Food Market Highlights:

The global plant-based food market will grow at a CAGR of 4.72% during the forecast period till 2030. The market for plant-based food is set to reach USD 40.24 billion by 2030. As per plant-based food market analysts, the global market is anticipated to witness growth owing to the factors such as the increasing lactose intolerance as well as the increased demand for non-dairy products. However, the plant-based food market will face challenges and restraints due to the availability of substitutes and high competition during the forecast period till 2030.

The growing consumer preference for a vegan and vegetarian diet in the plant-based food market will support the growth. As per plant-based food analysts, the plant-based food t based companies will face certain challenges during the forecast period till 2030. The plant-based food research report provides in-depth analysis of the type, distribution channel, and category segments. The plant-based food market research report presents factors such as the unorganized retail sector that could slow down the plant-based food market's growth.

Market Segmentation:The plant-based food has been segmented into type, distribution channel, and category. Based on the segment which is the distribution channel, the market is categorized on the basis of store-based (convenience stores, supermarkets & hypermarkets, and others) and non-store-based. The global market for plant-based food is further segmented based on type into plant-based milk & derivatives (plant-based butter, plant-based cheese, plant-based milk, plant-based yogurt, and others), bakery & confectionery, plant-based juices, RTD tea & coffee, RTE & RTC meals, sweet & savory snacks and others. Furthermore, the market, on the basis of category is segmented into organic and conventional.

The plant-based food report offers comprehensive study of the plant-based segments including type, distribution channel, and category. The analysts have also studied the plant-based food market's spread across the regional markets across many of the plant-based food market’s segments at country levels. The type, distribution channel, and category segments spread across the plant-based food market along with the subsegments are studied. The global market for plant-based food is spread across various product and service based segments. The plant-based food market research report highlights these key segments and offers forecasts based on primary and secondary data. The global plant-based food market research report presents key company profiles of organizations active across the plant-based food.

Regional Overview:

Decreasing profiit margin due to high competition may hinder the plant-based food market growth. The plant-based food market research report reveals that businesses functioning in the plant-based food market could be supported by rising health consciousness among consumers as well as the concern regarding lactose intolerance during the forecast period. The plant-based food market is anticipated to gain a high CAGR owing to these key factors. The plant-based food market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per plant-based food analysts, the plant-based food market is set to see a healthy growth across type, distribution channel, and category segments. The global plant-based food market’s North American region covers plant-based food markets across the United States, Canada, Mexico, and others. Companies present in the plant-based food market are also profiled and their strategies have been presented in detail in the plant-based food research report.

The plant-based food market across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the plant-based food market research report provides details about the APAC region covering plant-based food markets from China, India, Australia, Japan, and others. The plant-based food market is also active across several other parts of the world. The plant-based food report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global plant-based food.

Competitive Landscape:

Plant-based food has seen tremendous growth, due to consumers focusing on new lifestyle choices and new product launches. However, the lack of awareness and time consuming approval process would challenge organizations active in the plant-based food market. Furthermore, businesses using growth strategies to stay ahead in the global plant-based food market are expected to help the market during the forecast period till 2030. As the plant-based food market report suggests that the plant-based food market will register a CAGR of 4.72% and reach a USD 40.24 billion by 2030, the market report highlights key areas plant-based food market based organizations need to focus on. The plant-based food market research report projects a long term growth till 2030. Based on plant-based food market’s analysis on the basis of SWOT and Porters’ Five Force Model, the plant-based food market will rise during the forecast period till 2030, however decision makers need to move ahead with caution. The plant-based food market research report highlights such key areas.

Industry News:

Nestlé is perhaps best known for its broad range of sweets, but it turns to vegetarian cuisine in an attempt to match itself with new food habits by purchasing California based Sweet Earth. In this growing food market, Nestlé USA has decided to acquire a plant-based food manufacture. According to Nestlé, the demand for food dependent on plants grows by two numbers worldwide and is projected to exceed CHF5 billion by 2020.