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Global Plant-Based Food Market Overview
The plant-based food market size was valued at USD 8442.26 billion in 2023. The plant-based food industry is projected to grow from USD 9257.8 Billion in 2024 to USD 16714.99 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.67% during the forecast period (2024 - 2032). The rising prevalence of chronic lifestyle illnesses and sensitivity to animal protein are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-Based Food Market Trends
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Growing Prevalence of spine degeneration to boost the market growth
Growing consumer interest in plant-based diets and the rising consciousness of animal rights through various welfare organizations are expected to drive the market. Plant-based food is becoming an integral part of a vegan diet, wherein individuals adopt a vegetarian lifestyle devoid of animal-based foods. Consumers are inclined towards veganism for health and ethical reasons, while others opt for vegetarian ingredients to avoid animal cruelty and consume sustainable food and beverage products.
Further, consumers increasingly demand healthier alternatives to animal-based products, such as milk and red meat. Further, blending proteins from different plant-based food also helps meet the demand for a diverse source of ingredients, which manufacturers explore.Food industry pioneers delving into the segment with new product launches and rising awareness in general about the health and environmental benefits of plant-based food over animal-based ones.
Additionally, the consciousness among consumers regarding health is increasing at its wildest level. These days' concerns about food safety issues and increasing residue levels in plant-based food are rising swiftly among consumers. Owing to these concerns and increasing awareness, consumers prefer chemical-free food products. As a result, distribution channels such as supermarkets and local stores focus on organic product offerings. The major supermarket chains such as Wal-Mart, SPAR, Penny Market, CBA, BIM (Birlesik Magazalar), Ahold Delhaize, Tesco, Lidl, Carrefour, and ALDI are increasing their product offering to plant-based food. In many countries, restaurants are offering an organic menu to health-conscious consumers. Therefore, growing awareness among consumers has enhanced the plant-based food market CAGR across the globe in recent years.
However, Lactose intolerance is one of the most recent opportunities for a market. The vast majority of the globe’s population will stay lactose intolerant. This category of the population will always need a lactose-free alternative, which the plant-based food firms can deliver. Another opportunity is the tolerable living movement, which supports climate- and animal-safe foods. As individuals make more environmentally conscious choices to decrease their domestic carbon footprint, the market is paying close attention to an amazing opportunity to expand the plant-based food market revenue.
Plant-Based Food Market Segment Insights
Plant-Based Food Type Insights
The plant-based food market segmentation, based on type, includes plant-based milk and derivatives, bakery and confectionery, sweet and savory snacks, plant-based juices, RTD tea and coffee, RTE, RTC meals, and others. The plant-based milk and derivatives held the majority share in 2021 of the plant-based food market revenue. This is primarily owing to the increased cases of lactose intolerance among consumers, and due to this, dairy substitute penetration and sales continue to grow. However, plant-based juices are the fastest-growing category as it helps in reducing the number of medications to treat various chronic conditions.
November 2022: Green Rebel introduced, dubbed Creamy Crew, which includes cheese, sauces, and dressings, builds on its continuing innovation in the plant-based sector. The new range is available through the company’s website. The products in the dairy-free range include egg-free mayonnaise, a Caesar-style dressing, and cheddar-style block cheese.
Plant-Based Food Category Insights
The plant-based food market segmentation, based on category, includes organic and conventional. The organic segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increasing demand for organic foods among consumers. However, conventional is the fastest-growing category as conventional agriculture can speed up food production. Hence, the rising consumption of conventional plant-based food positively impacts market growth.
Plant-Based Food Distribution Channel Insights
The plant-based food market data has been bifurcated by distribution channels into minimally store-based and non-store-based. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The huge number of supermarkets and hypermarkets has enhanced overall product sales. According to data issued by ScrapeHero on November 2021, 14,623 supermarkets are present in the US, including Walmart, Kroger Co., and others. However, non-store-based is the fastest-growing category in the market for plant-based food over the forecast period due to the rising penetration of the internet.
Figure 2: Plant-Based Food Market, by Distribution Channel, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-Based Food Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America plant-based food market accounted for USD 8.12 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The market for plant-based food is mainly driven due to increased concerns about animal cruelty in the food industry and its negative environmental impact. In addition, the US has many lactose-intolerant people, which fuels the demand for alternative dairy products.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: PLANT-BASED FOOD MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe plant-based food market accounts for the second-largest market share due to a growing preference among consumers in the country for sustainable food with health advantages. Further, the Germany plant-based food market held the largest market share, and the UK plant-based food market was the fastest-growing market in the European region.
The Asia-Pacific plant-based food Market is expected to grow at the fastest CAGR from 2022 to 2030. The growing demand for plant-based bakery and confectionery products in the Asia Pacific region is expected to fuel sales. Moreover, China plant-based food market held the largest market share, and the India plant-based food market was the fastest-growing market in the Asia-Pacific region.
Plant-Based Food Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the plant-based food market grow even more. Market participants are also taking various strategic initiatives to enhance their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, enhanced investments, and collaboration with other organizations. Competitors in the plant-based food industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the plant-based food industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the plant-based food industry has provided benefits with some of the most significant benefits. The plant-based food market major player such as Tyson Foods Inc., Keystone Natural Holdings, Nestle SA, and others are working on expanding the market demand by investing in research and development activities.
Nestle SA (Nestle) is a manufacturer and marketer of food products and beverages. The company's product portfolio comprises baby foods, bottled water, cereals, chocolates and confectionery, coffee, culinary products, chilled and frozen foods, dairy products, nutritional products, ice cream, and pet products. Nestle also offers nutritional products, sausages, and direct-to-consumer meal delivery services. In December 2020, Nestlé launched its plant-based food brand Harvest Gourmet in China. The brand will provide a diverse range of plant-based products, including mince, sausages, burgers, and nuggets.
Also, Upfield is the largest plant-based food company in the world. The company’s vision for a "Better Plant-Based Future" drives positive change in people's health and daily lives. Upfield dedicates the sharpest minds to daily pioneer innovation in the plant-based food. Since 1871, they have been the authority in the spreads category, which gives us unmatched experience, know-how and inspiration to deliver on our mission. In July 2021, Upfield launched a vegan cheese brand Violife in the Middle East. The brand is an allergen-free alternative range to dairy and is available in slices, boxes, and grated in two flavors such as cheddar and mozzarella.
Recent Development
On Aug. 08, 2023, HerbYvore, an Agrocorp International company, launched Singapore's first locally produced vegan cheese to support the country's food security initiative. The HerbY-Cheese products are nut- and soy-free, with pea protein making the plant-based cheese more allergen-friendly. HerbYvore's vegan cheese range is developed in collaboration with SIT and Enterprise Singapore.
On Aug. 07, 2023, Konscious Foods, a plant-based seafood brand in Canada, announced raising $26 Million in a Series Seed financing round. Funding includes participation from Protein Industries Canada, Zynik Capital, and Walter Group. The company will use funds to grow its retail & food service businesses, support operations at its production facilities, and deploy marketing initiatives for nationwide retail launches.
The company offers a range of plant-based seafood products, including onigiri stuffed rice snacks, sushi rolls, and poke bowls. Konscious Foods' products are now available at fine retailers across the US and Canada, and they will be available for purchase in over 4,500 stores nationwide by the end of the year.
On Aug. 07, 2023, Veg of Lund AB, a leading provider of plant-based foods, announced signing a letter of intent (LOI) with Romagnoli F.lli S.p.A for distribution and sales of DUG in Italy. The companies will sell, market, and distribute Veg of Lund's products under the DUG brand in Italy. The LOI is a continuation of implementing the strategy of a partly distribution-based business model to complement license and direct sales.
On JUL 10, 2023, Veg of Lund signed a LOI with Haofood Shanghai Food Technology Co., Ltd. for the distribution and sales of DUG in China. Haofood sells and distributes plant-based products across China in approximately 4000 stores. The companies will sell, market, and distribute Veg of Lund's products under the DUG brand in China and select other markets in the region during the first quarter of 2024.
Key Companies in the Plant-Based Food market include
- DSM (Netherlands)
- DuPont. (US.)
- Amway (US.)
- The Nature's Bounty Co. (US.)
- GlaxoSmithKline plc. (UK.)
- Nestlé SA (Switzerland)
- RiceBran Technologies (US.)
- Mead Johnson & Company, LLC. (US.)
- Medifast, Inc. (U.S.)
- Premier Nutrition Corporation (U.S.)
- TOOTSI IMPEX Inc. (Canada)
- US Spice Mills, Inc. (US.)
- Health Food Manufacturers' Association (UK.)
- NOW Foods (US.)
- Glanbia PLC (Ireland), among others
Plant-Based Food Industry Developments
March 2022: Good mylk, the plant-based dairy company, has acquired the nutrition brand PRO2FIT in one of the first M&As in India's growing plant-based sector. PRO2FIT produces plant-based food such as vegan protein powder and retails across India.
May 2021:Unilever declared that it would partner with ENOUGH, a food tech company, to bring new plant-based meat products. ENOUGH's technology uses a unique zero-waste fermentation process to grow a high-quality protein. Wheat and corn feed natural fungi, producing ABUNDA mycoprotein, a complete food ingredient. This unique protein will be apt for Unilever's fast-growing meat alternative brand, The Vegetarian Butcher.
March 2020: Treeline Cheese launched a line of plant-based cream cheese made using cultured cashew nuts and other plant-based food. It is available in three flavors, including plain, chive and onion, and strawberry.
Plant-Based Food Market Segmentation
- Plant-Based Food Type Outlook
- Plant-Based Milk and Derivatives
- Bakery and Confectionery
- Sweet and Savory Snacks
- Plant-Based Juices
- RTD Tea and Coffee
- RTE
- RTC Meals
- Others
- Plant-Based Food Category Outlook
- Organic
- Conventional
- Plant-Based Food Distribution Channel Outlook
- Store-Based
- Non-Store-Based
Plant-Based Food Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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