Global Plant-Based Food Market Set to Reach $54.15 Billion by 2023, Driven by Surging Vegan Population and Health Consciousness - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Plant-Based Food Market (by Type, Distribution Channel, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The global plant-based food market is poised for substantial growth, with a projected value of US$54.15 billion by 2023, marking a remarkable compound annual growth rate (CAGR) of 17.60% during the forecast period from 2022 to 2027.

Segment Coverage

• By Type: The plant-based food market is categorized into four main segments based on type: Dairy, Meat, Egg, and Others. The dairy segment holds the largest share of the plant-based food market, driven by the increasing prevalence of milk allergies and lactose intolerance cases. The plant-based egg market is expected to grow at the highest CAGR, with plant-based eggs gaining popularity for being cholesterol-free and allergen-free, making them appealing to consumers with health-related concerns. Within the plant-based dairy segment, six product types are recognized: Milk, Cheese, Ice-cream, Butter, Yogurt, and Others. Among these, milk represents the dominant category, holding the highest market share. The plant-based dairy milk category further includes four product segments: almond, soy, rice, and others. The plant-based meat market is divided into six product segments: burgers, sausages, crumbles, nuggets, meatballs, and others.
• By Distribution Channel: The global plant-based food market is segmented by distribution channel into four categories: Supermarkets & Hypermarkets, Online, Convenience Stores, and Other Store-Based Retailers. Supermarkets & hypermarkets currently dominate the market with the largest share. However, the online segment is expected to exhibit the highest CAGR during the forecast period, driven by time-saving convenience for both consumers and retailers, along with the added comfort it offers to shoppers who can avoid traffic and the need to physically prepare for shopping.

Top Impacting Factors

Growth Drivers:

1. Growing Vegan Population: The global rise in the vegan population, characterized by individuals who abstain from consuming meat, dairy products, eggs, honey, and other animal-derived ingredients, is a key driver for plant-based foods. A vegan diet is increasingly associated with health benefits, such as reduced risk of heart diseases, cancer, and other illnesses, driving the demand for plant-based products.
2. Growing Grocery E-commerce Sales: The surge in grocery e-commerce sales, particularly during the COVID-19 pandemic, has played a significant role in the accessibility and availability of plant-based food products, further driving market growth.
3. Favorable Government Initiatives: Government initiatives promoting healthy dietary choices and sustainability, along with the introduction of policies and regulations favoring plant-based food production and consumption, are contributing to market expansion.
4. Emergence of Flexitarians: The emergence of flexitarian consumers, who are primarily omnivores but consciously incorporate plant-based foods into their diets, is expanding the consumer base for plant-based products.

Challenges:

1. Comparatively Higher Price Range: Plant-based products often come with a price premium compared to their animal-based counterparts, which can be a deterrent for price-sensitive consumers.
2. Significant Preference for Animal-Based Products: Many consumers still prefer animal-based products due to factors such as taste, nutritional profile, and protein content, posing a challenge to the widespread adoption of plant-based foods.

Trends:

1. Increasing Usage of Artificial Intelligence (AI): Artificial intelligence is being used to develop plant-based products that closely mimic the taste and texture of animal-derived foods, addressing the taste barrier and driving consumer adoption.
2. Rise in Social Media Marketing: Plant-based food companies are increasingly using social media marketing to create awareness and promote their products, reaching a wider audience and driving demand.
3. Rising Popularity of Plant-Based Meat and Seafood: Plant-based meat and seafood alternatives are gaining popularity, driven by environmental concerns, health considerations, and the desire to reduce overfishing and ocean habitat impact.
4. Emergence of 3D Printing Plant-Based Meat: Innovations in 3D printing technology are enabling the production of plant-based meat products with realistic textures, contributing to the growth of the market.

Analysis of Key Players

The global plant-based food market exhibits fragmentation, with numerous small- and medium-sized suppliers in the market. Key players in the market include:

• Nestle S.A.
• Danone S.A.
• Unilever PLC
• Beyond Meat Inc.
• The Hain Celestial Group, Inc.
• Conagra Brands (Garden Protein International Inc.)
• Otsuka Holdings (Daiya Foods Inc.)
• Impossible Foods Inc.
• Archer Daniel's Midland Company
• Atlantic Natural Foods LLC
• Plamil Foods Ltd.
• Eden Foods, Inc.
• Amy's Kitchen Inc.
• Tofutti Brands, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/1ojylg

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