A recent report published by
Infinium Global Research on plant-based food market provides in-depth analysis
of segments and sub-segments in the BRICS as well as regional plant-based food
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the BRICS and regional plant-based food market over the short
term as well as long term. The report is a comprehensive presentation of
trends, forecast and dollar values of BRICS plant-based food market. According
to the report, the BRICS plant-based food market is projected to grow at a CAGR
of 12.20% over the forecast period of 2021-2027.
BRICS plant-based food market was
valued at USD 7.54 billion in 2020 and expected to reach USD 16.65 billion in
2027, with a CAGR of 12.20% during the forecast period. The popularity of
plant-based food has surged over the last decade, with beneficial impacts on
human health, the environment as well as animals. The adoption of vegetarian
diets among health-conscious consumers is driving the growth of the global
plant-based food market. Plant-based meat products are considered to be meat
substitutes and are made to mimic properties found within natural meats.
Vegetarian and vegan specialty products are now more popular than ever. The
number of consumers who purchase vegan or vegetarian foods and the trend is
rising.
The number of vegetarians has
doubled in Brazil over a six-year period which has boosted the plant-based food
industry in the country. The growing number of vegetarian, and vegan
restaurants is supporting the growth of the trend. Besides, as the veganism trend
increase, the demand for plant-based vegan foods also increases. This, in turn,
drives the growth of the plant-based food market in BRICS countries.
Furthermore, increasing health copious people drives the demand for the
plant-based food market. Animal-based food is associated with a number of
health conditions including heart diseases, diabetes, and cancer. Several
scientific studies support the correlation between animal-based food
consumption and the occurrence of health disorders. Concerns about the
environment and pandemics like the coronavirus have made a growing number of
people hungry for meat alternatives which fuel the market growth. The
plant-based meat market in the region is growing at the same time to satisfy
this need, and analysts say China could even become a global player in the
industry. The ongoing COVID-19 pandemic situation is re-shaping the market of
plant-based food from the economies to product categories, pricing, and stock
availability to consumer behavior. This pandemic has also placed the spotlight
on worldwide meat supply and food security. The spotlight on meat supply has
been evident in both BRICS markets due to which the demand for plant-based food
has increased during the pandemic time.
Geographically, China holds the
largest market share in the BRICS plant-based food market as health concerns in
China are rising due to the prevalence of overweight adults and climbing
obesity rates. In recent years, China’s plant-based and the meat-alternative
market has experienced a surge. Furthermore, the spread of COVID-19 adding to
an already upward projection. The Chinese government plans to decrease the
country’s meat consumption by 50% by 2030 to reduce carbon emissions and
prevent obesity. India also holds a significant market share in the BRICS
plant-based food market. The factors such as the Covid-19 pandemic, raising
awareness against animal welfare/ cruelty, and sustained religious push against
eating meat driving the demand for plant-based food in India.
The report on BRICS plant-based
food market covers segments such as product, and application. On the basis of
product, the sub-markets include dairy alternatives, plant based meat, plant
based meal, plant based condiments, plant based eggs, and others. On the basis
of application, the sub-markets include food and beverage industry, and
pharmaceutical industry.
The report provides profiles of
the companies in the market such as Danone S.A., The Kellogg Company, Gooddot,
Beyond Meat Inc, Nestle SA, Zhenmeat, HERO Protein, EFCO Group, Maysoet, and
Fazenda Futuro.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of plant-based food market. Moreover, the study highlights current
market trends and provides forecast from 2021-2027. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.