BRICS Plant-based Food Market (Product - Dairy Alternatives, Plant Based Meat, Plant Based Meal, Plant Based Condiments, Plant Based Eggs, and Others; Application - Food and Beverage Industry, and Pharmaceutical Industry): Industry Analysis, Trends, Size, Share and Forecasts to 2027

BRICS Plant-based Food Market (Product - Dairy Alternatives, Plant Based Meat, Plant Based Meal, Plant Based Condiments, Plant Based Eggs, and Others; Application - Food and Beverage Industry, and Pharmaceutical Industry): Industry Analysis, Trends, Size, Share and Forecasts to 2027

Report Code: BRICS006 Region: BRICS Published: October, 2023

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

Market Insight

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.

Segment Covered

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.

Companies Profiled:

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.

Report Highlights:

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.


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