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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): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2021

  • Rep Id : FB0240

  • Category : Food & Beverages

  • Status : Published

A recent report published by Infinium Global Research on plant-based food market provides an in-depth analysis of segments and sub-segments in the global as well as a regional plant-based food market. The study also highlights the impact of drivers, restraints, and macro indicators on the global 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 the global plant-based food market. According to the report, the global market for Plant-based Food was sized near USD 20 billion in 2020 and is expected to reach over USD 40 by 2026 growing with a CAGR of 12.3% over 2020-2026


Plant-based Food Market

 

Market Insight

The plant-based foods industry is becoming a booming business. Plant-based meat, egg, and dairy products are increasingly becoming a significant element in the food & beverage industry. As the market for plant-based food grows, wider ranges of ingredients are being used to broaden the product range. Moreover, various types of plant-based food products on the market are undergoing significant levels of new product development. The upsurge in the demand for innovative products has driven a significant increase in new product development across chilled, ambient, and the frozen segments.

 

The continuously growing population of vegans is the major factor driving the growth of the plant-based food market. The vegan population in the U.S. grew from 1% to 6% between 2014 and 2017, a 600% increase, and the vegan population will continue to rise exponentially as more people are exposed to ethical, environmental, and health concerns. Moreover, with one-third of consumers opting to reduce their meat consumption, the demand for plant-based food is expected to grow at a rapid pace. In addition, multiple factors including rising concern for the environment, health and wellness, ethics, and diversity in protein sourcing are creating a shift towards plant-based eating. Retail sales data released by SPINS in March 2020 also shows that grocery sales of plant-based foods that directly replace animal products have grown 29% in the past two years to $5 billion. Furthermore, the existing industry players, particularly, the multinational branded food and beverage companies, are increasingly becoming aware of the small disruptor brands innovating in the plant-based market space, and are moving both to protect their market share and to capitalize on the growing market, which in turn, is expected to cause a large number of mergers and acquisitions in the market. Besides that, key factors such as taste, price, and accessibility and a growing number of products appearing in retail locations are anticipated to bring favorable growth opportunities for the market expansion. The ongoing COVID-19 pandemic situation is re-shaping the global 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 developed and emerging markets due to which the demand for plant-based food has increased during the pandemic time.

 

Among the geographies, North America holds the largest market share in the global plant-based food market, with the U.S. being the key revenue generator. As plant-based eating is becoming a mainstream movement in the U.S., there will be considerable demand for plant-based foods in the country. According to data from the Good Food Institute and the Plant-Based Foods Association, U.S. retail sales of plant-based foods significantly outpaced overall grocery sales in 2019, surging 11% to $4.5 billion. Likewise, the shift in consumer behavior towards more plant-based foods, particularly in western and northern European countries along with changing eating habits with a growing number of flexitarians are most likely to propel market growth in the European region.

 

Segment Covered

The report on global 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, SunOpta, Inc, The Campbell Soup Company, The Hain Celestial Group, Tyson Foods, Smithfield Foods, Nestle SA, and UNREAL CO..

 

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 2020-2026. 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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