Reliable Data You Can Trust
Reliable Data You Can Trust
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
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.
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.
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..
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.
Please Choose One of them.