Plant-Based Food & Beverages Market Summary
As per MRFR Analysis, the Global Plant-Based Food & Beverages Market was valued at USD 22.2 billion in 2022 and is projected to reach USD 40.6 billion by 2030, growing at a CAGR of 9.01% from 2023 to 2030. Key drivers include rising lactose intolerance and the increasing popularity of vegetarian and vegan diets. The plant-based milk segment is particularly influential, with significant demand growth and innovation in product offerings. The market is segmented into various categories, with plant-based milk & derivatives holding the largest share in 2020. The organic segment is expected to grow faster than conventional products, reflecting consumer preferences for chemical-free options. Regionally, Europe is anticipated to be a profitable market, with North America following closely due to heightened health consciousness and technological advancements.
Key Market Trends & Highlights
The plant-based food and beverages market is witnessing transformative trends driven by consumer preferences and health considerations.
- Market Size in 2022: USD 22.2 billion; projected to reach USD 40.6 billion by 2030.
- CAGR from 2023 to 2030: 9.01%; driven by rising lactose intolerance and vegan diet popularity.
- Plant-based milk & derivatives held the largest market share in 2020; significant growth in demand for plant-based milk.
- Organic segment expected to grow faster than conventional products throughout the forecast period.
Market Size & Forecast
2022 Market Size: USD 22.2 billion
2023 Market Size: USD 24.2 billion
2030 Market Size: USD 40.6 billion
CAGR: 9.01% from 2023 to 2030.
Major Players
Key players include Tyson Foods Inc, Danone SA, Nestlé S.A., General Mills Inc., Clara Foods, Keystone Natural Holdings, Premier Foods Plc, and others.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-Based Food & Beverages Market Trends
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Plant-based milk's insatiable demand will boost market growth.
Food and beverage manufacturers all over the world have been working hard to improve both existing and new products. The primary goal of various improvements in the food and beverage landscape is to better align with consumers' current dietary preferences, i.e. additional health benefits with no compromise in terms of taste. One such breakthrough is plant-based milk, which has been widely recognised by the majority of health-conscious consumers worldwide. The demand for plant-based milk is increasing at an alarming rate, creating untapped potential for plant-based beverage manufacturers. Thus, driving the market CAGR.
Beverages and drinks are no longer just thirst quenchers in the modern era. Instead, customers are constantly on the lookout for detailed functionality in the beverages they consume, which is a key factor driving the growth of the plant-based beverages market. Furthermore, rising cases of lactose intolerance are causing a massive shift towards plant-based milk; bode well for the growth of the plant-based beverages market revenue.
Plant-Based Food & Beverages Market Segment Insights
Plant-Based Food & Beverages product Type Insights
The plant-based food & beverages market has been segmented into plant-based milk & derivatives, plant-based milk, plant-based meat, bakery & confectionery, sweet & savory snacks, plant-based juices, RTD tea & coffee, and others. The plant-based milk & derivatives category is further subdivided into plant-based milk, plant-based cheese, plant-based yogurt, plant-based butter, and others. Plant-based meat is further subdivided into tofu and tofu products, sausages and patties, seitan, tempeh, and others. In 2020, the plant-based milk & derivatives sector held the biggest market share. Plant-based milk and derivatives are frequently touted as healthy and adequate alternatives for dairy products.
Figure 1: Plant-Based Food & Beverages Market, by product type, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-Based Food & Beverages source Insights
The plant-based food and beverage market has been classified as soy milk, wheat, pea, coconut, almond milk, cashew, and others, according to the source. Throughout the projection period, the pea segment is expected to register the highest CAGR. Because of their nitrogen-fixing capabilities and minimal agronomic input requirements, peas are a popular vegan food source. They are also becoming renowned as agriculturally sustainable crops. Pea protein is commonly found in baking and sports nutrition products.
Plant-Based Food & Beverages category Insights
The plant-based food & beverages market data has been divided into two categories: conventional and organic. Throughout the forecast period, the organic segment is expected to grow at a faster rate. This category comprises food and beverages made from plant ingredients grown organically without the use of synthetic chemicals. Because the ingredients are grown under strict rules and supervision to maintain purity and low-to-zero chemical concentration, these goods are chemical-free.
Plant-Based Food & Beverages distribution channel Insights
The plant-based food and beverages industry has been divided into two segments depending on distribution channel: store-based and non-store-based. Supermarkets and hypermarkets, convenience stores, and others comprise the store-based component. In 2020, the store-based category held a greater market share. The convenience of fast product delivery through offline stores is assisting the segment's growth.
Plant-Based Food & Beverages Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Europe plant-based food & beverages market is expected to be a profitable location for plant-based food and beverage makers. The region's demand for plant-based food and beverages is increasing at an exponential rate. Customers increasingly prefer healthy and nutritious beverage options over high-calorie soft drinks. Over the projection period, technological advancements have a beneficial impact on the growth of the plant-based food and beverages market in European countries.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PLANT-BASED FOOD & BEVERAGES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North American plant-based food & beverages market accounts for the second-largest market share due to factors like consumer awareness of the value of diets high in protein, rising health consciousness, a firmly established beverage sector, and higher adoption of technological advancements in the beverage and beverage industry, North America currently holds the top spot in the market for plant-based beverages. Further, the German plant-based food & beverages market held the largest market share, and the UK plant-based food & beverages market was the fastest growing market in the North American region
The Asia-Pacific plant-based food and beverage industry held the largest share of the worldwide market. China is the region's main country-level market, with the greatest market share throughout the review period. With over 60% of the world's population, or over 4.3 billion people, and strong vegetarian market domination, the area is expected to generate profitable prospects for plant-based food and beverage manufacturers during the projection period. Moreover, China plant-based food & beverages market held the largest market share, and the India plant-based food & beverages market was the fastest growing market in the Asia-Pacific region
Plant-Based Food & Beverages Key Market Players & Competitive Insights
Leading market players are spending a lot of money on R&D to increase their product lines, which will help the plant-based food & beverages market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market changes such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the plant-based food & beverages sector must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the plant-based food & beverages sector to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, plant-based food & beverages sector has provided medicine with some of the most significant benefits. The plant-based food & beverages market major player such as Tyson Foods Inc (Arkansas), Danone SA (France), Nestlé S.A. (Switzerland), General Mills Inc. (US), Clara Foods (US), Keystone Natural Holdings (US), Premier Foods Plc (UK) and others are Working to increase market demand by investing in research and development.
An American holding company for consumer-packaged goods with its headquarters in Chicago, Illinois, is Conagra Brands, Inc. (formerly ConAgra Foods). Conagra produces and marketing goods under numerous brand names that can be found in grocery stores, eateries, and other food-related businesses. The company's 2021 revenue placed it at position 331 on the 2022 Fortune 500. In May 2021, Conagra Brands added a new Suprême Plant-Based Burger to their lineup of Gardein meat substitutes in Canada.
Starbucks Company is a Seattle, Washington-based American chain of coffee shops and roasteries. It is the biggest chain of coffee shops in the world. Starbucks, which offered a larger range of coffee experiences, is often blamed for the growth of the second wave of coffee culture. Starbucks offers hot and cold beverages, espresso, caffe latte, full and loose-leaf teas, juices, Frappuccino drinks, pastries, and snacks. Whole-bean coffee, micro-ground instant coffee, juices, and pastries are also available. Certain products are available only during certain seasons or in a certain area. The majority of locations offer free Wi-Fi Internet access, depending on the nation. In July 2021, Starbucks Canada boosted its selection of non-dairy products by introducing oat beverages as its newest plant-based item. Over the forecast period, it is predicted that the increasing use of plain plant-based milk in a variety of beverages will increase sales of plant-based beverages.
Key Companies in the plant-based food & beverages market includes
- Â Tyson Foods Inc (Arkansas)
-  Nestlé S.A. (Switzerland)
- Del Monte Fresh Produce NA Inc. (US)
- Amy’s Kitchen (US), among others
Plant-Based Food & Beverages Industry Developments
In March 2021, the first animal-free pepsin in the world went on sale thanks to Clara Foods and Ingredion. Pepsin, an enzyme component with numerous uses in food and pharmaceutical industries, is completely free of pigs in this product.
In January 2021, Tyson Foods, Inc. introduced two new plant-based Jimmy Dean sandwiches. The Jimmy Dean Delights plant-based burger & frittata sandwich and the Jimmy Dean plant-based patty, egg & cheese croissant sandwich are two of the new items.
In February 2021, Danone purchased the plant-based business Earth Island (US) and its Follow Your Heart brand. They produce vegan eggs, vegenaise spread, dairy-free cheeses, and dressings made from plant-based ingredients.
Plant-Based Food & Beverages Market Segmentation
Plant-Based Food & Beverages product Type Outlook
- Plant-Based Milk & Derivatives
Plant-Based Food & Beverages source Outlook
Plant-Based Food & Beverages category Outlook
Plant-Based Food & Beverages Distribution channel Outlook
Plant-Based Food & Beverages Regional Outlook
| Report Attribute/Metric |
Details |
| Market Size2022 |
USD 22.2 billion |
| Market Size 2023 |
USD 24.2 billion |
| Market Size 2030 |
USD 40.6 billion |
| Compound Annual Growth Rate (CAGR) |
9.01% (2023-2030) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Historical Data |
2019- 2021 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
  By Product Type, By Source, By Category, By Distribution Channel, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Tyson Foods Inc (Arkansas), Danone SA (France), Nestlé S.A. (Switzerland), General Mills Inc. (US), Clara Foods (US), Keystone Natural Holdings (US), Premier Foods Plc (UK), |
| Key Market Opportunities |
Increased incidence of lactose intolerance |
| Key Market Dynamics |
Rising Vegetarian and Vegan Diet Acceptance |
Plant-Based Food & Beverages Market Highlights:
Frequently Asked Questions (FAQ) :
The plant-based food & beverages market size was valued at USD 22.2 Billion in 2022.
The market is projected to grow at a CAGR of 9.01% during the forecast period, 2023-2030.
Europe had the largest share in the market
The key players in the market are Tyson Foods Inc (Arkansas), Danone SA (France), Nestlé S.A. (Switzerland), General Mills Inc. (US), Clara Foods (US), Keystone Natural Holdings (US).
The organic plant-based food & beverages category dominated the market in 2022.
The plant-based milk & derivatives sector had the largest share of the market.
