Plant-Based Food Market Research Report - Forecast till 2030

Plant-Based Food Market Research Report Information by Type (Plant-Based Milk and Derivatives, Bakery and Confectionery, Sweet and Savory Snacks, Plant-Based Juices, RTD Tea and Coffee, RTE, RTC Meals, and Others), By Category (Organic, and Conventional), By Distribution Channel (Store-Based, and Non-Store-Based), and By Region (North America, Europe, Asia-Pacific, And Rest of The World) – Market Forecast Till 2030.

ID: MRFR/F-B & N/7106-CR | | Region: Global | 100 Pages         

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Global Plant-Based Food Market Overview

The plant-based food market size was valued at USD 18.5 billion in 2021. The plant-based food market industry is projected to grow from USD 20.39 Billion in 2022 to USD 40.24 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2022 - 2030). The rising prevalence of chronic lifestyle illnesses and sensitivity to animal protein are the key market drivers enhancing market growth.
Plant-Based Food Market Overview

   Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plant-Based Food Market Trends

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Growing consumer interest in plant-based diets and the rising consciousness of animal rights through various welfare organizations are expected to drive the market. Plant-based food is becoming an integral part of a vegan diet, wherein individuals adopt a vegetarian lifestyle devoid of animal-based foods. Consumers are inclined towards veganism for health and ethical reasons, while others opt for vegetarian ingredients to avoid animal cruelty and consume sustainable food and beverage products.

Further, consumers increasingly demand healthier alternatives to animal-based products, such as milk and red meat. Further, blending proteins from different plant-based food also helps meet the demand for a diverse source of ingredients, which manufacturers explore.Food industry pioneers delving into the segment with new product launches and rising awareness in general about the health and environmental benefits of plant-based food over animal-based ones.

Additionally, the consciousness among consumers regarding health is increasing at its wildest level. These days' concerns about food safety issues and increasing residue levels in plant-based food are rising swiftly among consumers. Owing to these concerns and increasing awareness, consumers prefer chemical-free food products. As a result, distribution channels such as supermarkets and local stores focus on organic product offerings. The major supermarket chains such as Wal-Mart, SPAR, Penny Market, CBA, BIM (Birlesik Magazalar), Ahold Delhaize, Tesco, Lidl, Carrefour, and ALDI are increasing their product offering to plant-based food. In many countries, restaurants are offering an organic menu to health-conscious consumers. Therefore, growing awareness among consumers has enhanced the plant-based food market CAGR across the globe in recent years.

However, Lactose intolerance is one of the most recent opportunities for a market. The vast majority of the globe’s population will stay lactose intolerant. This category of the population will always need a lactose-free alternative, which the plant-based food firms can deliver. Another opportunity is the tolerable living movement, which supports climate- and animal-safe foods. As individuals make more environmentally conscious choices to decrease their domestic carbon footprint, the market is paying close attention to an amazing opportunity to expand the plant-based food market revenue.

Plant-Based Food Market Segment Insights

Plant-Based Food Type Insights

The plant-based food market segmentation, based on type, includes plant-based milk and derivatives, bakery and confectionery, sweet and savory snacks, plant-based juices, RTD tea and coffee, RTE, RTC meals, and others. The plant-based milk and derivatives held the majority share in 2021 of the plant-based food market revenue. This is primarily owing to the increased cases of lactose intolerance among consumers, and due to this, dairy substitute penetration and sales continue to grow. However, plant-based juices are the fastest-growing category as it helps in reducing the number of medications to treat various chronic conditions.

November 2022: Green Rebel introduced, dubbed Creamy Crew, which includes cheese, sauces, and dressings, builds on its continuing innovation in the plant-based sector. The new range is available through the company’s website. The products in the dairy-free range include egg-free mayonnaise, a Caesar-style dressing, and cheddar-style block cheese.

Plant-Based Food Category Insights

The plant-based food market segmentation, based on category, includes organic and conventional. The organic segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increasing demand for organic foods among consumers. However, conventional is the fastest-growing category as conventional agriculture can speed up food production. Hence, the rising consumption of conventional plant-based food positively impacts market growth.

Plant-Based Food Distribution Channel Insights

The plant-based food market data has been bifurcated by distribution channels into minimally store-based and non-store-based. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The huge number of supermarkets and hypermarkets has enhanced overall product sales. According to data issued by ScrapeHero on November 2021, 14,623 supermarkets are present in the US, including Walmart, Kroger Co., and others. However, non-store-based is the fastest-growing category in the market for plant-based food over the forecast period due to the rising penetration of the internet.

Figure 2: Plant-Based Food Market, by Distribution Channel, 2021 & 2030 (USD Billion)

Plant-Based Food Market, by Distribution Channel, 2021 & 2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Plant-Based Food Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America plant-based food market accounted for USD 8.12 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The market for plant-based food is mainly driven due to increased concerns about animal cruelty in the food industry and its negative environmental impact. In addition, the US has many lactose-intolerant people, which fuels the demand for alternative dairy products.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe plant-based food market accounts for the second-largest market share due to a growing preference among consumers in the country for sustainable food with health advantages. Further, the Germany plant-based food market held the largest market share, and the UK plant-based food market was the fastest-growing market in the European region.

The Asia-Pacific plant-based food Market is expected to grow at the fastest CAGR from 2022 to 2030. The growing demand for plant-based bakery and confectionery products in the Asia Pacific region is expected to fuel sales. Moreover, China plant-based food market held the largest market share, and the India plant-based food market was the fastest-growing market in the Asia-Pacific region.

Plant-Based Food Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the plant-based food market grow even more. Market participants are also taking various strategic initiatives to enhance their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, enhanced investments, and collaboration with other organizations. Competitors in the plant-based food industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the plant-based food industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the plant-based food industry has provided benefits with some of the most significant benefits. The plant-based food market major player such as Tyson Foods Inc., Keystone Natural Holdings, Nestle SA, and others are working on expanding the market demand by investing in research and development activities.

Nestle SA (Nestle) is a manufacturer and marketer of food products and beverages. The company's product portfolio comprises baby foods, bottled water, cereals, chocolates and confectionery, coffee, culinary products, chilled and frozen foods, dairy products, nutritional products, ice cream, and pet products. Nestle also offers nutritional products, sausages, and direct-to-consumer meal delivery services. In December 2020, Nestlé launched its plant-based food brand Harvest Gourmet in China. The brand will provide a diverse range of plant-based products, including mince, sausages, burgers, and nuggets.

Also, Upfield is the largest plant-based food company in the world. The company’s vision for a "Better Plant-Based Future" drives positive change in people's health and daily lives. Upfield dedicates the sharpest minds to daily pioneer innovation in the plant-based food. Since 1871, they have been the authority in the spreads category, which gives us unmatched experience, know-how and inspiration to deliver on our mission. In July 2021, Upfield launched a vegan cheese brand Violife in the Middle East. The brand is an allergen-free alternative range to dairy and is available in slices, boxes, and grated in two flavors such as cheddar and mozzarella.

Key Companies in the Plant-Based Food market include

  • DSM (Netherlands)

  • DuPont. (US.)

  • Amway (US.)

  • The Nature's Bounty Co. (US.)

  • GlaxoSmithKline plc. (UK.)

  • Nestlé SA (Switzerland)

  • RiceBran Technologies (US.)

  • Mead Johnson & Company, LLC. (US.)

  • Medifast, Inc. (U.S.)

  • Premier Nutrition Corporation (U.S.)

  • TOOTSI IMPEX Inc. (Canada)

  • US Spice Mills, Inc. (US.)

  • Health Food Manufacturers' Association (UK.)

  • NOW Foods (US.)

  • Glanbia PLC (Ireland), among others

Plant-Based Food Industry Developments

March 2022: Good mylk, the plant-based dairy company, has acquired the nutrition brand PRO2FIT in one of the first M&As in India's growing plant-based sector. PRO2FIT produces plant-based food such as vegan protein powder and retails across India.

May 2021:Unilever declared that it would partner with ENOUGH, a food tech company, to bring new plant-based meat products. ENOUGH's technology uses a unique zero-waste fermentation process to grow a high-quality protein. Wheat and corn feed natural fungi, producing ABUNDA mycoprotein, a complete food ingredient. This unique protein will be apt for Unilever's fast-growing meat alternative brand, The Vegetarian Butcher.

March 2020: Treeline Cheese launched a line of plant-based cream cheese made using cultured cashew nuts and other plant-based food. It is available in three flavors, including plain, chive and onion, and strawberry.

Plant-Based Food Market Segmentation

  • Plant-Based Food Type Outlook

    • Plant-Based Milk and Derivatives

    • Bakery and Confectionery

    • Sweet and Savory Snacks

    • Plant-Based Juices

    • RTD Tea and Coffee

    • RTE

    • RTC Meals

    • Others

  • Plant-Based Food Category Outlook

    • Organic

    • Conventional

  • Plant-Based Food Distribution Channel Outlook

    • Store-Based

    • Non-Store-Based

Plant-Based Food Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 18.5 billion
Market Size 2022 USD 20.39 billion
Market Size 2030 USD 40.24 billion
Compound Annual Growth Rate (CAGR) 4.72% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Operating Platforms, and Region
Geographies Covered North America, Europe, Asia Pacific, and 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 DSM (Netherlands), DuPont. (US), Amway (US), The Nature's Bounty Co. (US), GlaxoSmithKline plc. (UK), and Nestlé SA (Switzerland)
Key Market Opportunities Increasing awareness about the benefits of plant-based food
Key Market Dynamics Growing preference for plant-based dairy products among lactose intolerance Rising prevalence of chronic lifestyle diseases and intolerance to animal protein

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Frequently Asked Questions (FAQ) :

The plant-based food market size was valued at USD 18.5 Billion in 2021.

The market is projected to grow at a CAGR of 4.7% during the forecast period 2022-2030.

The key players in the market are DSM (Netherlands), DuPont. (US), Amway (US), The Nature's Bounty Co. (US), GlaxoSmithKline plc. (UK), and Nestlé SA (Switzerland).

The plant-based milk and derivatives category dominated the market in 2021.

The store-based had the largest share in the market.