Plant-Based Food Market Research Report - Forecast till 2027

Plant-Based Food Market: Information by Type (Plant-Based Milk & Derivatives [Plant-Based Milk, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter and others], Bakery & Confectionery, Sweet & Savory Snacks, Plant-Based Juices, RTD Tea & Coffee, RTE & RTC Meals and Others), Category (Organic and Conventional), Distribution Channel (Store-Based [Supermarkets & Hypermarkets, Convenience Stores and Others] and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/F-B & N/7106-CR | February 2021 | Region: Global | 100 pages

Plant-Based Food Market Overview

Plant-Based Food Market is expected to register a CAGR of 10.20% to reach USD 37981.6 Mn by 2027. What was once just an omnivore style of living, with meat-based diets on the forefront, today has major vegan influences. The environmentally conscious, carbon footprint reducing lifestyle of veganism is here to stay. The greatest proof of this is found in the Global Market and its growth. The world has been looking into an alternate, novel foods to eat, and its inclinations reflect in the growth of the Global Market. As humans, we have always eaten plants and their products as food. However, plant-based foods are the more refined version of plant products, marketed for commercial use.

On paper, Plant-Based Food products are foods derived from plant sources. These could include fruits, vegetables, pure natural ice creams, tofu, grains, or even plant-based meat alternatives. Plant-based products have been around for years, yet they have been expanding in recent times. From soy milk, almond milk to an entirely natural granola bar or multigrain breakfasts, there are plant-based alternatives galore in the present market. Whether it’s because of low-calorie food alternatives or to decrease cruelty towards animals, there are multiple reasons why the public likes to switch to plant-based products today.

While plant-based foods emerged at first as a niche segment of the food and beverages industry, it has slowly grown to occupy a significant share of the mainstream market. Today, vegan products are readily available at grocery stores and supermarkets. No wonder that the Market is a high-growth sector of the Food and Beverages market today. In fact, the growth of health and environment consciousness has induced Plant-Based Food Industry Growth further. In fact, in 2020, the valuation of the Global Market reached $7 billion. In this research report, the growth prospects of the Plant-Based Food Market are discussed with Market trends in view.

COVID 19 Impact

Like all other market segments, the Plant-Based Food Market has also seen the impact of the COVID 19 pandemic on its ranks. The initial impact of the market was a sudden slowdown because of gaps in supply chain and manufacturing. Since the global supply chain faced disorder, the entire retail segment faced a decline in revenue. Moreover, the manufacturing of Plant-Based Foods was also affected severely. However, once the retail and manufacturing ecosystem had learned how to adapt to a post-pandemic world, the Global Market looks at clear prospects of growth.

In the post-pandemic world, the Plant-Based Food Market benefits from the health-conscious inclinations of the population at large. People who are health conscious prefer Plant-Based Foods for their low-calorie value. On the other hand, lactose-intolerant people also prefer plant-based foods for their nutritional benefits without side effects. In the post-pandemic world, the common man does not shy away from spending on food and nutrition so that he is internally healthy. Most Global Market stakeholders benefit from this mindset.

Market Dynamics

Key Drivers

According to market insights, growing consciousness of what we are eating and how it reacts with the human body is a key driver of the Plant-Based Food Market. People are not just reading the labels. They are researching ingredients minutely. For example, 87 percent of Americans are now including plant-based proteins in their daily diet for their high nutritional value. Moreover, changing the preferences of people and switching to clean labels is also a growth driver for the plant-based food industry. People are eating foods that are sustainably produced and have a lower negative impact on the environment. All in all, there are many drivers that support the Market and its growth.

Significant Opportunities

One of the most present opportunities for a Global Market is how people are lactose intolerant. A majority of the world’s population will continue to be lactose intolerant. This section of the global population will always need an alternative to lactose-rich foods that the Plant-Based Food Industry can provide. Another opportunity is the sustainable living movement that supports climate-safe and animal-safe foods. As people make more climate-conscious switches to reduce domestic carbon footprint, the global Market looks closely at an excellent opportunity for Plant-Based Food Market growth.

Major Restraints

There are some restraints that exert themselves on the Plant-Based Food Market.  For example, plant-sourced products do not have the same taste as those sourced from animals. Thus, a section of the world’s population may reject the use of plant-based food products. Moreover, some people may even be allergic to plant-based proteins and nutrients. Thus, Plant-Based Foods may not be a universally accepted food alternative.

Major Challenges

Some challenges still exist in the Plant-Based Food Market that market stakeholders have to solve with time. For example, the global Market will always face competition from meat-based foods and non-vegetarian food preferences. Not all brands in the Plant-Based Food Industry have figured out how to tackle the competition. Another challenge is to supply high-quality Plant-Based Foods to populations across the globe. The food supply chain is an extensive one, and it is not easy to supply Plant-Based Foods to different regional markets simultaneously.

Cumulative Growth Analysis

The Plant-Based Food Market is not a newly emerging market, but its growth trends in a post-pandemic scenario are worth noting. The Market Size will reach beyond $74 billion US dollars, inching towards $75 billion. The Plant-Based Food Industry registers a double-digit global Market Growth rate according to the global Market Forecast. CAGR for the forecast period is close to 10.2 percent in the Market.

Segment Analysis

In this Plant-Based Food Market Analysis, there is a detailed study of the various segments. The main segments of the Market are based upon types of food. For example, a major segment of the global Market is plant-based milk and derivatives. The plant-based milk and derivatives segment has a substantial global Market share. On the other hand, there are other products like tea and coffee, RTC meals that dominate global Market share too. Bakery and confectionery also have a significant global Market share too. However, the highest growth of global Market Revenue will be seen in the plant-based juice segment by the end.

Regional Analysis

The Plant-Based Food Market divides into different regions of the world. To understand the growth of the entire Plant-Based Food Industry, one has to understand Global Market Analysis by region too. The main regional markets are North America, Europe, Asia Pacific, and the Rest of the World. The demand for plant-based foods has always been high in the European region. A tendency to switch to veganism has boosted the growth of the regional global Market in North America too. The USA is the leader in the North American region by Plant-Based Food Industry Revenue. In the Asia Pacific region, China is a leader in terms of global Market Revenue. In fact, in the forecast period, Asia Pacific shows the highest rate of global Market Size Growth regionally.

Competitive Landscape

There are many key players of the Plant-Based Food Market that influence key global Market Trends. These key players are dispersed over the globe and create cumulative revenue for the market.

  • Tyson Foods, Inc.

  • Nestle SA

  • Keystone Natural Holdings

  • General Mills Inc

  • Premier Foods PLC

These key players of the Plant-Based Food Market set Market Trends and create growth opportunities in the Market Forecast period. In the next section, there are some recent developments that key players of the Plant-Based Food Industry have undertaken.

Recent Developments

The key players of the Plant-Based Food Market go for many new formulas and product launches to engage their customers. Many companies go for mergers and acquisitions and collaboration to create innovative plant-based foods for the consumer. Moreover, since the global Market is a promising one, new companies also enter the space. Many major companies are involved in research and development to improve already existing plant-based formulas.

Report Overview

The Plant-Based Food Market Outlook is as follows:

  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments

In this Plant-Based Food Market Outlook, the trends, drivers, and factors influencing the global Market Size are discussed at length. The report also includes segment analysis and regional analysis of the market to give more information about the market. The impact of the COVID 19 pandemic has also been elaborated upon in the report. The reader gets a view of the market’s competitive landscape and recent developments in this report. Thus, the different important aspects of the global Market are found in this report.

Report Scope:
Report Attribute/Metric Details
  Market Size   USD USD 37981.6 Million (2027)
  CAGR   10.20% (2020-2027)
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Category, Distribution Channel
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Tyson Foods, Inc. (US), Nestle SA (Switzerland), Clara Foods (US), Keystone Natural Holdings (US), Premier Foods PLC (UK), Danone S.A. (France), Del Monte Fresh Produce N.A., Inc. (US), General Mills Inc. (US), and Amy's Kitchen (US).
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers   growing consumer preference for a vegan

Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :

Nestle SA (Switzerland), Clara Foods (US), Tyson Foods, Inc. (US), Premier Foods PLC (UK), Danone S.A. (France), and Keystone Natural Holdings (US) are the well-known contenders in the market.

A 10.2% CAGR is estimated to guide the market in the approaching period.

By 2026, the market stands to acquire a revenue of USD 34,466.1 Million.

The European region is estimated to command the global market in the forecast period.

The popularity of plant-based ingredients is likely to spur the market.