1. Home
  2. > Food
  3. > Processed Food Market Trends
Global Plant-Based Food Market: Analysis By Type, By Distribution Channel, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027

Global Plant-Based Food Market: Analysis By Type, By Distribution Channel, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027

  • October 2022
  • 178 pages
  • ID: 6327361
  • Format: PDF
  • Daedal Research

Summary

Table of Contents

In 2021, the global plant-based food market was valued at US$39.42 billion and is anticipated to grow to US$103.56 billion by 2027. Plant-based food refers to a wide range of food products derived from natural plant ingredients. Plant-based food items have long been known for their importance in vital nutrition and human health. These products are typically prepared from fruits, vegetables, nuts, oils, whole grains, and legumes, with no animal ingredients. A plant-based diet has less cholesterol and saturated fat, is an excellent source of the vitamins B1, C, and E, folic acid, magnesium, and iron, and may help lower the risk of having certain types of cancer, diabetes, obesity, high blood pressure, heart disease, and metabolic disorders.

Food manufacturers ranging from startups to leading CPG companies are innovating rapidly in the plant-based food market. Next-generation plant-based meat, eggs, and dairy products are increasingly competitive with animal products on taste, price, and accessibility. Some of the major reasons why consumers are shifting their preference towards plant-based foods are the fear of an increase in animal-borne diseases, rising health concerns, and demand for clean label products & natural products. The plant-based food market is expected to grow at a CAGR of 17.52% over the forecast period of 2022-2027.

Market Segmentation Analysis:

By Type: The report provides the bifurcation of the plant-based food market into four segments based on type: Dairy, Meat, Egg, and Others. In 2021, the dairy segment lead the plant-based food market, accounting for more than 60% share of the market, owing to the increase in occurrences of milk allergies and lactose intolerance cases. The plant-based egg market is expected to grow at the highest CAGR as plant-based eggs are cholesterol-free, and allergen-free due to which they are largely accepted by consumers suffering from health-related issues. The plant-based dairy market is further segmented into six types: Milk, Cheese, Icecream, Butter, Yogurt and Others. The milk category dominates the plant-based dairy market, acquiring more than 40% share of the market in 2021.

Furthermore, the milk section of the plant-based dairy industry is divided into four product segments: almond, soy, rice, and others. And, the plant-based meat market is classified into six segments based on product: burgers, sausages, crumbles, nuggets, meatballs, and others.

By Distribution Channel: In the report, the global plant-based food market is divided into four segments based on the distribution channel: Supermarkets & Hypermarkets, Online, Convenience Stores, and Other store-based. Supermarkets & Hypermarkets dominated the market in 2021 with almost 46% share of the global market. The online segment is expected to grow at the highest CAGR during the forecast period since it saves time for both buyers and retailers while also providing a high level of comfort to consumers, as they don’t have to bear the hassles of traffic or getting ready while shopping online.

By Region: The global plant-based food market can be divided into four regions: Asia Pacific, North America, Europe, and the Rest of the World. The Asia Pacific dominated the market in 2021 with more than 40% share of the global market. The increased use of innovative technologies for product innovation, partnerships between domestic and international food companies, and rising government R&D expenditures in the food sector are the key factors driving the Asia Pacific plant-based food market.

North America plant-based food market is expected to grow at a CAGR of around 18%. The US is the leading plant-based food market within the North America region, because of growing concern about the environmental impacts of livestock production and meat availability. In the report, the US plant-based food market is further divided into eight segments: Milk, Meat, Creamer, Icecream, Butter, Cheese, Eggs, and Others.

Global Plant-based Food Market Dynamics:

Growth Drivers: One of the most important factors impacting plant-based food market dynamics is favorable government initiatives. Governments around the world have set a variety of rules and restrictions in order to boost the consumption of plant-based diets. Seven international plant-based food associations have joined forces to form the New International Plant Based Foods Working Group in order to encourage the expansion of plant-based foods and to promote the creation of a level playing field for plant-based foods. Furthermore, the market has been growing over the past few years, due to factors such as rapid urbanization, growing vegan population, growing grocery e-commerce sales, increase in diabetic patients, emergence of flexitarians, growing environmental concerns, rise in number of lactose-intolerant people, increase in plant-based food investments, etc.

Challenges: However, the market has been confronted with some challenges specifically, comparatively higher price range, significant preference for animal based products, etc. Despite the fact that many consumers are shifting toward plant-based diets, many others still favour animal-based items. Taste, nutritional profile, and protein content are some of the reasons they continue to prefer animal-based products. Taste appears to be a contentious issue for producers. People find it challenging to switch to plant-based diets due to a lack of similarity in taste and feel.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as increasing usage of Artificial Intelligence, rise in social media marketing, rising popularity of plant-based meat and seafood, emergence of 3D printing plant-based meat, increased focus on taste & texture of plant-based food, increased raw material diversity & category expansion, etc. 3D printing enables the upscaling of low-value items (such as vegetable rejects and meat offcuts) as well as the use of novel ingredients to create appealing and healthy food products. This can be both healthful and environmentally beneficial because it can aid in the conversion of alternative ingredients. This also allows for dietary customization, which aligns with individual needs and preferences. As a result, with the advent of 3D food printing, the market for plant-based foods would expand.

Impact Analysis of COVID-19 and Way Forward:

The pandemic disrupted global plant-based food supply chains in the early months of 2020, reducing access to attractive, safe, and diverse diets. However, consumers’ concern for their health intensified as the pandemic developed. As a result of rising health awareness, the adoption of vegan diets has increased dramatically, directly increasing the global plant-based foods market in 2020. The market is predicted to grow as firms shift production to plant-based foods and consumer preferences evolve, owing to an increased emphasis on health and well-being fueled by pandemic-related concerns.

Competitive Landscape:

The global plant-based food market is fragmented, with the presence of large number of small- and medium-sized suppliers in the market.

The key players of the global plant-based food market are

Nestlé S.A.
Archer Daniel’s Midland Company
Beyond Meat Inc.
Danone S.A.
Unilever PLC
The Hain Celestial Group, Inc.
Conagra Brands (Garden Protein International Inc.)
Otsuka Holdings (Daiya Foods Inc.)
Impossible Foods Inc.
Atlantic Natural Foods LLC
Plamil Foods Ltd.
Tofutti Brands, Inc.
Eden Foods, Inc.
Amy’s Kitchen Inc.

Some of the strategies among key players in the market for plant-based food are product launches, mergers, acquisitions, and collaborations. In 2022, Beyond Meat Inc. has launched the Beyond Burger And Beyond Meatballs at approximately 2,000 stores nationwide. Whereas, Beyond Meat’s chief competitor Impossible Foods Inc. launched the company’s latest food concept in the frozen aisle with a new lineup of single-serve frozen entrees: Impossible Bowls - delicious plant-based meals ready in minutes. Danone SA announced the launch of the first dairy and plants blend baby formula on July 5, 2022, in response to parents’ desire for vegetarian and flexitarian options for their kid. Danone created the new Dairy & Plants Blend baby formula, which is a nutritionally complete formula that combines the finest of dairy and plants.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2022

Reportlinker.com © Copyright 2023. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on