FREMONT, California, Aug. 29, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled 'Global Plant-Based Food and Beverage Alternatives Market − Analysis and Forecast, 2018-2024', the plant-based food and beverage alternatives market is expected to reach $80.43 billion by 2024, rising at a CAGR of 13.82% during the forecast period from 2019 to 2024. The market growth is largely attributed due to the increasing adoption of plant-based food and beverages among the health conscious consumers, coupled with the increasing demand for food safety and rising concerns for animal welfare.
The global food and beverage industry is presently undergoing an unparalleled technological disruption, propelled by the massive growth of viable plant-based alternatives. The industry is witnessing an increased participation of startup and disruptor companies that are launching innovative products into the market to meet the rising consumer demand for healthy and sustainable food options. Growing concerns over food safety, animal welfare, and environmental sustainability have resulted into a greater appreciation of plant proteins by consumers across the globe.
Currently, the plant-based foods and beverages are in a relatively primary stage of their lifecycle, however with the ongoing investments and new product developments, the demand for plant proteins is likely to increase manifold. Continuous improvements in taste and texture, along with change in the consumer values, have enhanced the growth of plant-based meat. Nearly one-third of the U.S. population is following a flexitarian diet.
Therefore, plant-based meat companies are using marketing strategies to target their products toward flexitarians rather than limiting their business to the small section i.e. the vegetarian population. Recent developments in lifestyle such as veganism and the fact that several retailers are rapidly expanding their shelf space for plant-based food and beverage products are the major factor for the growth in the sector. Although there has recently been a substantial coverage of the growth of plant-based products in general, it should be noted that plant-based products have existed since a long time and have been an important element in the food and beverage industry.
According to Rakhi Tanwar, Principal Analyst at BIS Research, "There has been significant investment in the plant-based food and beverage alternatives industry in the last five years. The industry is receiving investment from high-profile individuals, financial investors, and companies. Till 2019, an amount of $17 billion has been invested in the industry, including $13 billion investments of the last two years."
Some of the most prominent players in the plant-based food and beverage alternatives market are DANONE S.A., Beyond Meat, Inc., Impossible Foods, Inc., Amy's Kitchen, Daiya Foods Inc., Lightlife Foods, The Vegetarian Butcher, Morning Star Farms, Before the Butcher, Tofurkey, Sweet Earth Inc., and Blue Diamond Growers. The result of the emerging strategies and developments are already surging the market in the form of product launches and various developments since 2016.
Moreover, the growing market of plant-based food and beverage alternatives is further expected to increase the involvement of companies across different segments of the value chain. Majority of the companies preferred entering into business expansion and contract to enhance their presence, while the relatively less adoptive strategies comprised business expansion and merger and acquisitions. For instance, in June 2019, Danone S.A launched dairy-free, vegan, low calorie ice cream in three new flavors − Caramel Macchiato, Velvety Chocolate, and Passionate Mango. Earlier, in March 2018, Blue Diamond Growers launched gourmet almonds in five unique flavors − Pink Himalayan Salt, Black Truffle, Garlic, Herb, and Olive Oil.
This report is a meticulous compilation of research on more than 100 players in the plant-based food and beverage alternative ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 20+ leading companies across the supply chain. Key profiles include DANONE S.A., Beyond Meat, Inc., Impossible Foods, Inc., Amy's Kitchen, Daiya Foods Inc., Lightlife Foods, The Vegetarian Butcher, Tofurkey, Sweet Earth Inc., Blue Diamond Growers and others.
Key Questions Answered in the Report:
What is the global plant-based food and beverage alternatives market size in terms of revenue, and what is the expected growth rate during the forecast period 2019-2024?
What are the major driving forces for the global plant-based food and beverage alternatives market during the forecast period?
What are the key trends and opportunities in the market pertaining to global plant-based food and beverage alternatives?
What are the major challenges inhibiting the growth of the global plant-based food and beverage alternatives market?
What is the present investment landscape for plant-based food and beverage alternatives?
What is the regulatory landscape in different regions for plant-based food and beverage alternatives?
What is the revenue generated by different segments of the plant-based food and beverages alternatives market during the forecast period (2019-2024):
On the basis of product, including plant-based dairy, plant-based meat, and others (plant-based eggs, egg replacer, egg free spread, plant-based ice-cream, dressing, sour cream, and dips)
On the basis of source, including soy, wheat, almond, corn, and others (potato, lentils, nuts, and flaxseeds)
On the basis of distribution channel, including supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and others
On the basis of region, including North America, Europe, Aisa-Pacific, and Rest-of-the-World (ROW)
What is the competitive strength of the key players in the plant-based food and beverage alternatives market on the basis of analysis of their recent developments, product offerings, and regional presence?
What kind of strategies are being adopted by the existing market players to expand their market positions in the industry?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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