Global Plant-based Food Market Flourishing To Gain USD 34 Billion by 2030, With a Healthy CAGR of 12% | Growth Market Reports

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Sep 14, 2022, 09:30 ET

PUNE, India, Sept. 14, 2022 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Plant-based Food Market" by Types (Seafood Substitute, Egg Substitute, Meat Substitute, Dairy Substitute, and Others), Sources (Pea, Wheat, Nuts, Soybean, and Others), Distribution Channels (Online Retail, Specialty Stores, Convenience Stores, Modern Groceries, and Others), and Regions: Size, Share, Trends, and Opportunity Analysis, 2021-2030, the market was valued at USD 10 billion in 2021 and is expected to grow at a healthy growth rate of 12% by the end of 2030. The global plant-based food market growth is attributed to a shift in consumer preference toward veganism.

Key Market Players Profiled in the Report

Sanitarium Health and Wellbeing Company
Sahmyook Foods
Plamil Foods Ltd.
VBIte Food Ltd
Unilever PLC
The Hain Celestial Group Inc.
Taifun –Tofu GmbH

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

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This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.

Highlights on the segments of the Plant-based Food Market

In terms of types, the global plant-based food market is segmented into seafood substitute, egg substitute, meat substitute, dairy substitute, and others. The dairy substitute segment is anticipated to expand at a sustainable CAGR during the forecast period, owing to the nutritional advantages of plant-based dairy alternatives. The dairy substitute is prioritized by many people, due to lactose intolerance and consumer concern over animal cruelty in conventional dairy farming practices.

Based on sources, the global plant-based food market is segmented into pea, wheat, nuts, soybean, and others.

The soy segment is expected to grow at a significant pace during the forecast period, due to the wide applications in various food & beverages sectors including bakery, meat, and dairy alternative. Soy is less expensive as compared to other sources and is increasingly accepted among consumers.

Based on regions, the market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Europe is projected to expand at a significant CAGR during the forecast period. The rising demand for healthy and sustainable food drives the market growth during the forecast period. According to Green Queen Media, the vegan population in Europe has doubled in the last few years, totaling about 2.6 million people.

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Key Takeaways from the Study:

The plant-based food market in Germany is anticipated to grow at a substantial pace during the forecast period. In recent years, the rising acceptance of a vegan diet German population has resulted in a major decrease in the consumption of non-vegetarian and animal products.
The modern groceries segment is expected to hold a major market share in the coming years, owing to the appealing discounts, shelf space, and bundling tactics.
The athlete-led and celebrity awareness campaigns have encouraged the consumption of vegetarian products in order to have a healthy diet.
High cost associated with the products and raw materials is anticipated to hamper the market growth during the forecast period.
Key players in the plant-based food market have collaborations with restaurants, large chains, and industry titans including Beyond meat, Oatly, and Impossible Foods, which is anticipated to fuel the market growth.

Read 187 Pages Research Report with Detailed ToC on "Global Plant-based Food Market" by Types (Seafood Substitute, Egg Substitute, Meat Substitute, Dairy Substitute, and Others), Sources (Pea, Wheat, Nuts, Soybean, and Others), Distribution Channels (Online Retail, Specialty Stores, Convenience Stores, Modern Groceries, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2030

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Key Segments Covered

Types

Seafood Substitute
Egg Substitute
Meat Substitute
Dairy Substitute
Others

Sources

Pea
Wheat
Nuts
Soybean
Others

Distribution Channels

Online Retail
Specialty Stores
Convenience Stores
Modern Groceries
Others

By Regions

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Other Related Reports:

United States Plant-based Chicken Sausage Market by Nature (Organic and Conventional), by Sources (Soy, Tofu, Wheat, Pea, Oats, Beans, and Others), by Distribution Channels (Online and Offline {Supermarket/Hypermarket, Convenience Stores, Specialty Stores, Independent Small Groceries, and Food Service}), and Region (West, Midwest, Northeast, Southeast, and Southwest)
Global Plant Based Proteins Market by Type (Soy Protein, Wheat Protein, Pea Protein, Others), By Application (Supplements & Nutritional Powders, Beverages, Protein & Nutritional Bars, Bakery & Snacks, Breakfast Cereals, Meat Products, Dairy Products, Infant Nutrition, Animal Feed) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
Global Plant Based Food and Beverages Alternative Sales Market by Type (Plant-Based Dairy, Plant-Based Meat, Others (Plant-Based Egg and so on)), By Application (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Stores, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030
Global Vegan Alternatives Market by Type (Vegetable Oil, Plant Protein, Others), By Application (Plant-based Dairy, Plant-based Frozen Dessert, Plant-based Meat, Others) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

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