Global Plant-based Food Market is Estimated to Reach Worth of US$ 10.9 Bn by 2022, Accelerating with a CAGR of 12.2% to Reach Revenue of US$ 34.5 Bn by year 2032-end | Future Market Insights, Inc.

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Nov 09, 2022, 10:32 ET

The North America plant-based food market is expected to register 12.5% CAGR between 2022 and 2032. The demand for plant-based food is expected to grow at 11.6% CAGR between 2022 and 2032 in Europe

NEWARK, Del., Nov. 9, 2022 /PRNewswire/ -- According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of Plant Based food are estimated to reach a value of USD 34.5 Bn by 2032, surging at 12.2% CAGR through the decade.

Plant-based food firms are projected to experience development prospects over the years, despite supply chain interruptions, panic purchasing, and storage. The vegan ingredients industry has experienced an upsurge in innovation in recent years. The development of innovative products, such as plant-based milk, eggs, and meat, is a growth-promoting factor. These products are abundant in essential nutrients and taste almost identical to those made from animals.

Multiple other reasons, such as extensive promotional events by athletes and celebrities to promote the consumption of plant-based food products so as to maintain a healthy lifestyle, and the easy availability of these items due to increasing number of online sales channels, are expected to further fuel the market.

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During the pandemic's early stages, consumers decreased their time in stores and supermarkets, by stocking up on food and packaged products high in nutritional content as a precautionary measure, which had additionally increased demand for plant-based food in the market.

Key Takeaways from Market Study

North America is expected to have 38% plant based food market share.
US holds 65 % plant based food market share in North American Market.
Europe is expected to have 31 % plant based food market share.
Germany holds 22 % plant based food market share in European Market.
Asia is expected to have 20 % plant based food market share.
China holds 32 % plant based food market share in Asian Market.
Market players are experimenting with new ways on increasing production capacity and also doing research and innovation to create products.

" The growing focus on the consumption of plant based foods in developed regions such as Europe and North America is likely to open lucrative opportunity for market players in the long run", –says a lead analyst at Future Market Insights.

Competitive Landscape

Plant-based food manufacturers have received funding from venture capital firms and significant established meat substitute supply companies in recent years. Plant-based food manufacturing enterprises have seen a significant increase in investment in recent years, as numerous start-ups have begun selling plant-based food and experimenting with various vegan items.

Some of the leading companies offering plant-based food are Amy's Kitchen, Danone S.A., Atlantic Natural Foods LLC, Beyond Meat Inc., Garden Protein International Inc, Impossible Foods Inc, Lightlife Foods Inc (Maple Leaf Foods Inc.), Nestle S.A., Tyson Foods Inc, Vbite Food Ltd among others.

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Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the plant-based food presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.

Plant-based Food Market By Category

By Type, Plant-based Food Market is Segmented as:

Dairy Substitute
Meat Substitute
Egg Substitute
Seafood Substitute
Others

By Source, Plant-based Food Market is Segmented as:

Soybean
Nuts
Wheat
Pea
Others

By Sales Channel, Plant-based Food Market is Segmented as:

Offline Sales Channel

Supermarkets/Hypermarkets
Departmental Stores
Convenience Store
Other Sales Channel

Online Sales Channel

Company Website

E-commerce Platform

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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SOURCE Future Market Insights