Plant-Based Food Market Is Projected To Reach $113.05 Billion By 2031, At A CAGR Of 12.3% From 2024-2031--Exclusive Report by Meticulous Research®

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Sep 04, 2024, 10:01 ET

REDDING, Calif., Sept. 4, 2024 /PRNewswire/ -- According to a new market research report titled, 'Plant-based Food Market Size, Share, Forecast, & Trends Analysis by Type (Dairy Alternatives, Plant-based Meat, Egg Alternatives, Seafood), Source (Soy, Pea), Distribution Channel (B2B, B2C [Convenience Store, Online Retail])—Global Forecast to 2031.

The Plant-based Food Market was valued at $44.4 billion in 2023. This market is expected to reach $113.1 billion by 2031, from an estimated $50.1 billion in 2024, at a CAGR of 12.3% during the forecast period 2024-2031.

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The growth of the plant-based food market is driven by the increasing number of consumers who are intolerant to animal-derived proteins, a rising vegetarian population, increasing venture investments in plant-based companies, innovations in food technology, and a growing focus on animal welfare and sustainability. However, the high costs of meat substitutes, a high preference for animal-based products, and the high demand for soy and gluten-free options restrain the market's growth.

Additionally, the increase in research & development initiatives, new product launches by plant and protein alternative manufacturers, and emerging markets in regions such as Asia-Pacific, Latin America, and the Middle East & Africa are expected to offer growth opportunities for players operating in this market. Furthermore, the consolidation of the plant-based food sector, driven by increasing partnerships and acquisitions, is a prominent trend in this market.

GROWING APPEAL OF PLANT-BASED DIETS SUPPORTING MARKET GROWTH

Dietary preferences are shifting worldwide due to concerns about health, ethics, and sustainability. Rapid urbanization, lifestyle changes, industrialization, economic development, and growing health & wellness trends, along with rising awareness of the long-term effects of animal proteins, are presenting significant growth opportunities for plant-based protein manufacturers. This growth in the plant-based protein market is further supported by food security challenges, driving the need for sustainable food alternatives.

Well-planned vegetarian and vegan diets are nutritionally adequate for pregnant women, children, and athletes. These plant-based diets can help reduce the risk of health conditions such as heart disease, type 2 diabetes, hypertension, certain cancers, and obesity. Plant-based diets include protein sources like beans, legumes, nuts, seeds, soy foods, and protein powders and are high in fiber and rich in essential nutrients when properly planned. Additionally, the Mediterranean Diet, known for its high proportion of plant-based foods, was named the "Best Overall Diet" by U.S. News & World Report in 2023.

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Another significant segment consists of lactose-intolerant consumers who seek dairy alternatives due to their inability to digest lactose, a sugar present in milk and other dairy products (Source: National Institutes of Health). While lactose tolerance is notably high in Northern European countries such as Sweden and Finland, countries like Turkey, Italy, Germany, and Spain also have substantial numbers of lactose-intolerant individuals. Therefore, the market for plant-based foods and beverages extends beyond vegans to include a broad range of consumers, such as flexitarians, lactose-intolerant individuals, and those seeking clean-label food and beverage options.

Amid food security challenges, the vegan food trend is gaining momentum and is expected to remain prominent in the coming years. Advances in food technology have led to the development of a wide range of plant-based products that closely replicate the taste and texture of traditional animal-based foods. Furthermore, food & beverage manufacturers worldwide are exploring new plant-based categories and disrupting existing ones. This transformation has the potential to reshape individual eating habits and the global food system, making it more sustainable and ethical for future generations.

Plant-based Food Market Analysis: Key Segmental Findings

Market By Type: In 2024, the dairy alternatives segment is expected to account for the largest share of 65.6% of the plant-based food market. However, the seafood substitute segment is projected to register the highest CAGR of 13.4% during the forecast period 2024-2031.
Market By Source: In 2024, the soy segment is expected to account for the largest share of the plant-based food market. However, the pea segment is projected to register the highest CAGR during the forecast period.
Market By Distribution Channel: In 2024, the business-to-consumer segment is expected to account for a larger share of 67.9% of the plant-based food market. However, the business-to-consumer segment is projected to register the highest CAGR of 13.1% during the forecast period.

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Geographical Analysis:

Based on geography, the global plant-based food market is divided into five regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 44.5% of the global plant-based food market. This market is projected to reach USD 54.31 billion by 2031 during the forecast period.

Asia-Pacific's significant market share is attributed to increasing partnerships between international and domestic food companies, rising awareness about protein-rich diets, growth in the food & beverage sector, economic growth, rapid urbanization, and a large vegan and vegetarian population.

Furthermore, the market in Asia-Pacific is projected to register the highest CAGR of 13.6% during the forecast period, driven by rising venture capital investments in the plant-based food and alternative protein sectors, the adoption of innovative product development technologies, and a shift towards more sustainable and health-conscious food choices.

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Asia-Pacific is characterized by its diverse geography, population, and economic development levels. Over the past decade, the region has experienced significant economic changes. Increased disposable income among the middle class has driven the demand for innovative and healthy products. In 2024, China is expected to hold the largest share of 46.5% of the plant-based food market in Asia-Pacific. This growth is fueled by rising interest in vegetarian diets, rapid population growth & urbanization, evolving consumption patterns, and advancements in food & beverage production technologies.

U.S. to Dominate the Plant-based Food Market in North America

The plant-based food market in North America is projected to register a CAGR of 11.7% during the forecast period. In 2024, the U.S. is expected to account for the major share of the plant-based food market in North America. Rising health awareness and shifting consumer preferences are driving the market's growth in the U.S. Although the preference for animal protein-based products is high, plant-based foods have gained significant traction in recent years. The demand for plant-based dairy and meat alternatives has increased significantly, reflecting the increasing popularity of vegetarianism and veganism and a corresponding decline in demand for animal products in the region.

Moreover, as business opportunities in the plant-based food market expand, many companies are focusing on product launches, partnerships, and collaborations.

Some of the recent developments in the plant-based food market in North America are as follows:

In March 2024, Califia Farms, LLC (U.S.) launched plant-based creamers in three flavors: lavender, brown sugar, and vanilla.
In December 2023, Konscious Foods (Canada) launched frozen plant-based sushi, poke bowls, and onigiri in 4,500 retailers across North America.
In March 2022, Impossible Foods Inc. (U.S.) partnered with supermarkets Woolworths (Australia) and Countdown (New Zealand) to launch Impossible Beef in Australia and New Zealand.
In October 2021, Beyond Meat Inc (U.S.) partnered with Panda Express to launch a new vegan menu item, 'Beyond the Original Orange Chicken' in the U.S.
In January 2021, Greenleaf Foods, SPC (U.S.) collaborated with Pizza Nova (Canada) to offer plant-based chicken (Plantollini Chick'n Bites) across all Pizza Nova locations.

Germany: Fastest-growing Market in Europe

In 2024, Germany is expected to account for the largest share of the plant-based food market in Europe.. Germany's significant market share is attributed to strong innovation and investment in plant-based products, modernization of the food & beverage industry, increased consumer awareness of the benefits of plant-based diets, rising concerns about animal welfare, and a growing number of new plant-based food products.

Furthermore, the market in Germany is also projected to register the highest CAGR during the forecast period, driven by shifting dietary preferences, a rapidly growing vegetarian population, and the proliferation of vegan & vegetarian restaurants. Veganism is becoming increasingly popular in Germany, with the vegan population rising from 1.3 million in 2016 to 2.8 million in 2023. Nearly 75% of German households desire a broader range of vegetarian products in supermarkets.

Plant-based Food Market: Competition Analysis

The report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios and geographic presence and the key growth strategies adopted by them over the past 3–4 years. Major companies in the global plant-based food market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the plant-based market were product launches, agreements, partnerships, collaborations, expansions, and acquisitions.

Some of the key players operating in the global plant-based food market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone S.A. (France), Garden Protein International, Inc. (Canada), Amy's Kitchen Inc. (U.S.), Plamil Foods Ltd. (U.K.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), Unilever PLC (U.K.), Sophie's Kitchen (U.S.), and Eat Just, Inc. (U.S.).

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Plant-based Food Industry Overview: Latest Developments from Key Industry Players

In March 2024, Gosh! Food Limited (U.K.), a plant-based food brand, launched street food and glaze & grill BBQ kits.
In March 2024, Califia Farms, LLC (U.S.) launched plant-based creamers in three flavors: lavender, brown sugar, and vanilla.
In December 2023, Konscious Foods (Canada) launched frozen plant-based sushi, poke bowls, and onigiri in 4,500 retailers across North America.
In September 2023, U.K.-based Unilever's The Vegetarian Butcher (Netherlands) and Düzgün Food Group (Germany) launched plant-based kebab skewer for food service.
In September 2022, The Better Food Foundation (U.S.) launched its canned vegan meat in the US, along with other products such as cold cuts, patties, and meatballs.
In March 2022, Impossible Foods Inc. (U.S.) partnered with supermarkets Woolworths (Australia) and Countdown (New Zealand) to launch Impossible Beef in Australia and New Zealand.
In October 2021, Beyond Meat Inc (U.S.) partnered with Panda Express to launch a new vegan menu item, 'Beyond the Original Orange Chicken' in the U.S.
In August 2021, U.S.-based Lightlife Foods, Inc. (Part of Maple Leaf Foods Inc., Canada) partnered with Pizza Pizza, a Canadian pizza chain and quick-serve restaurant. Pizza Pizza added plant-based chick'n sandwiches and chick'n bites to their menus through this partnership.
In May 2021, Unilever PLC (U.K.) partnered with ENOUGH (formerly 3F BIO), a U.K.-based food-tech company, to bring new plant-based meat products to market.
In February 2021, Danone SA (France) acquired Follow Your Heart, a U.S.-based plant-based product manufacturer. This acquisition enabled the company to bolster its plant-based portfolio.

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Scope of the Report:

Plant-based Food Market Assessment—by Type

Dairy Alternatives
- Milk
- Cheese
- Yogurt
- Butter
- Ice Cream
- Creamer
- Other Dairy Alternatives
Meat Substitutes
- Tofu
- Textured Vegetable Protein (TVP)
- Burger Patties
- Tempeh
- Hot Dogs & Sausages
- Seitan
- Meatballs
- Ground Meat
- Nuggets
- Crumbles
- Shreds
- Other Meat Substitutes
Plant-based Meals
Plant-based Baked Goods
Plant-based Confectionery
Plant-based Beverages
Egg Substitutes
Fish and Seafood Alternatives
Others Plant-Based Food

Plant-based Food Market Assessment—by Source

Soy
Almond
Wheat
Pea
Rice
Oat
Other Sources

Plant-based Food Market Assessment—by Distribution Channel

Business-to-Business
Business-to-Consumer
- Modern Groceries/Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other B2C Distribution Channels

Plant-based Food Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Netherlands
- Belgium
- Austria
- Poland
- Portugal
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Middle East & Africa

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Plant-based Food Market Report Summary

Particular	Details
Page No.	315
Format	PDF
Forecast Period	2024–2031
Base Year	2023
CAGR	12.3 %
Market Size (Value)	USD 113.1 Billion
Segments Covered	By Type Dairy Alternatives Milk Cheese Yogurt Butter Ice Cream Creamer Other Dairy Alternatives Meat Substitutes Tofu Textured Vegetable Protein (TVP) Burger Patties Tempeh Hot Dogs & Sausages Seitan Meatballs Ground Meat Nuggets Crumbles Shreds Other Meat Substitutes Plant-based Meals Plant-based Baked Goods Plant-based Confectionery Plant-based Beverages Egg Substitutes Fish and Seafood Alternatives Others Plant-Based Food By Source Soy Almond Wheat Pea Rice Oat Other Sources By Distribution Channel Business-to-Business Business-to-Consumer Modern Groceries/Supermarkets and Hypermarkets Convenience Stores Specialty Stores Online Retail Stores Other B2C Distribution Channels
Countries/Regions Covered	North America (U.S., Canada), Europe (Germany, U.K., Spain, Italy, France, Netherlands, Belgium, Austria, Poland, Portugal, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Thailand, South Korea, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and the Middle East & Africa
Key Companies	Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone S.A. (France), Garden Protein International, Inc. (Canada), Amy's Kitchen Inc. (U.S.), Plamil Foods Ltd. (U.K.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), Unilever PLC (U.K.), Sophie's Kitchen (U.S.), and Eat Just, Inc. (U.S.).

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