Plant-Based Food Market Size, Share, Growth, Top Companies, And Forecast 2024-2032

(MENAFN- IMARC Group) IMARC Group, a leading market research company, has recently released a report titled“ Plant-Based Food Market Report by Type (Dairy Alternatives, Meat Alternatives, Egg Substitutes and Condiments, and Others), Source (Soy, Almond, Wheat, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), and Region 2024-2032 ”. The study provides a detailed analysis of the industry, including the market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the plant-based food market?

The global plant-based food market size is expected to exhibit a growth rate (CAGR) of 11.5% during 2024-2032.

Global Plant-Based Food Market Trends:

The growing consumer preference for plant-based alternatives to meat and dairy products represents one of the key factors influencing the growth of the plant-based food market across the globe. This is primarily due to the rising concerns over health, animal welfare, and environmental sustainability which is boosting the market growth. This demand is fostering innovation in food technology, leading to the development of highly palatable and nutritious plant-based meats, milks, and cheeses that closely mimic the taste and texture of animal products.

The expansion of plant-based offerings in mainstream retail and food service channels is making these options more accessible to a broader audience. Moreover, there's a noticeable increase in the incorporation of plant-based ingredients into traditional cuisines and the emergence of plant-based fast-food options, indicating a cultural shift towards plant-based diets.

Request to Get the Sample Report: https://www.imarcgroup.com/plant-based-food-market/requestsample

Factors Affecting the Growth of the Plant-Based Food Industry:

• Health and Wellness Awareness:

The growing consumer awareness about health and wellness is a significant driver of the plant-based food market. As individuals become more informed about the impact of diet on health, there's a noticeable shift towards foods perceived as healthier, including plant-based options. This awareness is fueled by a combination of factors: research linking plant-based diets to reduced risks of chronic diseases, such as heart disease, diabetes, and certain cancers; increasing concerns about the health implications of consuming animal products and processed foods; and a broader societal push towards more sustainable and ethical eating habits. Consequently, consumers are actively seeking out plant-based foods not only for their nutritional benefits but also for their lower environmental footprint and alignment with ethical values, propelling the market forward.

• Environmental Concerns:

Environmental concerns are a pivotal factor driving the plant-based food market, as consumers increasingly recognize the ecological impact of their dietary choices. The production of plant-based foods generally requires less water, land, and energy and results in lower greenhouse gas emissions compared to conventional animal-based foods. This shift is motivated by alarming reports on climate change, deforestation, and biodiversity loss, where livestock farming is identified as a significant contributor. As a result, individuals are turning to plant-based diets to reduce their carbon footprint and promote a more sustainable food system. This growing environmental consciousness among consumers is not just a trend but a profound change in lifestyle choices, significantly influencing the demand for plant-based food products worldwide.

• Ethical and Animal Welfare Concerns:

Ethical and animal welfare concerns are increasingly influencing consumer preferences in the plant-based food market. Many individuals are adopting plant-based diets to oppose animal cruelty and the inhumane conditions often found in factory farming. This ethical standpoint is bolstered by a growing awareness of the intensive use of resources for animal farming and the negative impacts it has on animals' well-being. As documentaries, social media, and animal rights organizations shed light on these issues, more consumers are seeking alternatives that align with their values of compassion and non-exploitation of animals. This shift towards plant-based eating is not just a dietary choice but a reflection of a broader societal movement towards greater ethical responsibility and a desire to promote more humane and just food systems.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Amy's Kitchen Inc.
• Atlantic Natural Foods LLC
• Beyond Meat Inc.
• Danone SA
• Garden Protein International Inc.
• Impossible Foods Inc.
• Lightlife Foods Inc. (Maple Leaf Foods Inc.)
• Nestle S.A.
• Tyson Foods Inc.
• Vbite Food Ltd.

Plant-Based Food Market Report Segmentation:

By Type:

• Dairy Alternatives
• Meat Alternatives
• Egg Substitutes and Condiments
• Others

Dairy alternatives, such as plant-based milk, cheese, and yogurt, dominate the plant-based food market due to increasing consumer lactose intolerance, dietary restrictions, and a growing preference for vegan diets.

By Source:

• Soy
• Almond
• Wheat
• Others

Soy holds the largest market share by source, attributed to its established presence as a versatile, protein-rich base for many plant-based products and its nutritional benefits.

By Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others

Supermarkets and hypermarkets are the primary distribution channels, offering a wide variety of plant-based food products, making them accessible to a large consumer base seeking convenience and selection.

Regional Insights:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

Asia Pacific leads the regional market for plant-based foods, driven by traditional dietary preferences for plant-based proteins, rising health consciousness, and the growing influence of Western dietary trends.

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163

MENAFN08022024004122016232ID1107825438