(MENAFN- PR Newswire) 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.
Get A Glimpse Inside: Request Sample Pages -
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.).
Have specific research needs? Request a customized research report-
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.
BUY THIS RESEARCH REPORT (Insights, Charts, Tables, Figures and More) -
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
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
Related Market Research Reports :-
Plant-based Meat Market Size, Share, Forecast, & Trends Analysis by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumble, Shred), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C {Convenience Store}) - Global Forecast to 2031
Plant-based Butter Market by Type (Salted, Unsalted); Source (Peanut, Almond, Cashew, Soy, Coconut); Distribution Channel (Supermarkets and Hypermarkets, Online Retail, Convenience Stores, Specialty Stores); and Geography - Global Forecast to 2030
Plant-based Milk Market Size, Share, Forecast, & Trends Analysis by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store]) - Global Forecast to 2031
Plant-based Food Processing Equipment Market by Type (Dryers, Mixers & Grinders, Pasteurizers); by Mode of Operation (Semi-automatic, Automatic); by Production Facility Size (Small & Medium Scale, Large Scale); and Geography - Global Forecasts to 2030
Plant-Based Protein Supplements Market by Type (Soy Protein, Rice Protein), Form (Powder, RTD), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) – Global Forecast To 2027
Plant-based Protein Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins, Potato Proteins), Form (Solid, Liquid), Source Process (Conventional, Organic), and Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Global Forecast to 2031
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.). |
Click Here To: Get Free Sample Pages Of This Report
Hot Industry Reports: Emerging Trends and Market Forecasts
Africa IVD Market Size, Share, Forecasts & Trends 2024-2031
Aviation MRO Market: Size, Trends, & Forecasts 2024-2034
Alternative Protein Market Size, Share & Trends Forecast 2024-2031
Ambulatory EHR Market Trends, Applications & Forecast 2031
Electric Vehicle [EV] Battery Market Size, Share, Growth, Trends 2031
Biopharmaceutical Processing Equipment and Consumables Market Size | 2024-2031
Black Soldier Fly Market by Size, Share, Forecasts, & Trends Analysis 2024-2033
Chlorella Market by Size, Share, Forecasts, & Trends Analysis 2027
Coleus and Turmeric Market by Size, Share, Forecasts, & Trends Analysis 2023-2030
Trends in Artificial Intelligence in Retail Market 2023-2030
Edible Insects Market Size, Share & Trends Analysis to 2033
In-Vitro Diagnostics Market: Trends, Tech & Forecast to 2031
English Language Learning Market by Size, Share, Forecasts, & Trends Analysis 2024-2031
Smart Manufacturing Market Forecast: Trends & Size Analysis 2024-2031
Digital Transformation Market: Trends & Forecasts 2024-2031
Contact:
Mr.
Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA : +1-646-781-8004
Europe : +44-203-868-8738
APAC : +91 744-7780008
Email -
[email protected]
Visit Our Website:
Connect with us on LinkedIn-
Meticulousblog | Top Market Research Reports Blog -
Content Source:
pressrelease/53/plant-based-food-market
Photo:
Logo:
SOURCE Meticulous Market Research Pvt. Ltd.
MENAFN04092024003732001241ID1108636223