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Plant-Based Diet market 1
Growing interest in clean eating and functional foods with high nutritional value supports market expansion.
The Plant-Based Diet Market is on the rise owing to increasing consumer demand for healthy alternative beverages and increasing awareness regarding the benefits of hydration.” - SNS INSIDERAUSTIN, TX, UNITED STATES, November 25, 2024 /EINPresswire / --
The Plant-Based Diet Market was valued at USD 52.92 billion in 2023 and is expected to grow to USD 227.71 billion by 2032, at a CAGR of 17.6% over the forecast period of 2024-2032.
The plant-based diet market growth is due to the growing knowledge of health benefits, like a reduced risk of chronic diseases and better heart health. Increased consumer interest is also fuelled by environmental sustainability and animal welfare issues. Furthermore, the introduction of a variety and easily accessible plant-based products such as meat replacements and milk alternatives ease adaptation for many and also contributes to increasing both population and market growth
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Growing Awareness Drives Demand for Sustainable Plant-Based Diets
Consumers are more informed than ever about the connection between plant-based diets and a reduced risk of chronic illnesses such as heart disease, stroke, type 1 diabetes, and some types of cancer. In addition, they are also considered to be effective for weight reluctance, promotion of gut health, and mitigation of an environmental impact. According to a report released by the World Resources Institute in 2023, following a more plant-based diet would be able to reduce greenhouse gas emissions from food production by as much as 73% worldwide.
With the overcrowding and confinement of animals raised for food, many consumers are worried about animal welfare issues. This feeling creates the need for plant-based diets in which people can eat without causing suffering to animals. Plus, plant-based diets are more sustainable, needing less land, water, and energy than animal-based diets and generating fewer greenhouse gases. As such, animal welfare and environmental sustainability are important drivers encouraging the rise of the plant-based diet market.
Plant-Based Market Segmentation Highlights Growth in Meat and Online Sales
By Product Type: Plant-based meat Products dominated the market share in 2023 and are expected to be the fast CAGR contributor throughout 2024-2032. All of this tyranny is likely fuelled by the massive relocation of consumer tastes towards healthier and sustainable food. With rising awareness of the health benefits of meatless plant-based diets reduced risk for cardiovascular disease, diabetes, and general chronic conditions with added dynamics of body weight management the demand for plant-based beef substitutes is growing.
By Distribution Channel: The Supermarkets and Hypermarkets segment currently held the largest market share for plant-based products in 2023 owing to its wide product selection, convenience, and availability. These retail conduits offer shoppers instant access to a diverse selection of plant-based products near familiar food fare.
Online Sales Channel is expected to grow at the fastest CAGR during 2024-2032. The boom has been fueled by the adoption of e-commerce, where shoppers can purchase products from the comfort of their homes and find similar items for comparison. This seems to have been further accelerated by the pandemic as consumers are now increasingly comfortable with buying food products online.
By Product Type
.Plant-Based Meat Products
.Plant-Based Dairy Products
.Others
By Source
.Legumes
.Whole Grains
.Seeds and Nuts
.Fruits and Vegetables
By Distribution Channel
.Supermarkets/hypermarkets
.Convenience Stores
.Specialty Stores
.Online Sales Channel
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North America Leads Plant-Based Market Growth While Asia Pacific Expands
North America held the largest revenue share of 42.6% in the global plant-based diet market in the year 2023. Such dominance may be due to an established consumer base that is growing increasingly aware of the health benefits linked with plant-based diets, not to mention an increasing focus on sustainability and ethical consumption. This idea of market growth is also supported by the appearance of many new companies and brands with various plant-based product options as well as powerful distribution channels.
Asia Pacific is projected to be the fastest-growing market from 2024 to 2032. The significant growth is attributed to several factors such as the fast-growing population base, changing dietary preferences & lifestyle habits among consumers, and increasing disposable incomes. Further, with rising urbanization and increasing information about meat-related health problems, many countries that usually indulge in greater meat consumption (for example China & India) are creating a gradual move toward plant-based consumer goods.
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Recent Developments:
.In July 2024, A study from California University found that an eight-week vegan diet can reduce biological age and promote weight loss. Participants primarily consumed fruits, vegetables, grains, beans, and nuts, showing greater benefits compared to those eating animal products.
.In September 2024, Researchers found that plant-based diets improve long-term health outcomes, particularly in managing obesity. The study highlights that increasing raw vegetable intake can significantly enhance health help control weight and prevent metabolic disorders.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
8. Plant-Based Diet Market, By Product Type
9. Plant-Based Diet Market, By Source
10. Plant-Based Diet Market, By Source
11. Regional Analysis
12. Company Profile
13. Use Cases and Best Practices
14. Conclusion
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