Global Plant-Based Food Market size was valued at US$ XX Mn in 2019 and the total revenue is expected to grow at 10.9% through 2020 to 2026, reaching nearly US$ XX Mn in the forecast period.
The global Plant-Based Food Market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Plant-Based Food Market report also provides trends by market segments, Product Type, and investment with a competitive landscape Polystyrene Grade.
Global Plant-Based Food Market
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Global Plant-Based Food Market Overview:
Plant-based is food obtained from vegetables, fruits, nuts, whole grains, legumes, oils, and other plant sources. Tofu, coconut, almond milk, and seitan are plant-based food products that are vegan and that do not include meat, milk, and eggs coming from an animal source. Plant-based food products are rich in vital nutrients like vitamin B1, C, and E, folic acid, magnesium, and iron. Plant-based food contains low cholesterol and saturated fats, that help in lowering the occurrence of heart diseases, metabolic disorders, diabetes, obesity, high blood pressure, and cancer. Plant-based foods are highly preferred by health-conscious consumers due to their low-calorie and high-protein content.
Global Plant-Based Food Market Dynamics:
The plant-based food market is estimated to reach USD 73.2 billion with a CAGR of 10.9% in the forecast period. The rising occurrence of unhealthy lifestyle and increasing chronic diseases and intolerance for animal protein in daily consumption is boosting the growth of the plant-based food market. Consumers are now diverted more towards vegan dietary products and this Factor is further boosting the market growth in the forecast period. With the growing concern in consumers concerning animal health and the hindrance of cruelty against animals in the food industry, there is a shift in the preference for plant-based food products across the globe. This, in turn, is creating a positive outlook for the market. Additionally, the development of new products, like plant-based milk, eggs, and meat, is a plus factor responsible for the growth of the market.
Additionally, plant-based products are full of high nutritional content. Moreover, the promotions by celebrities and athletes to increasing more awareness of plant-based food items to maintain a healthy lifestyle and making their availability by online channels for convenience is further boosting the market.
Global Plant-Based Food Market Segment Analysis:
By Product Type, the segment is divided into Dairy Alternatives, Meat Substitute, Plant-Based Eggs, and Confection. The sub-segment dairy alternatives are further divided into Plant-Based Milk, Ice Cream, Creamer, Yogurt, Butter, Cheese, and Others. The growing no. of lactose-intolerant people, and reduction in animal slaughtering are boosting the growth of plant-based food products. In the sub-segments plant-based milk is widely accepted by the consumer and is anticipated to account for the largest market share in dairy- products. Plant-based milk is widely accepted by consumers due to high-Calorie content in animal milk, high lactose allergies, and, and frequency of hypercholesterolemia.
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By Source Soy Protein, Almond Protein, Wheat Protein, Pea Protein, and Rice Protein. The Segment pea protein is dominating in the source segment of plant-based food and is anticipated to grow with the highest CAGR in the forecast period. As the consumers are more diverted towards plant-based protein source as pea protein offer better muscle growth and are free from harmful cholesterols. Pea proteins are easily digested and extracted from yellow peas. Pea protein is available in powder form in higher quality. Additionally, pea proteins contain all nine amino acids which make them complete protein. Furthermore, pea proteins keep the stomach fuller for a longer time, good for heart health, and promote good kidney health. Hence, the pea protein source is widely preferred and is anticipated to create more awareness in the forecast period. Major market players like Roquette Frères Le Romain (France) and Ingredion Inc. (U.S.) are investing in the market to improve the taste with the nutritional benefits.
By Distribution Channel, the segment is bifurcated into B2B and B2C. The B2C segment is dominating the distribution channel of the plant-based food market. The market is growing with a larger consumer base and growing retailers and supermarkets and hypermarkets simultaneous with the growing population and the consumer demand. As the consumer prefer buying food products more from the groceries and the brick-and-mortar groceries due to easy access and growing availability. The segment business to consumer is growing with the highest CAGR in the forecast period. Moreover, the growing trend of being vegan and consumption of plant-based food products, and the growing price of vegan food can hinder the market growth of plant-based food in the forecast period.
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Global Plant-Based Food Market Regional Insights:
The plant-Based Food Market is regionally segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
The Asia Pacific is dominating the plant-based food market in the regional segment. The growing interest of consumers and the awareness in plant-based food products is further fuelling the market growth of plant-based food products in the forecast period. The growing population and the domestic food companies with the government initiatives towards public health and boosting research and development activities in the region are further proliferating the market growth of the plant-based food products in the forecast period. Additionally, Asia Pacific is growing with the rapid industrialization and modernization with the surge in per capita income and growing nutritional benefits of plant-based food items are further boosting the growth of the regional market in the forecast period.
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The objective of the report is to present a comprehensive analysis of the global Plant-Based Food Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Plant-Based Food Market dynamics, structure by analyzing the market segments and project the global Plant-Based Food Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the global Plant-Based Food Market make the report investor’s guide.
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Global Plant-Based Food Market, by Region
• North America
• Asia Pacific
• The Middle East and Africa
• South America
Global Plant-Based Food Market Key Players
• Beyond Meat Inc. (U.S.)
• Impossible Foods Inc. (U.S.)
• Danone SA (France)
• Garden Protein International, Inc. (Canada)
• Amy’s Kitchen Inc. (U.S.)
• Follow Your Heart (U.S.)
• The Hain Celestial Group, Inc. (U.S.)
• Sahmyook Foods (South Korea)
• Sanitarium Health and Wellbeing Company (Australia)
• Axiom Foods (U.S.)
• Daiya Foods Inc. (Canada)
• Earth’s Own Food Company Inc. (Canada)
• Lightlife Foods, Inc. (U.S.)
• Marlow Foods Ltd. (U.K.)
• Taifun –Tofu GmbH (Germany)
• Atlantic Natural Foods LLC (U.S.)
• VBIte Food Ltd (U.K.)
• Nutrisoy Pty Ltd. (Australia)
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