WASHINGTON, April 20, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Plant Based Food Market finds that increasing intolerance for animal protein among consumers, changing trend of consumers to veganism, and rising consciousness among consumers regarding animal health, are the factors driving the growth of Plant Based Food Market.
The total Global Plant Based Food Market is estimated to reach USD 78.95 Billion by the year 2028. The Global Market valued a revenue USD 40.21 Billion in the year 2021, and projected to exhibit a Compound Annual Growth Rate (CAGR) of 11.90%, states Vantage Market Research, in a report, titled “Plant Based Food Market Size, Share & Trends Analysis Report by Type (Dairy Alternatives, Meat Alternatives, Egg Substitutes and Condiments, Others), by Source (Soy, Almond, Wheat, Others), by Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Market Dynamics:
Drivers:
Increasing Demand for Organic Foods
The consciousness among consumers regarding health is increasing at its wildest level. These days’ concerns about food safety issues and increasing residue levels in food are rising swiftly among the consumers. Owing to these concerns and increasing awareness, the consumers are preferring chemical-free food products. As a result, distribution channels such as supermarket, local stores are focusing on organic product offerings. The major supermarket chains such as Wal-Mart, SPAR, Penny Market, CBA, BIM (Birlesik Magazalar), Ahold Delhaize, Tesco, Lidl, Carrefour, and ALDI are increasing their product offering to plant based food. In many countries the restaurants are offering organic menu to health- conscious consumers. Moreover, the rise in number of restaurants, increasing trend of veganism is increasing the demand for organic foods and further propelling the growth of market.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Plant Based Food market is predicted to grow at a CAGR of roughly 11.90% during the forecast period.
- The Plant Based Food market was estimated to be worth roughly USD 40.21 Billion in 2021 and is expected to reach USD 78.95 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Plant Based Food market.
Increasing Incidence of Obesity, Diabetes and Lactose Intolerance
Nowadays, along with the increasing population across the globe, the population suffering from obesity, diabetes and lactose intolerance is also increasing. According to World Health Organization (WHO), 39 million children under the age of 5 were overweight or obese in 2020. Worldwide obesity has nearly tripled since 1975. However, obesity is preventable. Eating nutritious and fresh food, healthy lifestyle, daily exercise are some the factors which helps for healthy life. Thus, increasing the demand for Plant Based Food Market; further propelling the market growth.
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Segmentation of Global Plant Based Food Market:
- Type
- Dairy Alternatives
- Meat Alternatives
- Egg Substitutes and Condiments
- Others
- Source
- Soy
- Almond
- Wheat
- Others
- Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Plant Based Food Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Plant Based Food Market in 2021. The major driving factors for the market are presence of developing economies in the region such as China and India which are also one of the major populated countries in the world. Thus, providing large base of consumers and providing opportunity for the market.
List of Prominent Players in the Plant Based Food Market:
- Amy's Kitchen Inc.
- Atlantic Natural Foods LLC
- Beyond Meat Inc.
- Danone SA
- Garden Protein International Inc.
- Impossible Foods Inc.
- Light life Foods Inc. (Maple Leaf Foods Inc.)
- Nestle S.A.
- Tyson Foods Inc.
- V bite Food Ltd.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Plant Based Food Market Size, Share & Trends Analysis Report by Type (Dairy Alternatives, Meat Alternatives, Egg Substitutes and Condiments, Others), by Source (Soy, Almond, Wheat, Others), by Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/plant-based-food-market-364913
Recent Developments:
Jan 2020: Nestlé partnered with Bucron and Merit to accelerate the development of plant-based dairy alternatives.
March 2022: Good mylk, the plant-based dairy company, has acquired nutrition brand PRO2FIT in one of the first M&As in India’s growing plant-based sector. PRO2FIT produces plant-based nutrition products such as vegan protein powder and retails across India.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Plant Based Food Market?
- How will the Plant Based Food Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Plant Based Food Market?
- What is the Plant Based Food market drivers and restrictions?
- What will be the CAGR and size of the Plant Based Food Market throughout the forecast period?
This market titled “Plant Based Food Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type • Dairy Alternatives • Meat Alternatives • Egg Substitutes and Condiments • Others • Source • Soy • Almond • Wheat • Others • Distribution Channel • Supermarkets and Hypermarkets • Convenience Stores • Online Stores • Others • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Amy's Kitchen Inc. • Atlantic Natural Foods LLC • Beyond Meat Inc. • Danone SA • Garden Protein International Inc. • Impossible Foods Inc. • Light life Foods Inc. (Maple Leaf Foods Inc.) • Nestle S.A. • Tyson Foods Inc. • V bite Food Ltd. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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