The Global Plant-based Food and Beverage Market to Advance at CAGR of 8.71% by 2028

Triton Market Research presents the Global Plant-based Food and Beverage Market segmented by Type (Dairy, Meat, Other Types), by Source (Soy, Wheat, Almond, Corn, Other Sources), by Distributors (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail, Other Distributors), and by Geography (Europe, North America, Middle East and Africa, Latin America, Asia-Pacific). The report also discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's report denotes that the global market for plant-based food and beverage would display progress at a CAGR of 8.71% during the forecasting phase of 2021-2028.

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Veganism is increasingly gaining popularity of late, and it has encouraged a number of people to change their dietary habits. Consumers are now opting for plant-based foods and beverages. This is a major factor driving the market growth. However, one major drawback is that vegan food products are very expensive. This is significantly hampering the market growth.

The Asia-Pacific currently holds the largest market for plant-based food and beverage, and is evaluated to continue its stronghold till 2028. Plant-based meat products are being made to look and feel more meat-like. Soy-based meat analogs account for the largest share in the APAC market.

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And other newer proteins, such as mycoproteins, pea, and cultured, lab-grown meat, are also showing increased adoption in this region. Plant-based meat products are being developed in ways similar to mimic most preferred foods like sausages and burger patties, so as to appeal to mainstream meat-eaters. This has increased their consumption, in turn, benefiting market growth.

The key companies engaged in the plant-based food and beverage market are Morningstar Farms, Amy's Kitchen, The Hain Celestial Group Inc, Pacific Foods Of Oregon, Blue Diamond Growers, Field Roast Grain Meat Co Inc, Moving Mountains, Quorn Foods, Daiya Foods Inc, Impossible Foods Inc, Sunfed, Sweet Earth Inc, Danone SA, Kikkoman Corporation, Yofix Probiotics, Beyond Meat Inc, Conagra Brands, and Califia Farms.

The industry is dominated by established players, such as Danone, Impossible Foods, Quorn Foods, Beyond Meat, and Morningstar Farms, among others. The processes involved in the production of plant-based products incur high costs. Apart from that, companies in this market require to make high investments in research and development, so that they can build a larger product portfolio and cater to a global audience.

Thus, new players find it challenging to set foot in this market.

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