Global Plant-Based Food Market Set to Skyrocket: Expected to Surpass $35.9 Billion by 2033, Fueled by Rising Flexitarianism and Veganism Movement

According to Future Market Insights' new report, the global plant-based food market is anticipated to exceed US$ 11.3 billion in 2033. The total market size is expected to reach US$ 35.9 billion by 2033. Sales of plant-based foods are projected to escalate at a CAGR of 12.2% over the forecast period (2023 to 2033).

The global movement towards flexitarianism and veganism is giving the sector for plant-based foods a significant boost. Various food products made from organic plant-based resources are referred to as "plant-based food." Vegetables, fruits, nuts, whole grains, legumes, and other plant materials are frequently used to make these dishes.

Animal products or those made from animals, such as milk, meat, or eggs, are not present in plant-based diets. Some of the most well-liked plant-based foods are seitan, almond milk, tofu, tempeh, coconut milk, and tofu.

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The number of vegans has dramatically increased over time as people become more and more aware of the advantages of consuming plant-based cuisine. To preserve the environment, lessen animal suffering, and lower their risk of contracting diseases, people are more inclined to eat plant-based diets. This has increased demand for plant-based foods.

Additional health advantages of plant-based diets have been found, including a decreased risk of diabetes, high blood pressure, and coronary heart disease. As a result, more and more people are choosing plant-based diets.

The global economy's acceptance of digitization has allowed a range of firms to grow significantly in recent years. Due to rising consumer internet usage and the simplicity of online transactions, many plant-based food enterprises prefer online channels for their product promotion and sales.

Similar to this, many customers prefer to shop at online stores, which encourages businesses to keep an online presence. Additionally, other websites, such as specialist stores and food delivery services, have recently emerged. This has considerably increased the demand for plant-based foods worldwide.

Key Takeaways from the Plant-Based Food Market Study

The worldwide plant-based food market is set to cross a valuation of US$ 11.3 billion in 2023.
Total plant-based food sales are likely to exhibit a CAGR of 12.2% throughout the assessment period.
Based on type, dairy substitutes segment holds a prominent share of the global plant-based food industry.
The USA plant-based food market is forecast to expand at a prolific CAGR during the projection period.
Plant-based food sales across the United Kingdom are projected to rise at a healthy pace through 2033.
India is expected to emerge as a lucrative market for plant-based food products during the assessment period.

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"It is anticipated that the growing consumer awareness on how plant-based diet is more beneficial than a meat-based diet will lead to an increase in the sales of these products as they are much more humane and healthier in comparison," says a lead analyst at Future Market Insights.

Who is Winning?

Various plant-based food manufacturers are concentrating on providing plant-based food at the most competitive prices in response to the growing consumer demand for it.

New product launches, acquisitions, partnerships, joint ventures, celebrity endorsements, and strengthening distribution channels are few of the key strategies employed by companies to gain a competitive edge in the market.

A few of the leading players operating in the plant-based food market are Beyond Meat Inc, Atlantic Natural Foods LLC, Vbite Food Ltd., Danone S.A., Tyson Foods Inc, Nestle S.A., Amy's Kitchen, Garden Protein International Inc, Lightlife Foods Inc (Maple Leaf Foods Inc.), Impossible Foods Inc, and other players.

Plant-Based Food Industry by Category

By Type:

Dairy Substitute
Meat Substitute
Egg Substitute
Seafood Substitute
Others

By Source:

Soybean
Nuts
Wheat
Pea
Others

By Distribution Channel:

Offline Sales Channel
Supermarkets/Hypermarkets
Departmental Stores
Convenience Store
Other Sales Channel
Online Sales Channel
Company Website
E-commerce Platform

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

Tailor Your Insights: Request a Customizable Report to Dive Deep into the Plant-Based Food Industry's Diverse Categories, Sources, and Regions
https://www.futuremarketinsights.com/customization-available/rep-gb-14823

Explore FMI's Extensive Ongoing Coverage on Food and Beverage Domain :

Margarine Market :
https://www.futuremarketinsights.com/reports/margarine-market

Nut Butters Market :
https://www.futuremarketinsights.com/reports/nut-butters-market  

Non-fat Dry Milk Market :
https://www.futuremarketinsights.com/reports/non-fat-dry-milk-market

Get Valuable Insights into Plant-Based Food Market

Future Market Insights, in its new offering, provides an unbiased analysis of the Plant-Based Food Market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the Plant-Based Food market based on Type (Dairy Substitute, Meat Substitute, Egg Substitute, Seafood Substitute), Source (Soybean, Nuts, Wheat, Pea), and Distribution Channel (Offline Sales Channel, Online Sales Channel, E-commerce Platform) across several regions.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.