Plant-Based Food Market Opportunities and Strategies 2024-2033: Insights, Demand, and Outlook

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Plant-Based Food Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The plant-based food market size has grown rapidly in recent years. It will grow from $50.32 billion in 2023 to $56.99 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to growing health consciousness, environmental concerns, ethical and animal welfare considerations, innovations in product offerings, mainstream retail availability.

The plant-based food market size is expected to see rapid growth in the next few years. It will grow to $95.92 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to continued health and wellness trend, climate change awareness, expansion of vegan and flexitarian populations, investments and expansion by food companies, government initiatives and regulations. Major trends in the forecast period include introduction of plant-based eggs and dairy alternatives, focus on nutrient-dense plant-based snacks, market expansion in retail and e-commerce, globalization of plant-based cuisine, sustainable packaging solutions.

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Key Market Players:

Major companies operating in the plant-based food market report are Nestlé S.A., Archer-Daniels-Midland Company, Danone SA, Kellogg Company, Gold and Green Foods, Hain Celestial Group Inc., Oatly Group AB, Turtle Island Foods, Amy's Kitchen Inc., Beyond Meat Inc., Happy Little Vegan, Morning Star Farms, Impossible Foods, Quorn Foods, Alpro, Daiya Food, Inc., The Vegetarian Butcher, Gourmet Foods, Atlantic Natural Foods LLC, Fry Group, Gardein, Soylent, Tofutti Brands, Inc., So Delicious Dairy Free, Cauldron Foods, Mosaic Foods Inc., Sunfed Meats, VBites, Garden Protein International Inc., Manila Bay, Herbivore, Kite Hill Foods, Laird Superfood, Like Meat Without Meat, Meatless Mondays, Modern Taste, MOS Burger, Vitalite, Yfuel

Market Drivers:

Growing preference for plant-based food products is expected to propel the growth of the plant-based food market going forward. Plant-based food products refer to a product that is completely made from 100% plant ingredients and that is completely free from all animal products. They contain no animal products or animal-derived ingredients and include only vegetables, fruits, and grains. Increasing preference for plant-based food products is increasing because of their health benefits, ethical issues, and environmental concerns. People preferring plant-based food products will help to propel the market growth. For instance, in 2021, according to The Good Food Institute, a US-based nonprofit organization promoting plant- and cell-based products, the US retail market for plant-based foods increased from $6.9 billion in 2020 to $7.4 billion by 7.2% in 2021, and further, the sales grew by 6% compared to 2020. Therefore, the growing preference for plant-based food products is driving the growth of the plant-based food market.

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https://www.thebusinessresearchcompany.com/report/plant-based-food-global-market-report

The plant-based food market covered in this report is segmented -

1) By Type: Diary Alternatives, Meat Alternatives, Egg Substitutes And Condiments, Other Types
2) By Source: Soy, Almond, Wheat, Pea, Rice, Other Sources
3) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Stores, Other Distribution Channels

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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