Plant-Based Food Market To Collect Hugh Revenues Due To Growth In Demand

Market Values:

The Global Plant-Based Food Market, valued at US$ 37.49 billion in 2021, is anticipated to experience robust growth, with revenues projected to reach nearly US$ 95.52 billion by 2029. The market is expected to grow at a CAGR of 12.4% during the forecast period from 2022 to 2029.

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Report Scope:

This comprehensive report provides a detailed analysis of the Global Plant-Based Food Market, covering various segments such as type, source, distribution channel, and region. With insights into market dynamics, trends, drivers, and challenges, the report aims to offer valuable information to industry stakeholders.

Research Methodology:

The report employs a robust research methodology, combining primary and secondary research. Primary data is collected through interviews with industry experts, while secondary data is gathered from internal databases, government reports, and reputable sources. The report utilizes Porter's Five Forces and PESTLE analysis to evaluate market dynamics and trends.

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Market Drivers: The growth of the Global Plant-Based Food Market is driven by various factors, including:

Increasing adoption of vegan dietary habits globally, driven by environmental concerns and health consciousness.
Rising awareness about the environmental impact of livestock farming, leading to a shift towards plant-based diets.
Technological advancements in plant-based alternatives, offering products with reduced environmental footprint and health benefits.

Market Restraints: Despite the market's growth potential, certain factors may hinder its expansion, including:

Allergic reactions associated with some plant-based meat products, limiting consumer acceptance.
Health concerns related to anti-nutritional components in certain plant-based foods, such as soy and gluten.
Challenges in product innovation and formulation to replicate the taste and texture of animal-based products.

Segments Covered:

by Type

• Dairy Substitute
• Meat Substitute
• Egg Substitute
• Seafood Substitute
• Others

Sorted The market for plant-based foods is anticipated to be dominated by the dairy substitutes category. The market for dairy substitutes is divided into categories such as ice cream, yogurt, cheese, butter, milk, and others. The market for dairy substitutes is anticipated to be dominated by the milk category in 2021. There are several types of milk: hemp milk, soy milk, coconut milk, quinoa milk, cow's milk, and multigrain milk. In addition to being a typical source of dietary calcium, dairy milk provides a rich source of protein. These nutrients are present in a lot of other plant-based diets.

by Source

• Soybean
• Nuts
• Wheat
• Pea
• Others

According to Source type, the market for plant-based foods is anticipated to be dominated by the soy sector. In addition to offering significant health advantages, soy products can provide essential nourishment to plant-based diets like flexitarian, vegetarian, and vegan diets. Iron, calcium, potassium, fiber, and vital fats can all be found in them in significant amounts. Soy foods offer more than just a diverse range of nutrients; they also contain nutritional components like flavones, which are present in very little amounts in other plant meals.

Market for Plant-Based FoodsSoybeans and soy-based meals can enhance bone health and lower the risk of a number of illnesses, such as heart disease, stroke, coronary heart disease (CHD), and certain malignancies. Approximately four portions of soy-based foods per day combined with We can lower our LDL (bad) cholesterol by approximately 3-4% by following a diet reduced in saturated fat and cholesterol.

by distribution channel

• Food retail
• Food services
• E-commerce

The retail seal of plant-based food is twice as quick as the overall food seal when it comes to distribution channels. Retail seal plant-based food is expected to expand 6.2% in 2021 over a record-breaking year of growth in 2020, according to new data from the Plant-Based Food Association and Good Food Institute. the increase in plant-based diets because of its benefits to global and individual health. By partnering with brands throughout the whole store, retailers and foodservice providers are meeting consumers where they are, creating more space, offering a wider selection, and making it simpler than ever to locate and buy plant-based meals. These projects have the potential to have far-reaching effects beyond the retail shelf. By being sensitive to customer concerns.

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Key Players

• Beyond Meat (US)
• Kellogg Company (US)
• Impossible Foods Inc. (US)
• Maple Leaf Foods (Canada)
• Unilever (UK)
• Conagra Foods (US)
• Tofurky (US)
• Gold&Green Foods Ltd (Finland)
• Sunfed (New Zealand)
• Monde Nissin (Philippines)
• Planterra Foods (US)
• FazendoFuturo (Brazil)
• Alpha Foods (US)
• Tomorrow Foods (Argentina)
• Before the Butcher (US)
• Good Dot (India)
• VBites Foods Ltd. (UK)
• No Evil Foods (US)
• Vezlay Foods (India)
• Let's Plant Meat (Thailand)

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Regional Insights:

North America dominates the Global Plant-Based Food Market, driven by factors such as high awareness of protein-rich diets, health consciousness among consumers, and technological advancements in the food sector. However, Asia-Pacific is expected to witness significant growth, fueled by increasing adoption of plant-based diets, collaborations between international and domestic food companies, and government investments in the food sector.

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