Plant-Based Diet Market Size & Share 2023-2030 Analysis by Key Players - Pernod Ricard, Constellation Brands, Inc and Brown-Forman Corporation

Plant-Based Diet Market Report Scope -

The SNS Insider report indicates that the Plant-Based Diet Market was valued at USD 45.01 billion in 2022, and it is projected to achieve a market size of USD 164.6 billion by 2030, with a compound annual growth rate (CAGR) of 17.6% expected over the forecast period from 2023 to 2030.

Plant Based Food is food composed of or wholly derived from plant sources, including fruits, vegetables, legumes, nuts, grains and so on. They do not contain any animal-based ingredients and thus are preferred by consumers who choose a vegetarian or vegan diet. Increasing lactose intolerance in the world population is leading to increased demand for alternative milk products. The sale of plant-based milk and derivatives has been increased. The market is projected to be driven by increasing consumer interest in plant-based diets, as well as increased consciousness of animal rights through different welfare organizations.

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Key Players Covered in this market report are:

Atlantic Natural Food LLC
Califia Farms
LLC
Beyond Meat Inc.
Conagra Brands Inc
Royal DSM N.V.
Danone S.A.
Glanbia PLC
Impossible Food Inc.
Harmless Harvest
Lightlife Food Inc
Noumi Ltd.
Nestle S.A.
The Hain Celestial Group Inc.
SunOpta Inc.
Tyson Food Inc

Market Growth Factors -

Demand from consumers for plant-based foods is increasing. Factors such as awareness of the environment, ethical concerns and a desire to have more variety in food are driving this need. In order to support the growth of the industry, customers are actively looking for plant-based substitutes for conventional animal-based products. The market for plant-based food is growing substantially as regards promotion of products. This includes ready-to-eat plant-based meals, dairy-free milk and cheeses, plant-based protein powders, and plant-based burgers and sausages. Thanks to the diversity and availability of plant products, a greater number of consumers are coming into the market. Innovation and advances in the technology of food are necessary on the market for plant diet products.

Segmentation Analysis -

In terms of type, the dairy alternatives, meat alternatives, egg substitutes and cereals and other products are included in this market. The largest share of the market is expected to be attributed to dairy alternatives in the plant-based food sector. A growing number of lactose intolerant people, increasing ethical concerns among consumers regarding animal abuse in modern dairy farming practices and the nutritional benefits offered by plant-based milk products are also contributing factors.

The market is divided according to application as follows: soya, almonds, wheat and other. The largest share is expected to be accounted for by the segment of soy on the plant-based food market. Factors such as easy and wide availability of raw materials, lower costs compared to other sources, significant demand from alternative meat producers, higher consumer acceptance levels, and a wide range of applications in a variety of food and beverage sectors, including meat, account for a large share of this segment.

Plant-Based Diet Market Segmentation as Follows:

By Product Type
Plant-Based Meat Products
Plant-Based Dairy Products
Others

By Source
Legumes
Whole Grains
Seeds and Nuts
Fruits and Vegetables

By Distribution Channel
Supermarkets/hypermarkets
Convenience Stores
Specialty Stores
Online Sales Channel

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Key Regional Development -

The study provides insight into the North American, European, Asia Pacific and Rest of the World markets. In 2022, the North American plant-based food market amounted to 8.14 billion USD and is expected to show significant compound annual growth rate over the study period. Increased concern about animal cruelty in the food industry and its negative impact on the environment is primarily driving the market for plant-based products. In addition, the US has many lactose-intolerant people, which fuels the demand. The European market for plant-based foods with health advantages accounts for the 2nd biggest share, driven by increasing preferences of consumers in Europe to eat safe and healthy food. In addition, the German plant-based food market had the highest market share in Europe and the United Kingdom's plant-based food market was the most rapidly growing of these markets. The Asia Pacific market for plant-based food is expected to increase at a compound annual growth rate of more than 17 % between 2022 and 2030.

Key Takeaway's-

Plant based foods are becoming an integral part of the vegan diet, as individuals adopt a vegetarian lifestyle that does not include food from animals. For health and ethical reasons, consumers are increasingly inclined to adopt a vegan lifestyle while others opt for vegetarian ingredients that prevent animal cruelty and consume sustainable food and beverage products. Consumers increasingly demand healthier alternatives to animal-based products, such as milk and red meat. In addition, the need for a variety of sources of ingredients that manufacturers are exploring is also helped by blending proteins from various plant derived foods. The pioneers of the food industry are exploring the segment with new products and increasing awareness of the health and environmental benefits of plant-based foods compared to animal-based foods.

Recent Developments -

March 2022: In one of the first mergers and acquisitions in the growing plant-based sector in India, Good Mylk, a plant based dairy company, acquired the nutrition brand PRO2FIT. In India, PRO2FIT produces plant-based products such as protein vegan powder and retails them.

Beyond Meat, Inc. launched Beyond Popcorn Chickens and Beyond Chicken Nuggets in November 2022. In addition, five thousand Kroger and Walgreen's stores nationwide as well as a select number of selected Albertsons and Ahold locations are now offering the most recent additions.

To satisfy the parents' desire to feed their kids vegan and plant food, Danone launched a new baby formula called Diary & Plant Blend during 2022.

Table of Content - Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Segmentation, By Product Type
9. Plant-Based Diet Market Segmentation, By Product Type
10. Plant-Based Diet Market Segmentation, By Source
11. Plant-Based Diet Market Segmentation, By Distribution Channel
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion

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This release was published on openPR.