Plant-Based Food & Beverages Market Size To Grow USD 40.6 Billion By 2030 | CAGR of 9.01%

Plant-Based Food & Beverages Market Overview:

According to MRFR analysis, the global Plant-Based Food & Beverages Market Size was valued at USD 22.2 billion in 2022. The Plant-Based Food & Beverages Market is projected to grow from USD 24.2 Billion in 2023 to USD 40.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.01% during the forecast period (2023 - 2030). Plant-based food & beverages raise to foods consisting of or completely derived from plant-based ingredients such as fruits, legumes, nuts, vegetables, and grains. They do not comprise any animal-based ingredients and are thus favored by consumers adopting a vegetarian diet.

The COVID-19 eruption has put tremendous strain on the functional beverages and nutraceutical industries. Numerous frontline workers, counting doctors, nurses, other medical professionals, hygiene workers or sweepers, and others, are working hard to break the spread of the new coronavirus. Government agencies have directed citizens to eat a healthy and nutritious diet to combat the disease. This is expected to upsurge demand for plant-based beverages, which promote the body's good health and optimal functioning by providing vital nutrients. Plant-based beverages are essential for the growth and repair of human cells and tissues. Plant protein is helpful for weight loss in addition to providing the building blocks for healthy muscles and tissues.

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Key Players:

Some of the key market players are Tyson Foods Inc (Arkansas), Danone SA (France), Nestlé S.A. (Switzerland), General Mills Inc. (US), Clara Foods (US), Keystone Natural Holdings (US), Premier Foods Plc (UK), Del Monte Fresh Produce NA Inc. (US), and Amy's Kitchen (US)

Market Segmentation:

The Global Plant-Based Food & Beverages Market has been segmented into Product Type, Source, Category, and Distribution channel

By Product Type

The plant-based food & beverages market has been segmented into plant-based milk & derivatives, plant-based milk, plant-based meat, bakery & confectionery, sweet & savory snacks, plant-based juices, RTD tea & coffee, and others. The plant-based milk & derivatives category is further subdivided into plant-based milk, plant-based cheese, plant-based yogurt, plant-based butter, and others.

By Source

Based on the source, The Global Plant-Based Food & Beverages Market has been segmented into soy, wheat, pea, coconut, almond, cashew, and others. The pea segment is expected to exhibit the highest share during the forecast period. Peas are preferred vegan food sources and are increasingly known as agriculturally workable crops due to their nitrogen-fixing ability and low agronomic input requirements. Pea protein is largely cast-off in bakery and sports nutrition.

By Category

Based on category, The Global Plant-Based Food & Beverages Market has been segmented into conventional and organic. The organic segment is expected to exhibit a higher share market during the forecast period. This segment includes food & beverages formed with plant ingredients that are grown organically without the usage of synthetic chemicals.

By Distribution Channel

Based on the distribution channel, The Global Plant-Based Food & Beverages Market has been segmented into store-based and non-store-based. The store-based segment is further segmented as supermarkets & hypermarkets, convenience stores, and others. The store-based segment accounted for a larger market share. The convenience of instant delivery of the product through offline stores is aiding the segment's growth.

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Regional Analysis:

North America has the largest revenue share of the plant-based beverages market. North America's leading position in the plant-based beverages market can be attributed to factors such as consumer awareness of the importance of protein-rich diets, augmented health consciousness, a well-established beverages sector, and higher adoption of technological advancements in the beverages and beverage industry.

The Asia-Pacific market is showing signs of strong future growth. The high market growth in Asia-Pacific can be attributed to factors such as augmented adoption of emerging technologies for product innovation, collaborations between international and domestic beverage companies, augmented R&D investments by governments in the beverages sector, and the existence of a large number of key players in the market.

Key Trends in the Market:

The plant-based food and beverages market is constantly evolving, with new products and innovations being introduced all the time. Some of the key trends in the market include:

The rise of plant-based milk: Plant-based milk, such as almond milk, soy milk, and oat milk, is becoming increasingly popular. These milk alternatives are a good source of protein and calcium, and they are also lactose-free and vegan.
The growth of the plant-based meat alternatives market: The market for plant-based meat alternatives, such as Beyond Meat and Impossible Burger, is also growing rapidly. These products are made from plant-based ingredients, but they look, taste, and cook like meat.
The increasing availability of plant-based food and beverages: Plant-based food and beverages are becoming increasingly available in grocery stores, restaurants, and other foodservice outlets. This makes it easier for consumers to find and enjoy these products.
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