Meticulous Research® Releases In-Depth Market Analysis on the Global Plant-Based Food Industry

Meticulous Research®, a globally recognized leader in market intelligence and consulting, has published its latest comprehensive report titled, "Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Alternatives, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C [Convenience Store, Online Retail])-Global Forecast to 2031."

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According to this new analysis, the global plant-based food market is projected to expand at a robust compound annual growth rate (CAGR) of 12.3% from 2024 to 2031, reaching an estimated value of $113.1 billion by 2031. The market's momentum is primarily driven by rising consumer intolerance toward animal-based proteins, a growing vegetarian demographic, increasing investments in plant-based food innovations, and heightened emphasis on animal welfare and sustainability. Additionally, the surge in research and development activities, along with a wave of new product launches by key players, is expected to unlock lucrative opportunities, particularly in emerging markets across Asia-Pacific, Latin America, and the Middle East & Africa.

Despite the promising growth trajectory, the market faces challenges, including the premium pricing of meat substitutes, persistent consumer preference for animal-based products, and growing demand for soy and gluten-free options.

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Key Market Segments
1. Type:
The plant-based food market is segmented into several categories, including dairy alternatives, meat substitutes, plant-based meals, baked goods, confectionery, beverages, egg substitutes, and seafood alternatives. In 2024, the dairy alternatives segment is poised to dominate the market, driven by a rising population of lactose-intolerant individuals, growing ethical concerns about modern dairy farming, and the nutritional benefits of plant-based dairy products. Meanwhile, the egg substitutes segment is expected to exhibit the highest CAGR throughout the forecast period.

2. Source:
The market is categorized by sources such as soy, almond, wheat, pea, rice, oat, and others. The soy segment is projected to hold the largest market share in 2024, attributed to the wide availability and lower cost of soy, high demand from meat alternative manufacturers, and its extensive application across various food and beverage sectors. The pea segment, however, is anticipated to grow at the fastest rate over the forecast period.

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3. Distribution Channel:
Distribution channels are classified into business-to-business (B2B) and business-to-consumer (B2C) segments. The B2C segment is expected to command the largest market share in 2024, driven by the extensive distribution of plant-based food through supermarkets, hypermarkets, and specialty stores, along with the convenience and variety offered by online retail. This segment is also forecasted to experience the highest growth rate.

Regional Insights
In 2024, Asia-Pacific is expected to lead the global plant-based food market, driven by collaborations between international and local food companies, growing awareness of protein-rich diets, and a rapidly expanding food and beverage industry. The region is also set to achieve the highest growth rate during the forecast period, underscoring its strategic importance to market players.

Leading Market Players
Prominent companies in the plant-based food market include Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone S.A. (France), Garden Protein International, Inc. (Canada), Amy's Kitchen Inc. (U.S.), Plamil Foods Ltd. (U.K.), and Nestlé S.A. (Switzerland), among others. These players are at the forefront of innovation, driving market growth through strategic product launches and collaborations.

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Key Questions Addressed in the Report:
What is the current global revenue for plant-based food?
What is the projected growth rate for the plant-based food market over the next 5-7 years?
Which regions and market segments are poised for significant growth?
Who are the key players and what are their market strategies?
For further details, please contact:

Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.