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Plant-Based Food Global Market Report 2024 Market Strategies 2024-2033 - Size, Growth Analysis, Outlook, Overview
Plant-Based Food Global Market Report
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product Innovation is a key trend gaining popularity in the plant-based food market. Major companies operating in the plant-based food market are focused on developing innovative products such as clean-label products, vegan cheeses, egg substitutes, and other products to strengthen their position. For instance, in July 2022, Century Pacific Food, Inc., a Philippines-based food and beverage company, launched an innovative plant-based alternative 'unMEAT Fish-free Tuna'. It is 100% fish-free and plant-based ingredients that use non-GMO ingredients. The product is uniquely designed with low fat with zero content of mercury and trans-fat. The company developed the product with taste, texture, and appearance the same as tune but with zero-fish.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Plant-Based Food Market 2024 Key Insights:
• 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 Surge Of Plant-Based Foods Soaring Future Of The Plant-Based Food Market
• Product Innovation Trends Redefine The Plant-Based Food Market
• North America was the largest region in the plant-based food market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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