Plant-based Food Market to be Worth $113.1 Billion by 2031

Meticulous Research®-a leading global market research company, published a research 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.'

According to this latest publication from Meticulous Research®, the plant-based food market is expected to record a CAGR of 12.3% from 2024 to 2031 to reach $113.1 billion by 2031. This market's growth is driven by the increasing intolerance for animal protein amongst consumers, the growing vegetarian population, the rising number of venture investments in plant-based food companies, innovation in food technology, and the growing focus on animal welfare and sustainability. In addition, the increasing number of research & development and new product launches by plant and protein alternative manufacturers and emerging economies, such as Asia-Pacific, Latin America, and the Middle East & Africa, are expected to create lucrative opportunities for players operating in this market.

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However, factors such as the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to a notable extent.

Key Players

The key players operating in the plant-based food market are 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.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Taifun -Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), Unilever PLC (U.K.), Sophie's Kitchen (U.S.), and Eat Just, Inc. (U.S.).

The plant-based food market is segmented by type, source, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on type, the plant-based food market is segmented into dairy alternatives, meat substitutes, plant-based meals, plant-based baked goods, plant-based confectionery, plant-based beverages, egg substitutes, fish and seafood alternatives, and other plant-based foods. In 2024, the dairy alternatives segment is expected to account for the largest share of the plant-based food market. The large market share of this segment is attributed to factors such as the increasing number of lactose intolerant people, the growing ethical concerns amongst consumers about animal abuse in modern dairy farming practices, and the nutritional benefits offered by plant-based dairy products. However, the egg substitute segment is expected to register the highest CAGR during the forecast period.

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Based on source, the plant-based food market is segmented into soy, almond, wheat, pea, rice, oat, and other sources. In 2024, the soy segment is expected to account for the largest share of the plant-based food market. The large market share of this segment is attributed to factors such as the easy and wide availability of raw materials, lower cost compared to other sources, significant demand from meat alternatives manufacturers, higher consumer acceptance level, and its wide range of applications in numerous food & beverage sectors, including meat, dairy alternative, and bakery. However, the pea segment is expected to register the highest CAGR during the forecast period.

Based on distribution channel, the plant-based food market is segmented into business-to-business and business-to-consumer. In 2024, the B2C segment is expected to account for a larger share of the plant-based food market. The large market share of this segment is attributed to factors such as the increased sales of plant-based food in well-established supermarkets and hypermarket chains, consumer preference for shopping from brick-and-mortar grocers due to easy access and availability, and the increasing consumer expenses on vegan food products. Additionally, this segment is also expected to grow at the fastest CAGR during the forecast period.

Based on geography, in 2024, Asia-Pacific is expected to account for the largest share of the plant-based food market. The leading position of North America in the plant-based food market is attributed to factors such as collaborations between international and domestic food companies, increasing awareness of protein-rich diets, booming food & beverages industry, growing economy, rapid urbanization, and the large base of vegan and vegetarian population. Additionally, this country is expected to grow at the highest CAGR during the forecast period.

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Key Questions Answered in the Report-

What is the current revenue generated by plant-based food globally?
At what rate is the global plant-based food demand projected to grow for the next 5-7 years?
What are the historical market sizes and growth rates of the global plant-based food market?
What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?
Which segments, in terms of type, source, and distribution channel, are expected to create major traction for manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the global plant-based food market?
Who are the major players in the global plant-based food market? What are their specific product offerings in this market?
What are the recent strategic developments in the global plant-based food market? How have these developments impacted market growth?

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