Plant-Based Food and Beverages Market Set for Strong Growth to USD 48.25 Billion by 2031, Led by Asia Pacific's Over 66% Revenue Share | DataM Intelligence

The Global Plant-Based Food and Beverages Market reached USD 24.20 billion in 2023 and is expected to reach USD 48.25 billion by 2031, growing at a strong CAGR of 9.01% during 2024-2031.

Market growth is driven by increasing consumer awareness of health and wellness, rising demand for sustainable and environmentally friendly food options, and growing adoption of vegan and vegetarian diets. Additionally, product innovation, expansion of retail distribution channels, and rising popularity of plant-based proteins and dairy alternatives are further accelerating market adoption.

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United States: Key Industry Developments
✅ November 2025: Beyond Meat launched a new line of plant-based chicken tenders with improved texture and flavor profiles, targeting fast-food partnerships to expand mainstream appeal amid rising demand for versatile meat alternatives.​

✅ October 2025: Oatly introduced fortified oat milk beverages enriched with protein and vitamins, available nationwide in major retailers, emphasizing health benefits for lactose-intolerant consumers.​

✅ September 2025: Impossible Foods debuted plant-based seafood analogs like salmon fillets, focusing on omega-3 fortification and sustainable sourcing to capture the growing alternative protein segment.​

Asia Pacific / Japan: Key Industry Developments
✅ November 2025: Kao Corporation expanded its plant-based beverage portfolio with a new almond-oat hybrid milk line, leveraging Japan's health trends for urban consumers seeking low-sugar options.​

✅ October 2025: Unicharm ventured into plant-based snacks with soy-protein bars infused with matcha, promoting them as eco-friendly onigiri alternatives in convenience stores.​

✅ August 2025: Japanese firms like NH Foods launched pea-protein burgers tailored for traditional diets, supported by government subsidies for sustainable food innovation.​

Key Merges and Acquisitions(2025):
✅ Ahimsa Companies acquired Blackbird Foods, a plant-based frozen pizza, seitan, and wing brand, in February 2025 for an undisclosed amount, enhancing its portfolio in innovative plant-based foods.​

✅ Capol, a Germany-based food ingredient solutions manufacturer, purchased Blue Pacific Flavors in September 2025, adding natural and organic-compliant fruit and sweet flavors for food and beverage brands.​

✅ Apheon, a private equity firm, acquired Cain Food Industries in September 2025 and merged it with its portfolio company Millbio to strengthen natural, clean-label bakery ingredients.

Market Segmentation Analysis:
-By Type: Plant-Based Dairy Leads with Strong Demand
Plant-based dairy holds 28% market share as of 2025, fueled by rising lactose intolerance and vegan shifts toward alternatives like oat and almond milk.​
Meat substitutes follow at 22%, popular for mimicking burgers and sausages via pea protein innovations.​
Plant-based beverages command 20%, driven by convenient ready-to-drink options; nutrition/snack bars (12%), bakery products (10%), and others (8%) trail, with bars gaining from on-the-go health trends.​

-By Ingredient: Grains Dominate Processing Ease
Grains lead with 25% share, offering versatile bases like oats and rice for scalable production.​
Vegetables (20%) and fruits (18%) provide fresh flavors; legumes (17%) excel in protein-rich soy and pea uses; seeds/nuts (15%) add premium textures; others (5%) include niche oils.​

-By Distribution Channel: B2C Drives Retail Access
B2C captures 55% market share, boosted by supermarkets and e-commerce convenience for direct consumer purchases.​
B2B holds 40%, supplying manufacturers and food services; others (5%) cover specialty outlets.​

-By End-User: Household Consumers Top Usage
Household consumers claim 60% share, reflecting everyday home adoption of plant-based staples.​
Food service industry follows at 35%, with restaurants integrating vegan menus; others (5%) include institutional buyers.​

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Growth Drivers:
-Rising health awareness prompts consumers to choose plant-based alternatives for benefits like lower cholesterol, reduced chronic disease risk, and accommodations for lactose intolerance or allergies.

-Increasing vegan, flexitarian, and vegetarian populations, especially among millennials and Gen Z, drive demand for ethical and animal-free products.​

-Environmental sustainability concerns, including lower carbon footprints from plant agriculture compared to animal farming, boost adoption.​

-Technological innovations improve taste, texture, and nutrition in products like oat-based milks and pea protein items, making them competitive with traditional options.​

-Expanded availability through mainstream retail, restaurants, and investments by major companies enhances accessibility and affordability.​

Regional Insights:
-Asia Pacific commands the largest market share in the plant-based food and beverages market, accounting for over 66% of global revenue as of recent estimates, fueled by rising vegan adoption, millennial preferences for natural products, and strong regional production in countries like China and India.​

-North America follows with a substantial share around 40% in related segments, driven by high consumer health awareness, robust retail networks, and innovation hubs from companies like Beyond Meat.​

-Europe holds a notable position with rapid growth potential, supported by stringent environmental regulations and investments in alternative proteins, though exact shares vary by report at under 25% currently.​

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Key Players:
Beyond Meat Inc. | Danone | Conagra, Inc. | Nestle | Tyson Foods, Inc. | Tofutti Brands, Inc. | Impossible Foods Inc. | Kellogg NA Co. | Amy's Kitchen, Inc. | Atlantic Natural Foods

Key Highlights (Top 5 Key Players) for Plant-Based Food and Beverages Market:
-Beyond Meat Inc. reported USD 1.8 billion in plant-based meat revenues for 2024, with a 15% YoY growth driven by expanded retail partnerships and new product launches in burgers and sausages.

-Danone achieved USD 5.4 billion in global plant-based sales by 2025 targets, primarily from brands like Silk and Alpro, representing over 10% market share in beverages and yogurts.​

-Nestle generated USD 3.2 billion from plant-based products including Garden Gourmet and Sweet Earth, with 12% annual growth in Europe and North America segments.

-Conagra, Inc. recorded USD 2.1 billion in plant-based food revenues, fueled by Gardein brand expansions and frozen meat alternative innovations.

-Impossible Foods Inc. reached USD 1.5 billion in sales for 2024, capturing 8% of the U.S. plant-based meat market through partnerships with Burger King and grocery chains.

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