Future Perspective: Key Trends Shaping the Plant-Based Food Market Up to 2030

The plant-based food sector is on the verge of remarkable expansion, fueled by evolving consumer preferences and innovations within the industry. As sustainability and health considerations take center stage, this market is set for significant growth over the coming years. Let's explore the current market size projections, key players, emerging trends, and major segments driving the plant-based food market forward.

Plant-Based Food Market Size Prediction and Growth Trajectory
The plant-based food market is projected to experience swift growth, reaching a value of $124.36 billion by 2030. This expansion corresponds to a compound annual growth rate (CAGR) of 14.2%. Factors contributing to this surge include an increasing emphasis on sustainable food systems, rising demand for fortified and functional plant-based products, ongoing innovations in food technology, and deeper market penetration in emerging economies. Additionally, growing investments in alternative nutrition research support this upward trend. Key developments expected to shape the market entail broadening product lines of plant-based proteins, a stronger consumer preference for clean-label and natural foods, enhanced nutritional fortification, innovations improving taste and texture, and a wider adoption of ready-to-eat plant-based meals.

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Top Companies Leading the Plant-Based Food Market
The plant-based food landscape is shaped by numerous influential companies such as Beyond Meat Inc., Impossible Foods Inc., Quorn Foods Ltd., Oatly Group AB, Amy's Kitchen Inc., Hain Celestial Group Inc., Gold & Green Foods Ltd., Turtle Island Foods SPC, Daiya Foods Inc., Atlantic Natural Foods LLC, Fry Family Food Co., Tofutti Brands Inc., VBites Foods Ltd., Sunfed Meats Ltd., Garden Protein International Inc., Kite Hill Foods Inc., LikeMeat GmbH, Cauldron Foods Ltd., So Delicious Dairy Free, Soylent Inc., Laird Superfood Inc., and Vitalite Foods Ltd.

Strategic Partnership to Advance Pea-Based Plant Foods
In June 2023, Germany's KWS SAAT SE & Co. KGaA, a company specializing in plant breeding, teamed up with VF Nutrition GmbH (vly) to further develop plant-based foods derived from pea protein. This alliance aims to improve the flavor, texture, and processing qualities of pea-based ingredients, supporting the rising demand for plant-based dairy alternatives. VF Nutrition GmbH is known for producing pea-protein-based dairy substitute products, making this collaboration a strategic move to enhance product appeal and quality in the expanding market.

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Collaborations Enhancing Innovation and Market Reach
Strategic partnerships are becoming a common approach within the plant-based food sector as companies pool their resources and expertise to innovate and expand their market presence. For example, in October 2023, Nelson-Jameson, a US-based food processing distributor, joined forces with Dutch food tech company Vaess and US specialty cultures manufacturer Lallemand Specialty Cultures. This partnership focuses on growing plant-based manufacturing capabilities and broadening product offerings, aiming to meet the increasing consumer demand for diverse plant-based and hybrid food options. The collaboration is designed to deliver targeted strategies for manufacturers, enhancing product portfolios and customer reach.

Key Segments Fueling the Plant-Based Food Market Expansion
This market is segmented into key categories based on type, source, and distribution channels. The type segment includes dairy alternatives, meat alternatives, and other categories. Source segmentation covers soy, almond, wheat, pea, rice, and other sources. Distribution channels are classified into supermarkets and hypermarkets, convenience stores, online stores, and other outlets.

Breaking down the subsegments further:
- Dairy alternatives encompass plant-based milk, yogurt alternatives, cheese alternatives, cream, and sour cream substitutes.
- Meat alternatives include plant-based burgers, chicken substitutes, and fish alternatives.
- Other types consist of ready-to-eat and ready-to-cook plant-based meals, frozen plant-based foods, plant-based soups and broths, as well as plant-based functional foods.

This detailed segmentation highlights the diverse product offerings and distribution strategies that are driving the plant-based food market toward sustained growth and innovation.

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This release was published on openPR.