Plant Based Food Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of Plant based food market was valued at USD 16.7 billion in 2022, and CAGR of 24.9% is expected during the forecast period. Plant based foods refer to the food product made of variety of plants ingredients. These products are made of fruits, oils, nuts, and grains, without taking the help of any animal-based products like meat, milk or egg.

Increasing vegan population is driving the demand in plant-based food products. It has experienced significant growth in recent years. Increasing consumer awareness of health sustainability, and animal welfare concerns is driving the growth in the market significantly. Increasing investment by big companies in plant-based options, and the market is expected to continue witnessing significant growth in upcoming years. Increasing awareness among the people to have plant-based foods or organic food is driving growth in the market significantly. Increased adoption of emerging technologies for product innovations is driving growth in the market.

Growth Drivers

Consumers are increasingly seeking healthier food options, including plant-based alternatives. Increasing concern about nutrition, weight management, and chronic diseases have significantly inspired the market towards growth. Awareness of environmental impact of animal agriculture including greenhouse gas emissions, land use, and water consumptions, has led many consumers to choose plant-based food as a sustainable option.

Growing concerns about the animal welfare and cruelty in the food industry is driving the demand in plant-based food market significantly. Advances in food technology have led to the creation of more realistic and appealing plant-based alternatives to traditional animal products. Increasing publicity of plant-based foods by celebrities, and increasing availability of plant-based foods in grocery stores is driving growth in the market significantly.

Government policies are also promoting plant-based foods in the most part of the world is contributing towards significant growth in the market. Increasing number of restaurants, which only serve veg food is driving growth in the market significantly. Increasing demand for plant-based burger is driving the demand for plant-based food, as it closely mimics the taste, and texture of meal. Rise in social media marketing is driving growth in the plant-based food market. Collaboration between international and domestic food companies is driving growth in the market significantly.

Segmentation

Product-Type

·         Non-Dairy Milk

·         Dairy Products

·         Bakery and Confectionary

·         Sweet and Savoury Snacks

·         Others

Category

·         Organic

·         Conventional

Distribution Channel

·         Store Based

·         Non-Store Based

Regional Outlook

·         Asia Pacific

·         Latin America

·         North America

·         Europe

·         Middle East and Asia Pacific

Plant Based Food Products Category Segmentation

On the basis of the category, the plant-based products are segmented into organic, and conventional. Organic food is the leading segment, and is expected to drive the growth in the market significantly. Organic food due to being more nutritious, and healthy is driving growth in the market significantly. Increasing awareness among the people about the benefits of having nutritious organic food is driving growth in the market significantly. Conventional food is also a good option among the consumers, and is expected to dominate the market during the forecast period.

Regional Outlook

On the basis of the regions, the plant-based food market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and Middle East and Africa. North America is leading segment in the market, and is expected to dominate during the forecast period due to increasing awareness of people about the protein rich diets. Increasing consumer awareness of the benefits of veg food is driving the growth in the market. Increased health consciousness, and well-established food sector is contributing significantly in market growth.

Higher adoption of technologies, and increasing awareness among the people about having nutritious food items is driving growth in the market. Asia Pacific region due to large population, and increasing disposable income is driving growth in the market. Countries like India, China, South Korea, Japan, and Vietnam have shown significant promise towards promotion of veg food items. Increasing demand for organic food in all over the world is driving growth in the market. Presence of key players in Asia Pacific region is driving growth in the market significantly.

Key Players

·         Bayer AG

·         Abbott

·         Dupont

·         Amway

·         Nestle SA

·         Medifast Inc

·         U.S. Spice Mills Inc

·         Now Foods

·         GSK Plc

·         Premiere Nutrition Corporation

·         Health food manufacturers association

·         Other Players