Plant-based Food Market Worth $74.2 Billion by 2027, Growing at a CAGR of 11.9% from 2020- Pre and Post COVID-19 Market Opportunity Analysis and Industry Forecasts by Meticulous Research®

/EIN News/ -- London, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Plant-based food products are defined as a finished product consisting of ingredients derived from plants that include vegetables, fruits, whole grains, nuts, seeds, and/or legumes. What differentiates them from animal-based foods is that their fiber fraction is made of indigestible compounds, mainly, pectins, hemicellulose, cellulose, and/or resistant starch. The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.

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The growth in this market is mainly attributed to the increasing incidence of intolerance for animal proteins, nutritional benefits offered by plant-based food, increasing vegan population, and venture investments in plant- based food. Moreover, emerging economies provide significant opportunities for players operating in the global plant-based food market. On the other, the expensive meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are the factors expected to hinder the growth of this market to some extent. The plant-based food market is segmented on the basis of type, source, distribution channel, and region.

Based on product type, the plant-based food market is segmented into dairy alternatives, meat substitutes, egg substitutes (plant-based eggs), confectioneries, and other types. In 2020, the dairy alternatives segment is estimated to account for the largest share of the overall plant-based food market. Factors such as huge demand for dairy alternatives, awareness about animal abuse in modern dairy farming practices, and nutritional benefits offered by plant-based dairy products are driving the growth of this segment. Further, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives. In 2020, the plant-based milk segment is estimated to hold the largest share of the overall dairy alternatives market. The increasing prevalence of lactose intolerance and consumer preference for vegan diets are the key factors driving the demand for plant-based milk alternatives, such as almond and soy milk. However, the yogurt segment is expected to grow at the fastest CAGR during the forecast period.

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Similarly, the meat substitutes market is segmented into tofu, TVP, tempeh, seitan, burger patties, sausages, ground meat, meatballs, nuggets, crumbles, and other meat substitutes. In 2020, tofu accounted for the largest share of the overall plant-based meat alternatives market. Tofu-based products include tofu skin, okra, and tofurkey. It also resembles the taste of meat and helps to replace pork, chicken, and beef products. However, the burger patties segment is expected to grow at the fastest CAGR during the forecast period.

On the basis of source, the plant-based food market is segmented into almond protein, soy protein, wheat protein, pea protein, rice protein, and other sources. The soy protein segment is estimated to account for the largest share of the overall plant- based food market. The large share of this segment is mainly attributed to its easy availability, lower cost than other sources, increasing demand for soy-based meat alternative products, higher consumer acceptance level, and increasing application of soy protein in various plant-based product categories. However, the pea protein segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the growing consumer demand for sustainable and good tasting alternatives to animal-based proteins and growing investments from leading manufacturers.

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Based on the distribution channel, the overall plant-based food market is segmented into business-to-business and business to-consumer. In 2020, the business-to-consumer (B2C) segment is estimated to account for the largest share of the overall plant-based food market. The large share of this segment can be attributed to consumers' preference for brick-and-mortar grocers, growing online retail sector, urbanization, and rising number of supermarkets and hypermarkets. On the basis of type, the B2C distribution channel market is segmented into modern groceries, convenience stores, specialty stores, online retail, and others. In 2020, the modern groceries segment is estimated to account for the largest share of the overall B2C distribution channels market. The large share of this segment is attributed to its wider reach, greater shelf-space, attractive discounts, and bundling strategies. However, the online retail segment is expected to grow at the fastest CAGR during the forecast period due to its faster accessibility and cost-effectiveness.

On the basis of geography, the plant-based food market is classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the global plant-based food market. The leading position of the European region is primarily attributed to the increased awareness about a protein-rich diet, increased health consciousness, larger vegan & vegetarian population, well established food sector, and higher adoption of technological advancements in the F&B industry.

The global plant-based food market is very fragmented, with a large number of small and startup companies. These players have implemented various strategies to expand their product and service offerings, global footprint, and augment their market shares. The key players operating in the global plant-based food market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone SA (France), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods (U.S.), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia) among many other regional and local players.

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Scope of the report:

Plant-Based Food Market, by Product Type

• Dairy Alternatives
  • Plant-Based Milk
  • Ice Cream
  • Creamer
  • Yogurt
  • Butter
  • Cheese
  • Others
• Meat Substitute
  • Tofu
  • TVP
  • Tempeh
  • Seitan
  • Burger Patties
  • Sausages
  • Ground Meat
  • Meatballs
  • Nuggets
  • Crumbles
  • Others
• Plant-based Eggs/Egg Substitute
• Confectionery
• Others

Plant-Based Food Market, by Source

• Soy Protein
• Almond Protein
• Wheat Protein
• Pea Protein
• Rice Protein

Plant-Based Food Market, by Distribution Channel

• Business to Business
• Business to Customers
  • Modern Groceries
  • Convenience Store
  • Specialty Store
  • Online Retail
  • Others

Plant-Based Food Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • RoE
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • RoAPAC
• Latin America
• Middle East and Africa

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