According to a new report the global plant-based food market was valued at $10 billion in 2021 and is expected to grow at a yearly rate of 12% to reach a value of $30 billion by 2030.
“The global plant-based food market growth is attributed to a shift in consumer preference toward veganism”, states the report, titled Plant-based Food Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast. “Based on types, the global plant-based food market is segregated into seafood substitute, egg substitute, meat substitute, dairy substitute, and others. The dairy substitute segment is projected to expand at a rapid pace during the forecast period”, states the report.
“Growth of the segment is attributed to rising prevalence of lactose intolerance, consumer concern over animal cruelty in conventional dairy farming practices, and nutritional advantages of plant-based dairy alternatives.” On the other hand, “the seafood substitute segment is anticipated to expand at a high CAGR during the forecast period due to increasing investments and food developments in species-specific seafood substitutes, rising consumer preference for seafood that is vegan, and rising number of product innovations.”
On the basis of sources, “the plant-based food market is divided into pea, wheat, nuts, soybean, and others.” The soy segment “is expected to hold a major market share during the forecast period.
Growth of the segment “is attributed to less expensive as compare to other sources, increased acceptance among consumers, and its extensive applications in various food & beverage sectors such as bakery, dairy alternative, and meat”, states the report.
Moreover, “the pea segment is estimated to expand at a high CAGR during the forecast period owing to increasing investment by major manufacturers to boost pea protein production.”
Additionally, “peas are lactose-free, gluten-free, and allergen-free which drives the demand for pea-sourced plant-based food.”
Below are some of the key takeaways from the report:
- The plant-based food market in Germany is anticipated to grow at a substantial pace during the forecast period. In recent years, the rising acceptance of a vegan diet German population has resulted in a major decrease in the consumption of non-vegetarian and animal products.
- The modern groceries segment is expected to hold a major market share in the coming years, owing to the appealing discounts, shelf space, and bundling tactics.
- The athlete-led and celebrity awareness campaigns have encouraged the consumption of vegetarian products in order to have a healthy diet.
- High cost associated with the products and raw materials is anticipated to hamper the market growth during the forecast period.
- Key players in the plant-based food market have collaborations with restaurants, large chains, and industry titans including Beyond meat, Oatly, and Impossible Foods, which is anticipated to fuel the market growth.
The report states that “the market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Europe is projected to expand at a significant CAGR during the forecast period. The rising demand for healthy and sustainable food drives the market growth during the forecast period. According to Green Queen Media, the vegan population in Europe has doubled in the last few years, totaling about 2.6 million people. ”
More information on this report can be found by clicking here.