A new report has found that the global plant-based food market is expected to grow at a CAGR (compound annual growth rate) of 12.4% to reach $95.52 billion by 2029.
The Plant-based Food Market report was conducted by Research and Markets.
“The research report provides an in-depth analysis of plant-based food market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029”. According to the report, “The Global Plant-based Food Market is expected to reach $95.52 billion by 2029, growing at a CAGR of 12.4% during the forecast period of 2022 to 2029.”
The growth of this market “is driven by factors such as the increasing intolerance for animal protein amongst consumers, the growing vegan population, and the rising number of venture investments in plant-based food companies.”
In addition, “the increasing number of research & development and new product launches by plant and protein alternative manufacturers and emerging economies, such as Asia-pacific, Latin America, and the Middle East & Africa, are expected to create lucrative opportunities for players operating in this market.”
However, factors such as the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to a notable extent, the report notes.
Below is some further data provided by the report:
Market Dynamics
Drivers
- Increasing Incidences of Intolerance for Animal Protein
- Growing Preference for Plant-Based Food Products
- Increasing Vegan and Vegetarian Population
- Venture Investments in Plant-Based Food Companies
- Innovation in Food Technology
Restraints
- Expensive Nature of Plant-Based Products
- Significant Preference for Animal-Based Products
- Consumer Preference for Soy and Gluten-Free Products
Opportunities
- Product Launches by Plant-Based Food and Alternative Protein Manufacturers
- Emerging Economies
Trends
- Rising Industry Concentration with Growth in Mergers and Acquisitions in the Plant-Based Food Space
