The global plant-based food market is set to be worth US$34 B by 2030, according to Growth Market Reports.
Global Plant-based Food Market by Types (Seafood Substitute, Egg Substitute, Meat Substitute, Dairy Substitute, and Others), Sources (Pea, Wheat, Nuts, Soybean, and Others), Distribution Channels (Online Retail, Specialty Stores, Convenience Stores, Modern Groceries, and Others), and Regions: Size, Share, Trends, and Opportunity Analysis, 2021-2030 states that the market was valued at US$10 B in 2021 and is expected to grow at a CAGR of 12% till 2030.
- 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.
- Athlete-led and celebrity awareness campaigns have encouraged the consumption of vegetarian products in order to have a healthy diet.
- High costs associated with the products and raw materials is anticipated to hamper the market growth during the forecast period.
- Collaborations between key players in the plant-based food market and restaurants, large chains, as well as industry titans including Beyond Meat, Oatly, and Impossible Foods will drive growth.
The dairy substitute segment is anticipated to expand at a sustainable CAGR during the forecast period, due to the nutritional advantages of plant-based dairy alternatives. Dairy substitutes are prioritised by many people due to lactose intolerance and concerns over animal cruelty in conventional dairy farming practices.
The soy segment is expected to grow at a significant pace during the forecast period, due to the wide applications in various food and beverage sectors including bakery, meat, and dairy alternatives. Soy is less expensive as compared to other sources and is increasingly accepted by consumers.
Brands profiled in the report include:
- Plamil Foods
- Sahmyook Foods
- Sanitarium Health and Wellbeing Company
- The Hain Celestial Group
- Taifun –Tofu
- VBIte Food