Plant-based food refers to the food products derived from plant sources, which include fruits, vegetables, whole grains, tofu, seeds, beans, lentils, and soy. Unlike a few years ago, plant-based foods are now available conveniently in most grocery stores. The plant-based foods niche market has grown into a completely mainstream industry, since the dominant meat consumers are have shifted their preference toward plant-based meat and dairy alternatives.
Several factors concerning the consumers such as clean labels, change in food preferences, need to avoid allergens, and compatibility with vegan lifestyles have shifted the preference of consumers toward plant-based foods, which acts as a major driver of the global market. Moreover, surge in consumer demand for animal-free sources of protein and favorable comparisons of plant-based to meat-based protein sources boost the market growth.
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Furthermore, limited availability and high cost of animal-based food products in several countries is ultimately boosting the growth for plant-based food market. However, lack of awareness of the benefits of plant-based foods among consumers restrains the growth of the market.
Conversely, factors such as innovation in food technology and environmental, social, and governance (ESG) policies can hinder livestock production and growth, which can be expected to offer remunerative opportunity for the plant-based food market expansion.
The global plant-based food market is segmented based on source, application, distribution channel, and region. On the basis of source, the market is categorized into fruits, vegetables, seeds & nuts, legumes, and whole grains. The applications covered in the study include food & beverages, bakery & confectionary, animal feed, infant food, and dietary supplement. By distribution channel, the market is classified into online retail, specialty stores, supermarkets/hypermarkets, convenience stores, and others. Region wise, it is analyzed across North America, Asia-Pacific, Europe, and LAMAE.
Top Key Players: Beyond Meat, Impossible Foods Inc., Kite Hill, Oatly, Gardener Cheese Company, PACIFIC FOODS OF OREGON, LLC, DREAM, Mason & Co, So Delicious Dairy Free, and Califia Farms.
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Key Benefits for Stakeholders
o The report provides an in-depth analysis of the current trends, drivers, and dynamics of the Plant based foods market to elucidate the prevailing opportunities and tap the investment pockets.
o It offers qualitative trends as well as quantitative analysis of the global market for the period of 2018-2025 to assist stakeholders to understand the market scenario.
o In-depth analysis of the key segments demonstrates the sources of plant-based foods and their applications.
o Competitive intelligence of the industry highlights the business practices followed by key players across geographies as well as the prevailing market opportunities.
o Key market players are profiled to understand the competitive outlook of the market.
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