According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of Plant Based food are estimated to reach a value of USD 34.5 Bn by 2032, surging at 12.2% CAGR through the decade.
Plant-based food firms are projected to experience development prospects over the years, despite supply chain interruptions, panic purchasing, and storage. The vegan ingredients industry has experienced an upsurge in innovation in recent years. The development of innovative products, such as plant-based milk, eggs, and meat, is a growth-promoting factor. These products are abundant in essential nutrients and taste almost identical to those made from animals.
Multiple other reasons, such as extensive promotional events by athletes and celebrities to promote the consumption of plant-based food products so as to maintain a healthy lifestyle, and the easy availability of these items due to increasing number of online sales channels, are expected to further fuel the market.
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During the pandemic’s early stages, consumers decreased their time in stores and supermarkets, by stocking up on food and packaged products high in nutritional content as a precautionary measure, which had additionally increased demand for plant-based food in the market.
Key Takeaways from Market Study
- North America is expected to have 38% plant based food market share.
- US holds 65 % plant based food market share in North American Market.
- Europe is expected to have 31 % plant based food market share.
- Germany holds 22 % plant based food market share in European Market.
- Asia is expected to have 20 % plant based food market share.
- China holds 32 % plant based food market share in Asian Market.
- Market players are experimenting with new ways on increasing production capacity and also doing research and innovation to create products.
“ The growing focus on the consumption of plant based foods in developed regions such as Europe and North America is likely to open lucrative opportunity for market players in the long run”, –says a lead analyst at Future Market Insights.
Competitive Landscape
Plant-based food manufacturers have received funding from venture capital firms and significant established meat substitute supply companies in recent years. Plant-based food manufacturing enterprises have seen a significant increase in investment in recent years, as numerous start-ups have begun selling plant-based food and experimenting with various vegan items.
Some of the leading companies offering plant-based food are Amy’s Kitchen, Danone S.A., Atlantic Natural Foods LLC, Beyond Meat Inc., Garden Protein International Inc, Impossible Foods Inc, Lightlife Foods Inc (Maple Leaf Foods Inc.), Nestle S.A., Tyson Foods Inc, Vbite Food Ltd among others.
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the plant-based food presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
Plant-based Food Market By Category
By Type, Plant-based Food Market is Segmented as:
- Dairy Substitute
- Meat Substitute
- Egg Substitute
- Seafood Substitute
- Others
By Source, Plant-based Food Market is Segmented as:
- Soybean
- Nuts
- Wheat
- Pea
- Others
By Sales Channel, Plant-based Food Market is Segmented as:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region, Plant-based Food Market is Segmented as:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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Frequently Asked Questions
- How Big is the Plant-based Food Market?
- What is the North America Plant-based Food Market Outlook?
- At What Rate will Plant-based Food Demand Grow in Europe?
- What Are the Key Trends Shaping the Plant-based Food Market?
- At What Rate Will Plant-based Food Demand Grow in China?
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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