ThePlant-Based Meal Kit Market is rapidly growing due to increased consumer demand for convenient and sustainable food options. These kits offer precisely measured plant-based ingredients, appealing to health-conscious individuals and those concerned about the environment. The market is expected to surge from $954.2 million in 2022 to $2,528.5 million by 2032, with a CAGR of 16.5%, driven by a growing consumer base and innovative culinary trends.
The Plant-Based Meal Kit Market is undergoing a swift expansion, driven by a rising consumer inclination towards convenient and sustainable food choices. These meal kits provide precisely measured plant-based ingredients and recipes, catering to health-conscious individuals and those concerned about the environment. As a result of their convenience and ethical appeal, this market is expected to maintain its upward momentum.
By the end of 2022, the global market for plant-based meal kits is expected to be valued around US$ 954.2 million, according to Future Market Insights (FMI). Plant-based meal kits are expected to reach a market size of USD 2,528.5 million by 2032, with a compound annual growth rate (CAGR) of 16.5-2032. and is anticipated to rise significantly over the ensuing ten years (2022–2032). This is because of the expanding consumer base and the forward-thinking culinary scene.
Numerous causes are driving the fast growth of the factory-based food market. First, more people are searching for plant-based meal kits due to the growing desire for convenient, sustainable, and healthful food options.
As more and more people want to reduce their meat consumption, vegan and vegetarian diets have become increasingly popular in recent years. This trend has opened up a huge opportunity for companies to offer quality plant-based meal kits to meet this demand.
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One of the biggest trends in this growth is the health benefits associated with a plant-based diet. Studies show that a diet rich in vegetables and fruits can reduce the risk of certain cancers, heart disease, obesity and diabetes. In addition, many people adopt a plant-based diet and veganism for ethical reasons related to animal welfare or environmental sustainability.
Additionally, the easy availability of plant-based meal kits through both online and offline distribution channels and the number of new companies entering this region during the forecast period will expand the global plant-based meal kits market.
Key Takeaways from the Plant-based Meal Kit Market Study:
- By product type, the plant-based milk segment holds a significant share of the global market and it is expected to grow at a stupendous pace through 2032.
- Based on distribution channels, the online segment is likely to generate high revenues for the market.
- North America together with Europe holds the largest share of the worldwide plant-based meal kit industry.
- The U.S. currently holds around 29.4% of the global plant-based meal kit market and it is poised to exhibit moderate growth during the next ten years.
- China’s plant-based meal kit market is expected to grow at 15.8% CAGR during the forecast period between 2022 and 2032.
- SunOpta, Danone S.A., and Beyond Meat are among the market’s largest players.
“With the rise of eCommerce platforms and home delivery services, consumers now have easier access to plant-based meal kit products than ever before. The ability to purchase these meals online or through apps adds convenience and flexibility to meal planning, making them even more appealing to health-conscious consumers”, says a lead FMI analyst.
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Who is Winning?
The plant-based meal kits market is becoming increasingly competitive, with more and more companies entering the space to meet consumer demand for healthier food options.
The Kellogg Company, The Hain celestial group, Beyond Meat, SunOpta, Danone S.A., ADM, Cargill, Eden foods, Kerry group, Sun brothers, Impossible foods, Unilever, Campbell soup are profiled to be the top players driving the market forward.
Get Valuable Insights into Plant Based Meal Kit Market
FMI, in its new offering, provides an unbiased analysis of the plant based meal kit market presenting historical demand data (2017-2021) and forecast statistics for the period from (2022-2032). The study divulges compelling insights on the demand for plant based meal kit based on product type (plant based milk, plant based dairy, plant based meat), and distribution channel (online, offline) across several regions.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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Plant Based Meal Kit Industry Segmentation: –
By Product Type:
- Plant Based Milk
- Plant Based Dairy
- Plant Based Meat
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Asia pacific
- Eastern Europe
- Western Europe
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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