The plant-based foods market is expected to surpass US$ 11.3 billion in 2033, according to a recent analysis from Future Market Insights. By 2033, it is anticipated that the market will be worth US$ 35.9 billion. Over the forecast period (2023 to 2033), it is anticipated that sales of plant-based food would rise at a CAGR of 12.2%.
The global rise in flexitarianism and veganism is giving the plant-based food business a significant boost. Foods made from organic plant-based components are referred to as “plant-based food” and come in a wide variety. These foods are frequently made from plant materials such as fruits, nuts, whole grains, legumes, and vegetables.
Plant-based foods don’t contain any animal products or those produced from animals, such as milk, meat, or eggs. Almond milk, tofu, tempeh, coconut milk, and seitan are a few of the most popular plant-based foods.
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Over the years, there has been a sharp rise in the population of vegans due to growing awareness about the benefits of eating plant-based foods. People are showing an inclination towards consuming plant-based foods to protect the environment, reduce animal cruelty, and minimize the risk of disease acquisition. This has boosted plant-based food sales.
Plant-based diets have been discovered to have additional health benefits, such as a lower risk of developing diabetes, high blood pressure, and coronary heart disease. Hence, more and more people are opting for plant-based foods.
Thanks to the acceptance of digitization by the global economy, a variety of businesses have experienced tremendous expansion in recent years. Several plant-based food companies choose online channels for their product promotion and sales due to increased internet usage among consumers and the convenience of online transactions.
Similarly, numerous customers prefer to make purchases via online retailers, which motivates companies to maintain an online presence. Recently, more sites have also appeared, including specialty shops and food delivery services. This is significantly expanding the global plant-based food market.
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Key Takeaways from the Plant-Based Food Market Study
- The worldwide plant-based food market is set to cross a valuation of US$ 11.3 billion in 2023.
- Total plant-based food sales are likely to exhibit a CAGR of 12.2% throughout the assessment period.
- Based on type, dairy substitutes segment holds a prominent share of the global plant-based food industry.
- The USA plant-based food market is forecast to expand at a prolific CAGR during the projection period.
- Plant-based food sales across the United Kingdom are projected to rise at a healthy pace through 2033.
- India is expected to emerge as a lucrative market for plant-based food products during the assessment period.
“It is anticipated that the growing consumer awareness on how plant-based diet is more beneficial than a meat-based diet will lead to an increase in the sales of these products as they are much more humane and healthier in comparison,” says a lead analyst at Future Market Insights.
Who is Winning?
Various plant-based food manufacturers are concentrating on providing plant-based food at the most competitive prices in response to the growing consumer demand for it.
New product launches, acquisitions, partnerships, joint ventures, celebrity endorsements, and strengthening distribution channels are few of the key strategies employed by companies to gain a competitive edge in the market.
A few of the leading players operating in the plant-based food market are Beyond Meat Inc, Atlantic Natural Foods LLC, Vbite Food Ltd., Danone S.A., Tyson Foods Inc, Nestle S.A., Amy’s Kitchen, Garden Protein International Inc, Lightlife Foods Inc (Maple Leaf Foods Inc.), Impossible Foods Inc, and other players.
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Get Valuable Insights into Plant-Based Food Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Plant-Based Food Market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the Plant-Based Food market based on Type (Dairy Substitute, Meat Substitute, Egg Substitute, Seafood Substitute), Source (Soybean, Nuts, Wheat, Pea), and Distribution Channel (Offline Sales Channel, Online Sales Channel, E-commerce Platform) across several regions.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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