Plant Based Food Market – Assessment Covering Growth Factors and Upcoming Trends (2020-2026)

The plant-based Food market is anticipated to reach a market valuation of US$ 38.4 billion by 2025 expanding at a CAGR of 8.94% in the course of the forecast period (2019–2025). The expected growth of plant-based food globally can be attributed to the impact of non-vegetarian and dairy food on environment and human health. One of the major contributors to global warming is the livestock industry, and, relative to plant-based agriculture, meat production has a much higher environmental impact in relation to freshwater use, amount of land required, and waste products generated. Promoting increased consumption of plant-based foods is a recommended strategy to reduce human impact on the environment and is also now recognized as a potential strategy to reduce the high rates of some chronic diseases such as cardiovascular disease and certain cancers. Roughly 387 Mn people are living with diabetes, and according to the International Diabetes Federation, that number is expected to soar to nearly 600 Mn by 2035. Studies claim a whole-food, plant-based diet can prevent and even reverse a litany of food and lifestyle-borne illnesses, including heart disease and type 2 diabetes. Bakery items and snacks also contribute to these health issues. Thus, it is important for this section to be moved to plant-based food.

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Consumers across the globe have gained interest in plant-based foods, including plant-based protein. The increasing instances of obesity and related diseases are making consumers more health-conscious and they are demanding food and beverage products that are natural and low in fat and calorie content. Owing to this reason, the plant-based food sector is booming. With more people shifting away from meat toward a cleaner, plant-based protein alternative, many new start-ups offering innovative products have jumped in to meet growing demand. In fact, the plant-based food sector is currently valued at US$ 21.18 billion globally. Consumer preference away from animal products is largely due to rising concerns about animal welfare, personal health, and importantly, sustainability. According to recent statistics by manufacturer Nelson, demand for plant-based product development has spiked by close to 140%. It has been estimated that global plant-based food market will reach US$ 25.0 billion by 2020. 7% of the U.K. population identifies as vegan, while a 2016 study found that 4.3% of the German population between 18 and 79 identified as vegetarian. In comparison, only 3.3% of people in the U.S. considered themselves vegan or vegetarian.

Animal agriculture dominates our world’s food system even though it is highly inefficient as an enormous amount of resources are needed to produce the meat and animal products consumed across the world. Around 26% of land worldwide is dedicated to grazing livestock, while 33% of the land is allocated for growing feed. In addition, around 70% of the world’s freshwater supplies are used for agriculture, about one-third of which is for livestock feed. Not to mention, the United Nations Food and Agriculture Organization (FAO) estimates that livestock production is responsible for 14.5% of global greenhouse gas emissions, while other organizations like the World watch Institute have estimated it could be as much as 51%. Climate change is recognized as a significant public health issue that will impact on food security. One of the major contributors to global warming is the livestock industry, and, relative to plant-based agriculture, meat production has a much higher environmental impact in relation to freshwater use, amount of land required, and waste products generated. Promoting increased consumption of plant-based foods is a recommended strategy to reduce human impact on the environment and is also now recognized as a potential strategy to reduce the high rates of some chronic diseases such as cardiovascular disease and certain cancers.

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By 2050, global food systems will need to meet the dietary demands of more than 10 billion people who on average will be wealthier than people today and will aspire to the type of food choices currently available only in high?income countries. This food will have to be produced sustainably in ways that contribute to reducing climate change, and that address other environmental challenges. At the same time, human health is influenced more by food than by any other single factor, and facilitating healthy diets is critical both for individual well?being and containing the costs of treating illnesses. It is widely recognized that the current trajectory of the food system will not allow us to meet these goals. Thus, the potential way out of this situation is the adoption of plant-based food.

The global meat and dairy sector are currently going through an unprecedented level of competition and disruption, driven by the growth of viable plant-based alternatives across many categories. The meat substitutes market is expected to reach more than US$7.1 billion globally by 2025. While overall food sales declined by 0.2%, sales of plant-based foods increased by 8.94%. Fake meat has evolved into a popular trend on the menu card at large. Plant-based meat is anything that mimics traditional meat but is made entirely using plant ingredients. It is mainly consumed by vegetarians and vegans. Despite the rising awareness of inefficiencies associated with livestock production and other harmful effects of animal agriculture on the industrial scale, the world is likely to consume more meat per capita this year than ever before. This is a major factor boosting the plant-based meat market globally. The growing concerns regarding the environmental impact and sustainability of the meat industry are the major growth driver of the global plant-based meat market. The growing concerns regarding the sustainability of livestock production, meat availability, and change in food preferences have led to many people opting for meat substitutes. This has immensely benefitted the plant-based meat market globally.

Some of the major companies profiled in the global plant-based food market include Tofurky, Quorn foods Inc., Amy’s kitchen, Archer Daniel’s Midland, Claudron Foods, Morning Star Farms, Sweet Earth Foods, Impossible Foods, Maple Leaf food, Beyond Burgers. These players consistently aim to focus on product development, new product launch and enhance their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers them growth opportunities for geographic expansion.

Plant-Based Food Market

Market Insights, by Product

Plant-Based Dairy Alternatives

Plant-Based Sports Nutrition

Plant-Based Meat Substitutes

Market Insights, by Application

Supplements & Nutritional Powder

Beverages

Bakery and snacks

Breakfast cereals

Infant nutrition

Others

Market Insights, by Source

Soy protein

Pea Protein

Wheat Protein

Others

Market Insights, by Region

North America Plant-based food market

United States

Canada

Mexico

Rest of North America

Europe Plant-based food market

Germany

United Kingdom

France

Rest of Europe

Asia-Pacific Plant-based food market

China

Australia

India

Singapore

Rest of Asia-Pacific

Rest of the World

Top Companies Profiled

Sweet Earth Foods

Quorn foods Inc.

Amy’s kitchen

Archer Daniel’s Midland

Claudron Foods

Morning Star Farms

Beyond Meat Company

Impossible Food, Ltd.

Maple Leaf Food

Tofurky

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The Plant-Based Food market can be customized for different regions globally and at the country level as well. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.