The global plant-based food market is experiencing rapid growth, projected to surpass US$ 11.3 billion in 2023 and reach US$ 35.9 billion by 2033. This expansion is driven by the increasing popularity of plant-based diets due to the flexitarian and vegan movements. Plant-based foods include vegetables, fruits, nuts, grains, legumes, and other non-animal-derived items. Sales of these products are expected to grow at a strong CAGR of 12.2% from 2023 to 2033, reflecting consumer demand for plant-based diet options.
The global plant-based food market is on a remarkable growth trajectory, with a projected value exceeding $11.3 billion in 2023 and an estimated market size of $35.9 billion by 2033. This growth is fueled by a rise in the vegan and flexitarian movements, which has raised awareness of plant-based diets.
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In the category of “plant-based foods,” which expressly excludes products originating from animals like meat, milk, and eggs, are all vegetables, fruits, nuts, grains, legumes, and other plant materials. Plant-based substitutes include seitan, tofu, tempeh, almond milk, coconut milk, and coconut oil. Sales of these products are projected to increase from 2023 to 2033 at a robust CAGR of 12.2%, reflecting the rising consumer demand for plant-based diet options.
According to Future Market Insights’ new report, the global plant-based food market is anticipated to exceed US$ 11.3 billion in 2023. The total market size is expected to reach US$ 35.9 billion by 2033. Sales of plant-based foods are projected to escalate at a CAGR of 12.2% over the forecast period (2023 to 2033).
The global flexitarian and vegan movement has significantly increased the market for plant-based diets. Various foods that are produced using organic plant-based materials are referred to as “plant-based food.” Vegetables, fruits, nuts, whole grains, legumes, and other plant ingredients are frequently used in these recipes.
Animal products or those made from animals, such as milk, meat, or eggs, are not allowed in plant-based diets. Some of the most well-liked plant-based foods are seitan, tofu, tempeh, almond milk, coconut milk, and coconut oil.
As more individuals become aware of the benefits of eating plant-based food, the number of vegans has substantially increased over time. People are more likely to adopt plant-based diets to protect the environment, alleviate animal suffering, and reduce their chance of catching diseases. The demand for plant-based foods has surged as a result.
A lower risk of diabetes, high blood pressure, and coronary heart disease have all been linked to plant-based diets as additional health benefits. Consequently, an increasing number of people are embracing plant-based diets.
The global economy’s acceptance of digitization has allowed a range of firms to grow significantly in recent years. Due to rising consumer internet usage and the simplicity of online transactions, many plant-based food enterprises prefer online channels for their product promotion and sales.
Similar to this, many customers prefer to shop at online stores, which encourages businesses to keep an online presence. Additionally, other websites, such as specialist stores and food delivery services, have recently emerged. This has considerably increased the demand for plant-based foods worldwide.
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.
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“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.
Plant-Based Food Industry by Category:
By Type:
- Dairy Substitute
- Meat Substitute
- Egg Substitute
- Seafood Substitute
- Others
By Source:
- Soybean
- Nuts
- Wheat
- Pea
- Others
By Distribution Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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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.
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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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