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Meticulous Research® – leading global market research company published a research report titled “Plant Based Food Market by Product Type (Dairy Alternatives, Meat Substitute, Plant-Based Eggs, Confectionery), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027. The high growth of plant-based food market is mainly attributed to the factors such as increasing incidences of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in plant-based product manufacturers. Moreover, the growing research & development and new product launches by plant-based products manufacturers; and growing demand for vegan products from emerging economies such as Asia-pacific, Latin America, and the Middle East and Africa are expected to create lucrative growth opportunities for the players operating in this market. However, the relatively higher price range for some of the meat substitutes, significant preference for animal-based products with traditional belief of higher strength associated with these food products, and growing consumer preference for soy and gluten free products are expected to hamper the adoption of plant-based products to some extent.
The global plant-based food market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of product type, source, distribution channel, and geography. The study also evaluates in detail, the industry competitors and analyses the market at a country level.
Based on product type, the plant-based food market is segmented into dairy alternatives, meat substitutes, plant-based eggs/egg substitute, confectionery, and others. Among these, the dairy alternatives segment is estimated to dominate the overall plant-based food market in 2020, and is also expected to continue its dominance during the analysis period. However, the plant-based eggs/egg substitute segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the factors such as rising introductions of plant-based eggs across globe, growing acceptance of vegan convenience foods among consumers due to their hectic lifestyles, allergen reduction properties of plant based eggs, and inclination of millennial population towards ready-to-eat processed foods.
Based on source, the soy protein segment is estimated to command the largest share of the overall plant-based food market in 2020. Factors such as easy availability and cost effectiveness in comparison to other sources of protein, increased demand for meat protein alternatives, and wider-application base in many plant-based products categories are responsible for the major share of this segment. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period.
Based on distribution channel, the overall plant-based protein products market is mainly segmented into business to business (B2B) and business to customers (B2C). The B2C distribution channel segment is estimated to account for the largest share of the overall plant-based food market in 2020. This segment is also projected to grow at the fastest CAGR during the forecast period, due to the rapidly growing online retail sector, growing urbanization, and rise in the number of supermarkets and hypermarkets.
Geographically, this research report provides a comprehensive analysis for the five major geographies: North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. Europe is estimated to command the largest share of the global plant-based food market in 2020, which is primarily attributed to the well-established food sector in the region with huge demand for processed foods, higher vegan & vegetarian trend, higher awareness on protein rich diet consumption, and high investments into the innovation of plant-based products sector. Numerous countries in the European region have witnessed the worst outcomes of COVID-19 in Q1’2020. As a result, there is an increasing trend of veganism more than ever in Europe, which has further pushed the growth of the plant based products industry. The U.K. hosts the largest vegan population in the world and thereby witnessed the highest demand for plant based meat products in Europe during this pandemic. However, the Asia-Pacific region is projected to grow at a significant pace in the forecast period.
Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/plant-based-products-market-5108/
The key players operating in the global plant-based food products market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone SA (France), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods (U.S.), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia) among others.
Key questions answered in the report-
- What is the current value of revenue generated by the plant-based product companies across the globe?
- At what rate the demand for global plant-based products is projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for plant-based products across the globe?
- What are the major factors impacting the growth of this market at the global and regional level? What are the major opportunities for existing market players and new entrants in this market?
- What impact does the current COVID-19 pandemic have on the plant-based food market?
- Which segments in terms of the product type, source, and distribution channel are creating the major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global plant-based protein products market?
- Who are the major players operating in the global plant-based products market? And also, what are their specific product offerings in this market?
- What recent developments have taken place in the global plant-based food market and how these strategic developments are creating the global impact in this market?
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