Plant Based Food Market: Global Industry Analysis 2015 to 2020 and Opportunity Assessment 2021 to 2027

  • Report ID: BMRC 1568 | Number of pages: 190 | Published Date: May 2021

    Published | Category: Food And Beverage | Delivery Timeline: 48 hrs

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Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027

Global Plant Based Food Market is valued at USD 33.80 Billion in 2020 and expected to reach USD 67.84 Billion by 2027 with a CAGR of 9.1% over the forecast period.

Global Plant Based Food Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing concerns towards healthy foods and rising demand of vegan foods are the major factors driving the growth of Global Plant Based Food Market.

Scope of Global Plant Based Food Market Report:

Plant-based foods are those that are made entirely of plants and do not contain any animal products or artificial ingredients. The aim of a balanced, plant-based diet is to consume as many nutrient-dense plant foods as possible while avoiding refined foods, oils and animal foods including dairy products and eggs. It promotes the consumption of a wide variety of vegetables (cooked or raw), fruits, beans, peas, lentils, soybeans, grains, and nuts (in smaller amounts) and is usually low in fat. Dr. T. Colin Campbell coined the word plant-based diet in the 1980s to describe a low-fat, high-fiber, vegetable-based diet that prioritized health. Plant based foods consumption is helpful in many ways such as lowers body mass index (BMI), lowers the rate of obesity, diabetes and heart disease. It also provides fiber, complex carbohydrates and water content from plant based food. Diets high in plant-based foods have been linked to lower systolic and diastolic blood pressure. Fiber, beta carotene, vitamin K & C, folate, magnesium, and potassium are all contained in plant-based foods, which help to increase the dietary health index.

During Covid-19 pandemic, people globally are more inclined towards healthy eating to improve or boost the immunity which has increased the demand and consumption of plant based food. And increased vegan population and rising intolerance to animal protein population have also increased the demand of plant based food. However, the careful steps taken by governments of different nations have led the disturbance in the supply chain network of plant based food market which have shown some decline impact on the market growth.

Global plant based food market is segmented on the basis of types, distribution channel, sources and region & country level. Based upon types, plant based food market is classified into meat substitutes, dairy alternatives, confectionary and plant based egg substitutes. Based on distribution channel, the market is classified into supermarkets and hypermarkets, convenience stores, online stores and others. Based on sources, the global plant based food market is classified into soy protein, wheat protein, almond protein, rice protein and pea protein.    

Global Plant Based Food Market Segmentation:

By Types:

  • Meat substitutes
  • Dairy alternatives
  • Confectionary
  • Plant based egg substitutes

By Distribution Channel:

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online Stores
  • Others

By Sources:

  • Soy protein
  • Wheat protein
  • Almond protein
  • Rice protein
  • Pea protein

The regions covered in this global plant based food market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of plant based food is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players for Global Plant Based Food Market Report:

Some major key players for global plant based food market report cover prominent players like Beyond Meat Inc., Tyson Food Inc., Impossible Foods Inc., Nestle SA, Danone SA, Clara Foods, Garden Protein International, Inc., Keystone Natural Holdings, Amy’s Kitchen Inc., Premier Foods PLC, Follow Your Heart, Tofurky, Archer Daniel’s Midland, Earth's Own Food Company Inc., Lightlife Foods, Inc., Cauldron Foods, Marlow Foods Ltd., Taifun –Tofu GmbH, MorningStar Farms, Atlantic Natural Foods LLC, VBIte Food Ltd, and Nutrisoy Pty Ltd and others.

Plant Based Food

News: With HerbYvore, Singapore's Agrocorp Joined the Emerging Plant-Based Food Industry

On April 29th, 2021; Singapore-based commodities and trading company Agrocorp International has entered the lucrative and rapidly rising market of plant-based foods with its brand HerbYvore. Guests were served meals prepared with HerbYvore items in the popular fine dining Indian restaurant Rang Mahal as part of an interesting launch. The first product unveiled at the tasting event was the Pea Paneer, a plant-based soft cheese locally manufactured in Singapore. The Pea Paneer product is available in storefronts like 26 NTUC FairPrice Finest stores and the Vegan Grocer, online platforms like NourishSg and BuzzSg, and local restaurants like Yantra, Kailash Parbat and Rang Mahal. Guests at the Rang Mahal sampling event sampled Indian fusion cuisine as well as HerbYvore's soon-to-be-released ice cream. HerbYvore's goal is to provide consumers with nutritious, plant-based options that improve their meal choices. Agrocorp International wants to extend HerbYvore's scope to markets like India, Canada, Australia, and the United States, where there is a strong demand for vegan and organic foods and where the company already has a presence. Within the next 12 months, flavored and melting cheeses, as well as a liquid egg that can replace omelets and scrambled eggs, will be available.

Increasing Concerns Towards Healthy Foods and Rising Demand of Vegan Foods are the Major Factors Driving the Market Growth

The major factors driving the growth of global plant based food market is increasing concerns towards healthy foods in recent years due to rising cases of obesity, diabetics and blood pressure. As the plant based diet is a remedy to avoid such diseases and live a healthy life, thus consumer are more interested towards healthy diet. For instance, according to American Medical Association, to boost hospital food conditions, a resolution was passed in 2017 urging hospitals to offer more plant-based meals and ban processed meats. Several hospitals across the United States are introducing innovative and exciting plant-based foods, as well as farmers' markets or rooftop gardens, and encouraging hospital personnel (including doctors and nurses) to learn about plant-based diets so that they can educate patients. Increased demand for pre-packaged vegan salads available for purchase is one result of this awareness-raising strategy.  

In addition, growing demand of vegan food is also fostering the market growth. As vegans are unable to consume meat and dairy products because they are derived from animals thus it increases the demand for plant-based foods. The growing number of people adopting a vegan diet is supplementing the market growth. For instance; according to Journal of appetite, Veganism's global population has yet to be determined, though research suggests that it is growing, especially in more affluent countries. Including a recent poll in Israel, 5% of the population eats a vegan diet. Veganism has grown significantly in the United States over the last 15 years, from approximately 300,000 to 500,000 people to between 2.5 and 6 million people (1–2% of the population).

However, presence of other substitutes may hamper the market growth of plant based food. In spite of that, plant based food with increased palatability; development of good texture with less cost can offer more opportunities for the further growth of the global plant based food market.

Europe is Expected to Dominate the Global Plant Based Food Market

The global plant based food market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. Europe is expected to dominate the global plant based food market within the forecast period. This is due to the increasing interest for vegetarian diet that may lead to increased demand of plant based food. For instance; according to Journal of sustainability, the proportion of vegetarians in Europe is highest in Italy, the United Kingdom, and Germany (9%), while it is lowest in the Netherlands (4%). The concern of European population toward the healthy and light food is also increasing which tends to require plant based food to complete the need of nutrition. For instance, according to Journal of Nutrition, healthcare agencies in Europe are also shifting their attitudes about food in order to promote the consumption of more plant-based foods. According to EIT Food Project, in recent years, demand for vegan and vegetarian food items, such as meat, milk, and egg substitutes, has risen dramatically in Europe: the market for these so-called plant-based foods is booming, with no sign of slowing down. In Europe, some 75 million people follow a vegetarian or vegan diet.

Asia Pacific is expected to witness a fastest growth in the global plant based food market due to the increasing number of plant food based industries in developing countries, raw material producer countries, increased consumption of healthy foods may drive the market growth. Rising number of food industries of plant based food products is important for production and processing of plant based foods. For instance, according to good food institute, China is the largest producer of soybean which is dairy alternative, accounting for nearly 92 percent of all local output. India is the world's leading producer of chickpeas required for production of plant based food product, accounting for about 65 percent of global production. Hence, increasing plant-based food producing industries and huge raw material production values may lead the market growth of plant based food products in this region.

Report Analysis Details
Historical data 2015 - 2020
Forecast Period 2021 - 2027
Market Size in 2020: USD 33.80 Billion
Base year considered 2020
Forecast Period CAGR %:

9.10 %

Market Size Expected in 2027: USD 67.84 Billion
Tables, Charts & Figures: 175
Pages 200
Key Players/Companies Beyond Meat Inc., Tyson Food Inc., Impossible Foods Inc., Nestle SA, Danone SA, Clara Foods, Garden Protein International, Inc., Keystone Natural Holdings, Amy’s Kitchen Inc., Premier Foods PLC, Follow Your Heart, Tofurky, Archer Daniel’s Midland, Earth's Own Food Company Inc., Lightlife Foods, Inc., Cauldron Foods, Marlow Foods Ltd., Taifun –Tofu GmbH, MorningStar Farms, Atlantic Natural Foods LLC, VBIte Food Ltd, and Nutrisoy Pty Ltd and others
Segments Covered By Type, By Distribution Channel, By Sources
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits for Global Plant Based Food Market Report–

  • Global Plant Based Food Market report covers in-depth historical and forecast analysis.
  • Global Plant Based Food Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
  • Global Plant Based Food Market report helps to identify opportunities in marketplace.
  • Global Plant Based Food Market report covers extensive analysis of emerging trends and competitive landscape.

Plant Based Food Market By Regional & Country Level:

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • France
  • Germany
  • Italy

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

Latin America

  • Brazil
  • Mexico


Frequently Asked Questions (FAQ) :
Global Plant Based Food Market is valued at USD 33.80 Billion in 2020 and expected to reach USD 67.84 Billion by 2027 with a CAGR of 9.1% over the forecast period.
Beyond Meat Inc., Tyson Food Inc., Impossible Foods Inc., Nestle SA, Danone SA, Clara Foods, Garden Protein International, Inc., Keystone Natural Holdings, Amy’s Kitchen Inc., Premier Foods PLC, Follow Your Heart, Tofurky, Archer Daniel’s Midland, Earth's Own Food Company Inc., Lightlife Foods, Inc., Cauldron Foods, Marlow Foods Ltd., Taifun –Tofu GmbH, MorningStar Farms, Atlantic Natural Foods LLC, VBIte Food Ltd, and Nutrisoy Pty Ltd and others
Increasing concerns towards healthy foods and rising demand of vegan foods are the major factors driving the growth of Global Plant Based Food Market
Europe is expected to dominate the global plant based food market within the forecast period. This is due to the increasing interest for vegetarian diet that may lead to increased demand of plant based food



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Plant Based Food Market Statistics 2021 and Upcoming Opportunities to 2027 and Analysis 2019-2025

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