Global Plant Based Food Market Size More Than Doubles to Touch USD 22.3 Billion by 2029

Published | 24 April 2023

Global plant-based food market is flourishing due to the growing focus on the management of increasing prevalence of lifestyle diseases, such as obesity, diabetes, and heart diseases, increasing health awareness, and concerns over animal welfare among consumers.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global plant-based food market size at USD 10.24 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global plant-based food market size to grow at a significant CAGR of 11.82% reaching a value of USD 22.27 billion by 2029. Major growth drivers for global plant-based food market include growing vegan population and consumers' decreasing tolerance for animal protein. There has been a rise in venture investments in companies that produce plant-based foods. Emerging economies in regions such as Asia-Pacific, Latin America, and the Middle East & Africa, are also contributing to the growth of this market by increasing their research and development efforts and launching new plant and protein alternative products. This is expected to create profitable opportunities for companies operating in the plant-based food industry. However, high cost compared to conventional animal-based products, limited availability, and high prices of plant-based protein sources are anticipated to restrain the growth of the global plant-based food market during the period in analysis.

Global Plant-based Food Market – Overview

The global plant-based food market refers to the industry that produces and sells food products that are derived from plant-based sources, such as vegetables, fruits, nuts, grains, legumes, and other non-animal sources. These products are intended to replace or reduce the consumption of animal-based products, such as meat, dairy, and eggs. Plant-based food products include items, such as meat substitutes, non-dairy milk, plant-based cheese, tofu, tempeh, and plant-based protein bars. The plant-based food market is driven by the increasing demand for vegan and vegetarian diets, concerns regarding animal welfare and environmental sustainability, and advancements in food processing technologies.

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Impact of COVID-19 on Global Plant-based Food Market

COVID-19 had a detrimental impact on the functional food and nutraceutical industries. The pandemic placed immense pressure on frontline workers, including medical professionals, hygiene workers, and others who are working tirelessly to combat the spread of the virus. As a result, government agencies emphasized the importance of maintaining a healthy and nutritious diet to bolster the body's immune system. It was expected to drive the demand for plant-based foods, which are known to provide essential nutrients that support optimal health and bodily function. Plant-based foods play a crucial role in the growth and repair of human cells and tissues, and plant protein is particularly beneficial for weight loss and building healthy muscles and tissues.

Global Plant-based Food Market – By Technology

Based on technology, the global plant-based food market is divided into Soya, Wheat, Peas, and Fruits segments. The soya segment is expected to hold the highest share of the plant-based food market. The dominance of this segment is attributed to several factors, including the widespread availability of raw materials, its relatively low cost compared to other sources, significant demand from meat alternatives manufacturers, higher acceptance levels among consumers, and its versatility in a wide range of food and beverages sector, such as dairy alternatives, meat, and bakery. However, during the forecast period, the peas segment is expected to grow at the fastest compound annual growth rate (CAGR). This can be attributed to the increasing consumer preference for sustainable and palatable alternatives to animal-based proteins, and the growing investments by leading manufacturers to ramp up pea protein production. Moreover, peas are allergen-free, gluten-free, and lactose-free, which further contributes to the high demand for pea-based food.

Competitive Landscape

Major players operating in global plant-based food market include Beyond Meat Inc., Impossible Foods Inc., The Vegetarian Butcher, Oatly AB, Quorn Foods, Daiya Foods Inc., Tofurky Company, Amy's Kitchen Inc., Gardein, Field Roast, Lightlife Foods, MorningStar Farms, Sweet Earth Foods, Alpha Foods, No Evil Foods, JUST Inc., Hain Celestial Group, Califia Farms, Good Catch Foods, and Miyoko's Creamery. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Plant-based Food Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Plant-based Food Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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