LONDON, April 25, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the plant-based food market forecasts the market for plant-based food to experience substantial growth in the coming years. The plant-based food market value is anticipated to expand from $44.5 billion in 2022 to $50.4 billion in 2023, at a compound annual growth rate (CAGR) of more than 13%. Looking ahead, this trend is expected to continue, with the plant-based food market size estimated to reach $82.1 billion in 2027 at a CAGR of more than 12%.
The plant-based food industry growth is a attributed to the increasing preference for plant-based food products, as per the plant-based food market outlook. Plant-based food products are made entirely from plant-based ingredients and do not contain any animal-derived components. Their growing popularity is due to factors such as health benefits, ethical concerns, and environmental considerations. As more people opt for plant-based food products, the market is expected to grow.
North America was the largest region in the market in 2022, as per the report. For instance, The Good Food Institute reported that the US retail market share for plant-based foods grew from $6.9 billion in 2020 to $7.4 billion in 2021, reflecting a 7.2% increase, with sales rising by 6% compared to 2020. Thus, the preference for plant-based food products is driving the plant-based food market growth.
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The major players in the plant-based food industry include Amy's Kitchen Inc, Atlantic Natural Foods LLC, Beyond Meat Inc, Danone SA, Garden Protein International Inc and Vbite Food Ltd, Plamil Foods Ltd.
As per the in-depth plant-based food analysis, product innovation is a notable trend gaining traction. Leading companies in this market are actively engaged in developing new and innovative products, such as clean-label offerings, vegan cheeses, egg substitutes, and other items, to strengthen their market position. For example, Century Pacific Food, Inc., a Philippines-based food and beverage firm, recently launched a new plant-based alternative called 'unMEAT Fish-free Tuna' in July 2022. This innovative product is 100% fish-free and made entirely of plant-based ingredients, using non-GMO components. It has a low-fat content and contains zero amounts of mercury and trans-fat. The product is designed to taste, feel, and look like real tuna but without the use of any fish.
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The report further highlights key plant-based food market segments –
1) By Type: Diary Alternatives, Meat Alternatives, Egg Substitutes And Condiments, Other Types
2) By Source: Soy, Almond, Wheat, Pea, Rice, Other Sources
3) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Stores, Other Distribution Channels
The Business Research Company’s plant-based food global market report 2023 describes and explains the market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
Plant-Based Food Global Market Report 2023 by The Business Research Company provides insights on the plant-based food market size, plant-based food market segments, plant-based food market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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