According to Future Market Insights, plant-based food sales across the USA are projected to rise at an impressive pace during the forecast period. This growth is due to the rising vegan and flexitarian population in the country and strong presence of leading plant-based food manufacturing companies.
NEWARK, Del: According to Future Market Insights’ new report, the global plant-based food market is anticipated to exceed US$ 11.3 billion in 2033. 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).
Rising trend of veganism and flexitarians worldwide is providing a strong impetus to the growth of plant-based food industry. Plant-based food refers to a broad range of food items created from organic plant-based materials. These foods are often made from vegetables, fruits, nuts, whole grains, legumes, and other plant components.
Plant-based foods don’t contain any animal products or those produced from animals, such as milk, meat, or eggs. Almond milk, tofu, tempeh, coconut milk, and seitan are a few of the most popular plant-based foods.
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Over the years, there has been a sharp rise in the population of vegans due to growing awareness about the benefits of eating plant-based foods. People are showing an inclination towards consuming plant-based foods to protect the environment, reduce animal cruelty, and minimize the risk of disease acquisition. This has boosted plant-based food sales.
Plant-based diets have been discovered to have additional health benefits, such as a lower risk of developing diabetes, high blood pressure, and coronary heart disease. Hence, more and more people are opting for plant-based foods.
Thanks to the acceptance of digitization by the global economy, a variety of businesses have experienced tremendous expansion in recent years. Several plant-based food companies choose online channels for their product promotion and sales due to increased internet usage among consumers and the convenience of online transactions.
Similarly, numerous customers prefer to make purchases via online retailers, which motivates companies to maintain an online presence. Recently, more sites have also appeared, including specialty shops and food delivery services. This is significantly expanding the global plant-based food market.
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.
“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.
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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.
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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About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Table of Content
- Executive Summary | Plant-based Food Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
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Explore FMI’s related ongoing Coverage on Food and Beverage Domain
Plant-based Milk Market: The global plant based milk market size is expected to reach a valuation of US$ 19.8 billion by 2023. It is likely to accelerate with a CAGR of 9.9% from 2023 to 2033.
Plant-based Hot Dogs Market: The Global Plant-based Hot Dogs Market is expected to reach a market valuation of USD 599.2 Mn by the year 2032, accelerating with a CAGR of 19.9% by 2022-2032.
Plant-based Fish Feed Market: The plant-based fish feed market is valued at US$ 6.8 Bn in 2021. It is set to grow at 6% CAGR through 2032 at a value of US$ 12.2 Bn.
Plant-based Beverages Market: The global plant-based beverages market is expected to grow at a CAGR of 6.6% during the period 2023 to 2033. The market is valued at US$ 351.7 billion as of 2023, and by 2033, the market is expected to reach a valuation of US$ 668.9 billion.
Plant-based Snacks Market: The global plant-based snacks market is figured out to be around US$ 31.8 Billion in 2022 and is projected to reach nearly US$ 73.6 Billion by 2032.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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