Plant-Based Food and Beverages Market Growth, Forecast with Regional Portfolio, Key Driven
Market Highlights
The global plant-based food and beverages market is
projected to be valued at USD 40,697.2 million by 2028, recording
CAGR of 10.92% during the forecast period. The growth of the market is
anticipated to be driven by several factors during the forecast period from
2021 to 2028. The growing lactose intolerance among the global population
is resulting in an increased demand for non-dairy products like plant-based
milk and derivatives. Also, growing consumer preference for a vegan and
vegetarian diet is driving the growth of the global plant-based food and
beverages market growth. Moreover, the growth of the organized retail sector in
the developing economies is contributing to market growth, making the products
easily available to consumers. However, poor olfactory properties along with
allergic reactions associated with certain plant protein sources hamper the
market growth.
The COVID-19 pandemic has fundamentally changed the consumer
trend towards plant-based food.Hence, the manufacturers of plant-based food and
beverages are increasingly becoming confident due tothis shift in consumer
taste and preference. Plant-based food and beverages manufacturing companies,
such as Impossible Foods Inc, are investing in plant-based foods. Similar
investments are anticipated to increase during the recovery phase of the
COVID-19 outbreak. The market is anticipated to have a healthy growth rate in
the long run due to a shift in consumer taste and preference.
Key Players
Market Research Future has recognized Tyson Foods, Inc
(Arkansas), Danone SA (France), Nestlé S.A. (Switzerland), General Mills, Inc.
(US), Clara Foods (US), Keystone Natural Holdings (US), Premier Foods Plc (UK),
Del Monte Fresh Produce N.A., Inc. (US), Amy's Kitchen (US), and Blue Diamond
Growers (US) as the key players in the global plant-based food and
beverages market.
Access full report @ https://www.marketresearchfuture.com/reports/plant-based-food-beverages-market-10596
Segmental Analysis
The global plant-based food and beverages market share has
been segmented based on product type, source, category, distribution channel,
and region.
By product type, the market has been divided into plant-based
milk and derivatives, plant-based milk, plant-based meat, bakery and
confectionery, sweet and savory snacks, plant-based juices, RTD tea and coffee,
and others. The plant-based milk and derivatives segment is further broken down
into plant-based milk, plant-based cheese, plant-based yogurt, plant-based
butter, and others. The plant-based meat is further sub-segmented into tofu and
tofu products, sausages and patties, seitan, tempeh, and
others. The plant-based milk and derivatives segment accounted
for the largest market share in 2020, whereas the plant-based juices segment
is expected to record the highest CAGR of 11.64% during the forecast period. Consumption
of fruits and vegetable juices is beneficial and easier for the human body to
absorb. Owing to this, vegetable and fruit juices are very popular worldwide.
Dieticians usually advise the consumption of fruit juices and vegetable juices
as they provide essential nutrients to the human body.
Based on source, the global plant-based food and beverages
market share has been classified as soy, wheat, pea, coconut, almond, cashew,
and others. The soy segment accounted for the largest market share in
2020. Soy is the most common source used in the preparation of meat-free
products. Soy protein isolates have a similar biological value as that of meat
and are a good calcium and linoleic acid source. Soya-based food products (meat
replacers and dairy alternatives) have high demand among health-conscious
consumers. Soy is valuable in manufacturing emulsion-type products because of
its power to emulsify, stabilize, texture, and hydrate the products.
Based on category, the global plant-based food and beverages
market has been classified as conventional and organic. The conventional
segment garnered a larger market share in 2020.This segment includes
plant-based food and beverages in which the plant ingredients used are grown
using conventional farming practices. They are grown under normal conditions
without additional support.
Based on distribution channel, the global plant-based food and
beverages market has been classified as store-based and non-store-based. The
non-store-based segment is projected to exhibit a higher CAGR during the
forecast period. Non-store-based distribution channels include e-commerce
channels, wherein the manufacturers distribute plant-based food and beverages
through various online shopping sites or their websites.
Regional Analysis
Geographically, the global plant-based food and
beverages market has been categorized as North America, Europe,
Asia-Pacific, and the Rest of the World. As per MRFR analysis, Europe
constituted a dominant share of the global plant-based food and beverages
market in 2020. Plant-based products are becoming so mainstream in Europe that
retailers promote plant-based food and beverages on the same shelves and
traditional dairy and other food products. Also, the market in North America
offers lucrative opportunities for manufacturers of plant-based food and
beverages owing to the increasing consumption of meat alternatives, fruit
juices, plant-based eggs, and dairy alternatives in the region. Major
plant-based food and beverage manufacturers in China, such as Huiyuan and Dali
Foods, are investing in product innovation and introducing new plant-based
beverages. The Rest of the World's plant-based
food and beverages market growth is projected to register the lowest
CAGR of 8.71%during the forecast period. Increasing purchasing power and
growing awareness for a healthy lifestyle is anticipated to boost the demand
for the plant-based food and beverages market in the Rest of the World.
Key Findings of the Study:
- The
global plant-based food and beverages market is projected to register a
growth rate of 10.92% from 2021 to 2028.
- The
plant-based milk and derivatives segment is estimated to retain its
prominent share till 2028, whereas the plant-based juices segment is
projected torecord the highest CAGR of 11.64% during the forecast period.
- The
soysegment accounted for the largest market share in 2020 where as, the
pea segment is expected to grow at the fastest rate of 11.46% during the
forecast period.
- The
conventional segment is estimated to retain its dominance till 2028 where
as, the organic segment is estimated to register a higher growth rate
during the forecast period.
- The
store-based segment is estimated to retain its dominant share till 2028,
where as the non-store-based segment is estimated to register a higher
growth rate during the forecast period.
NOTE: Our Team of Researchers are Studying Covid19 and
its Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and
Media Private Limited),
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