Plant-based foods Market: by Source (Soy Protein, Wheat Protein), By Product Type (Dairy Alternatives, Meat Substitute, Plant-Based Eggs, Confectionery), and Distribution Channel (Business to Business and Business to Customers) - Forecast 2027
|ID: VPR/A&D/1257||Publishing Year: November 2021||Pages: 133||Format:|
Plant-based Foods Market Overview:
Global Plant-based foods market was valued at $ 189 billion in 2020 and is expected to reach $ 374 billion by 2027, registering a CAGR of 10.24% from 2021 to 2027.
Plant-based foods are made entirely or partially from plant-based components including fruits, vegetables, legumes, nuts, cereals, and other grains. They are favoured by customers who follow a vegetarian or vegan diet since they do not include any animal-based components.
The plant-based food industry has been quickly expanding as a result of major problems such as rising greenhouse gas emissions, greater strain on land and water during animal protein production, and a rise in the prevalence of animal protein intolerance. This has created a huge potential for plant-based food items like meat substitutes, dairy alternatives, and plant-based eggs, which can meet food demand while still being nutritious and environmentally friendly. Because animal protein contributes significantly to total food allergies, most meat and dairy consumers have begun to favour meat replacements and dairy replacements produced of vegan proteins, which is anticipated to increase demand for plant-based protein products. However, the relatively higher price range of certain meat replacements, substantial customer preference for animal-based goods, and consumer desire for soy and gluten-free goods are all anticipated to limit the Plant-based foods market's development. Furthermore, the worldwide Plant-based foods market is likely to be hampered by the poor sensory characteristics and allergies associated with some plant protein sources.
Large companies have been investing in the plant-based food sector in recent years, hoping to cash in on the veganism movement and rising demand for sustainable meals. Along with the rising risk profile of animal agriculture, well-established meat and dairy producers are coming under increasing fire. Because of its growth, profitability, risk exposure, and capacity to compete and innovate, protein diversification has the potential to change a food company's core business and value offer.
- Beyond Meat Inc. (U.S.)
- Impossible Foods Inc. (U.S.)
- Danone SA (France)
- Garden Protein International, Inc. (Canada)
- Amy’s Kitchen Inc. (U.S.)
- Follow Your Heart (U.S.)
- The Hain Celestial Group, Inc. (U.S.)
- Sahmyook Foods (South Korea)
- Sanitarium Health and Wellbeing Company (Australia)
- Axiom Foods (U.S.)
- Daiya Foods Inc. (Canada)
- Earth's Own Food Company Inc. (Canada)
- Lightlife Foods, Inc. (U.S.)
- Marlow Foods Ltd. (U.K.)
- Taifun -Tofu GmbH (Germany)
- Atlantic Natural Foods LLC (U.S.)
- VBIte Food Ltd (U.K.)
- Nutrisoy Pty Ltd. (Australia)
According to product type, the dairy alternatives segment is anticipated to lead the total plant-based foods market in 2020, and this dominance is anticipated to continue throughout the forecast period.
The increasing number of lactose-intolerant individuals, increasing awareness of ethical issues about animal cruelty in contemporary dairy farming methods, and nutritional advantages provided by plant-based dairy products are all contributing to this segment's dominance.
During the projection period, however, the plant-based eggs/egg replacement sector is projected to expand at the quickest CAGR.
The soy protein sector is expected to command the biggest proportion of the total plant-based foods market in 2020, according to sources. The majority of this sector is accounted for by factors such as simple availability and cost efficiency in contrast to other sources of protein, increasing demand for animal protein substitutes, and a broader application base in several plant-based product categories. During the projection period, however, the pea protein sector is projected to expand at the quickest CAGR.
The B2C distribution channel segment is expected to account for the biggest proportion of the total plant-based foods market in 2020, according to distribution channel. Due to the rapidly expanding online retail sector, increasing urbanisation, and an increase in the number of supermarkets and hypermarkets, this category is also expected to expand at the highest CAGR over the projection period.
Covid-19 Impact on the Plant-based foods Market:
COVID-19 struck the globe in the first quarter of 2020. WHO labelled the epidemic a worldwide pandemic since it has spread to so many nations. The coronavirus epidemic has wreaked havoc on global financial markets by causing significant disruptions in travel, manufacturing, services, healthcare, and supply networks.
The coronavirus outbreak in the food and beverage industry is prompting individuals to reconsider their diets since it has highlighted the connection between food and health. COVID-19 is giving an unexpected boost to the plant-based products sector. Coronavirus illness has been shown in medical research to have a significant effect on individuals with underlying health problems such as diabetes, hypertension, and heart disease. Plant-based foods include an abundance of macronutrients, micronutrients, and antioxidants, which may help decrease the virus's impact on at-risk individuals. From a production and distribution standpoint, this sector has seen extraordinary demand from both producers and customers, especially for certain goods like meat analogues and plant-based milk.
Furthermore, owing to the spread of COVID-19 among its workers, many meat processing plants are shut down or operating at a reduced capacity, boosting the alternative protein industry dramatically. Because COVID-19 is linked to an animal source, a huge population will switch from animal-based proteins to alternative proteins. In contrast to red meat, which is labour-intensive, alternative proteins may be produced with less reliance on labour, making them less vulnerable to staffing shortages. Consumers across the world will be very health-conscious, taking preventive steps and continuing to experiment with alternative protein sources.
In 2019, Europe had the biggest proportion of the plant-based foods market, with 33.99%. The demand for plant-based foods in the area is rapidly increasing. Consumer desire for organic and genetically modified (GM)-free goods, as well as an increase in the number of flexitarians, vegetarians, and vegans, are expected to drive demand for plant-based foods. The increase in demand for nutritious foods and healthy diets in North America is mostly to blame for the increase in demand for plant-based food items. Veganism and plant-based diets are gaining popularity and popularity in North America. China is the most important country-level market in Asia-Pacific, with the highest market share throughout the study period. In addition, over the projected period, Asia-Pacific is projected to be the fastest-growing area.
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