Global Plant-Based Food Market is anticipated to foresee a significant growth, North America to witness the highest demand
The Plant-Based Foods market stood at US$ 23,010.7 million in 2019 and is expected to grow at a CAGR of 14.87% during the forecast period 2021-26. A more sustainable future requires taking action to ensure healthier food practices in healthcare facilities. There is a growing movement towards embedding climate-friendly practices in many sectors of society; the healthcare sector has a unique opportunity to protect environmental and public health, which can be achieved by implementing sustainable food practices in healthcare facilities. Only an estimated 10% of plant protein sources are currently being utilized. With the rise in demand for plant protein, along with the move towards allergen-friendly ingredients, a greater variety of plant sources will likely be used. Consumers are increasingly considering such factors as health, sustainability, and social impact in making their food decisions.
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Healthcare institutions are significant providers of food services, offering staff and patients at least three meals a day. In 2017, the American Medical Association adopted a resolution calling on hospitals to provide more plant-based meals and remove processed meats to improve hospital food environments. The most complete population nutritional guidelines are those published by the WHO/FAO based on the best currently available scientific evidence on the relationship of diet, nutrition, and physical activity to chronic diseases with a global perspective. The WHO experts emphasize that energy consumed each day should match energy expenditure to prevent weight gain. The increasing year on year awareness regarding the “Veganuary” and the fact that major multiple retailers have rapidly expanded their shelf space and own label new product development for plant-based products underline the growth in the sector.
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The plant-based foods are segmented into Plant-Based Milk, Plant-Based Meat, Plant-Based Creamer, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter, and Other Plant-Based Products based on the product type. The dominance of the milk category is driven by the growth in dairy alternative drinks such as soy, nut, coconut, and other plant-based milk and an increasing number of lactose intolerance populations across the world.
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Based on the application, the global plant-based food market is segmented beverages, bakery and snacks, breakfast cereals, infant nutrition, and other applications. Plant-based beverages and other dairy-alternative beverages are gaining a significant consumer base, driven most recently by people’s increased focus on health and sustainability as well as the fact that there are simply more high-quality products available for people to explore and enjoy.
The soy, almond, and pea are amongst the major sources for the extraction of the plant-based food products. In 2019, soy segment by source generated a revenue of US$ 9,540.4 million. Soy serves as a lean source of high-quality complete protein which is lactose-free, cholesterol-free, and vegetarian /vegan friendly. Since much research has been conducted to better understand the health benefits to humans from the consumption of soy, consumer interests have shifted over time.
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For a deep-dive analysis of the industry, the study also includes regional and country-level analysis. The report comprises regions including North America, Europe, Asia Pacific, and the Rest of World. The American plant-based food market is currently booming, and investment in this sector is rising steadily. For example, Greenleaf Foods recently announced a US$ 310 million investment in a new production facility.
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Some of the major players operating in the global plant-based food market are Tofurky, Quorn foods Inc., Amy’s kitchen, Archer Daniel’s Midland, Claudron Foods, Morning Star Farms, Sweet Earth Foods, Impossible Foods, Maple Leaf food, and Beyond Burgers. These companies have adopted numerous growth strategies including innovative product launches, investment in R&D, partnership, mergers, etc. to sustain in the growing plant-based food market. For instance, in 2019, The Vegetarian Butcher announced its first deal with a major restaurant chain. Unilever then started supply 100% plant-based patties for Burger King’s ‘Rebel Whopper’ to over 2,500 stores in 25 countries in EMEA.
Global Plant-Based Foods Market Segmentation
Market Insights, by Product
- Plant-Based Milk
- Plant-Based Meat
- Plant-Based Creamer
- Plant-Based Cheese
- Plant-Based Yogurt
- Plant-Based Butter
- Other Plant-Based Products
Market Insights, by Application
- Supplements and Nutritional Powders
- Bakery and Snacks
- Breakfast Meals
- Infant Nutrition
- Other Plant-Based Foods Application
Market Insights, by Source
- Other Sources
Market Insights, by Region
- North America
- United States
- Rest of NA
- United Kingdom
- Rest of Europe
- Rest of APAC
- Rest of World
Top Company Profiles
- SWEET EARTH FOODS
- Quorn Foods
- Amy’s Kitchen, Inc
- Archer Daniel’s Midland
- Cauldron Foods
- Morning Star Farms
- Beyond Meat Company
- Impossible Food, Ltd.
- Maple Leaf Food