Global Plant Based Food Market Size is estimated to be valued over 4.6 billion in 2018 and will register a CAGR of above 7.1% to create high revenue opportunity during the forecast period 2018-2028.
The food space is experiencing a major shift in recent years with processed and mass produced foods enriched with artificial ingredients, hormones, antibiotics and largely devoid of real nutrition are rapidly losing their appeal. Consumers are inclining towards plant-based protein over animal-based protein since consumers prefer green natural ingredients.
Global Plant Based Food Market Drivers and Challenges
Pant based food market revenue is expected to be driven by various factors. Some key macroeconomic factors expected to boost the sales and growth of the product are increased per capita income, changing lifestyle with rising consumer awareness and rise in GDP among developing economies along with rapid product innovation.
Moreover, the wave of health consciousness that is spreading over the developing countries is another factor of that increases global plant-based protein market in terms of revenue, so much so that nearly 60% of millennials consume plant-based meat.
Increasing demand for natural and organic products has further boosted the overall plant based food market in the world. These food are deemed to be environmentally safe as it leads to lesser carbon credits compared to meat based counterpart. Making consumers shift from the acquired and traditional taste of dairy product in addition to change in the perception and substitute sources of protein such as animal based protein and synthetic protein create restrains to global plant-based protein market to grow.
Global Plant Based Food Market Analysis, By Product
On the basis of product type, the plant based food market size is segmented into Tofu and tempeh, meat alternatives, milk alternatives, egg substitutes and mayo, and others. Milk alternatives and meat alternatives are expected to account for over 69% of overall global shares. Much of the demand is expected to generate from U.S.
Global Plant Based Food Market Analysis, By Application
On the basis of application, plant based food market revenue is analyzed across food and beverage industry, feed industry, pharmaceutical industry and others. Food and beverage segment contributes highest revenue in the global plant-base protein market among all the application segments. The main revenue generating segments are non-dairy beverages (refrigerated and shelf stable), cheese alternatives, meat alternatives (frozen and refrigerated), and tofu products.
Global Plant Based Food Market Size and Forecast: Regional Analysis
Globally, North America is expected to account for major market share worldwide. US is the largest plant based food market and to facilitate the trade, it has set up The Plant Based Foods Association which represents nearly 75 of the nation’s leading plant-based food companies and currently total market for the plant-based sector (excluding Whole Foods Market) tops nearly $5 billion in sales.
Global Plant Based Food Market Size and Forecast: Competition Landscape
Some of the key global plant based food market companies are Archer Daniels Midland Company, Cargill, Incorporated, E. I. du Pont de Nemours and Company, Fonterra Co-Operative Group, Kerry Group plc , Beyond Meat, Sun Brothers, LLC., Vega, AMCO Proteins, Hilmar Cheese Company, Inc., and Omega Protein Corporation. Just this year, Healthcare firm Otsuka Pharmaceutical has signed a definitive agreement to purchase a 100% stake in Canadian plant-based foods manufacturer Daiya Foods for C$405m which is a clear indication of steady growth of the plant-based foods because of consumers shift away from animal products towards plant-based options and a complete change in market scenario.
A whole new food ecosystem is growing, fuelled by startups that are responding to consumer demand by offering more plant-based options but are also accelerating this shift towards healthy food habits. Vegan meals, dairy free yogurts, plant meats are the future market leaders of the food and beverage industry.