According to the recently released report by Bekryl, Global Plant based Foods Market was valued at US$ 11.7 billion in 2018 and will register 10.3% CAGR during the forecast period. It is estimated to reach US$ 12.9 billion by 2019 end. Plant based food products is increasingly gaining space in major retail store shelves primarily due to vegetarian and vegan becoming mainstream lifestyle choice. The trend has become quite popular in Western countries.

North America dominated the global plant based foods market, accounting for 36.8% revenue share in 2018. AS per the research, nearly nine million U.S. population eat solely vegetarian diet. While vegetarian is not going to become mainstream food habit anytime sooner, a large number of population add plant based proteins to their diet frequently. The trend has helped the industry players to generate revenue in double digit growth in the region. In the last few years, many companies including startups has emerged in the region to capitalize on growing plant based foods market. Bekryl estimates the competition to heighten in another five years, with established players opting for inorganic growth strategy and adopting new-to-market food products to meet taste preferences of local consumers. Direct supply chain model is also expected to become key focal point wherein companies might target food outlets engaged solely in vegetarian food products.

A number of key initiatives were seen in the North America region ranging from launching new products to expansion of production plant. Recently, in April 2019, Maple Leaf announced plans to build US$ 310 million plant based food processing facility in U.S. The plant is expected to double the production capacity and thereby gain significant market share in already well penetrated U.S. plant based proteins market. Similar developments were seen across range of companies in the region.

Few key Trends from Global Plant Based Foods Market:

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Key companies covered in the report are:

Tyson Foods, Inc.

Danone S.A.

Glanbia plc

Wilmar International Ltd.

du Pont de Nemours and Company

Roquette Freres

Cargill Inc.

Archer-Daniels Midland Co

Cargill Inc.

Impossible Foods Inc.

Beyond Meat

Burcon Nutrascience Corporation

AGT Food & Ingredients, Inc.

Cosucra Groupe Warcoing

Ingredion Inc.

CHS Inc.

The Scoular Company

Ag Processing Inc.

Shandong Yuwang Ecological Food Industry Co., Ltd.

Gushen Group Co., Ltd.

Biopress S.A.S

Fonterra Co-operative Group

AMCO Proteins

Omega Protein Incorporation