Selbyville, Delaware , July 20, 2021 (GLOBE NEWSWIRE) — According to credible sources, global plant-based food and beverage market size was valued at $42186.43 million in 2020, and is expected to reach $81538.73 million by 2028, growing at a CAGR of 8.71% during the forecast period. Shifting trend towards veganism, growing number of individuals with lactose intolerance, and benefits associated with plant-based diets are primarily driving the industry growth.
The study also covers the market segmentations including the type, source, and distributors along with geographical landscape, thereby unveiling the profitable prospects for investment in the upcoming years.
Moreover, it expounds on the business profiles of key contenders for understanding the competitive scenario and formulating remunerative growth strategies. Lastly, the impact of COVID-19 pandemic is studied to get a clear picture of the market ambiguity during and after this global crisis.
Additionally, availability of sustainable products and recyclable packaging, along with introduction of innovative products are generating lucrative prospects for the business scenario. However, high costs of plant-based products and lack of awareness & perception regarding dairy & plant-based foods & beverages are likely to restrain the market progression over the forecast duration.
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Summarizing regional markets:
As cited by expert, North America plant-based food and beverage market share is anticipated to register a CAGR of 8.60% over the forecast timeline. The U.S. and Canada are the major contributors to the regional market remuneration owing to presence of food & beverage giants and their focus towards introducing novel plant-based products. Also, supportive federal investments towards development of plant-based sector will act as a propellant. As per a report on ‘Climate Change and the American Diet’, 94% of the people surveyed in the US expressed their willingness to consume more plant-based foods, with more than half of them wanting to eat more plant-based meat substitutes. The factors responsible for the increased consumption of plant-based diets include the rising concerns about health, and also the increased concerns about the environment, decrease in the cost of plant-based foods, and technological developments.
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Middle East and Africa
Middle East and Africa Plant-Based Food and Beverage industry size is estimated to bolster at 8.35% CAGR over the analysis period, due to increasing pool of lactose intolerant population in the countries across the region, and inclination towards adoption of vegan lifestyle. For instance, 69% of Turkey’s population and 80% of the population in South Africa are lactose intolerant, cites credible sources. The Vegan & Vegetarians Association of Turkey has launched Vegfest for increasing awareness regarding veganism in the country with new vegan mini markets coming up in the region. The popularity of plant-based meat in the UAE has surged in recent years, specially with the advent of international brands like Impossible in the country since 2015. Further, Dubai’s Burger King chains are now rolling out their signature Whoppers in plant-based variants; these are being made by The Vegetarian Butcher, a Unilever-owned brand. Other brands like Brooklyn Creamery, Violife, Daiya, and Alpro have all also entered the market in the past couple of years.
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The report cites that Latin America plant-based food and beverage market forecast is likely to display a yearly growth rate of 8.28% over the forecast timeframe, owing to prevalence sedentary lifestyles, rising consumption of junk food, along with increasing occurrence of cardiovascular diseases, diabetes, & obesity. Improved health conscience in Brazilian populace with growing preference for plant-based diets, as well as emergence of food tech startups to cater the expanding demand will positively sway the business dynamics. Conagra Brands is an FMCG company offering packaged food. It operates through four main segments: Refrigerated & Frozen, Grocery & Snacks, Foodservice, and International segments. It has a wide range of plant-based meat substitutes products in its portfolio. Conagra sells its products under the Marie Callender’s, Birds Eye, Healthy Choice, Banquet, Reddi-wip, Slim Jim, Angie’s BOOMCHICKAPOP, Vlasic, Earth Balance, Duke’s, Gardein, Chef Boyardee, Alexia, and Frontera brands. The company operates in Mexico, among other regions.
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Estimates suggest that Europe Plant-Based Food And Beverage industry size is predicted to grow with 8.76% CAGR over the study period. Increasing popularity of veganism in France, in consort with efforts by animal rights activists to raise awareness against animal cruelty and meat consumption are primarily bolstering the regional market growth. The number of vegan startups in the United Kingdom has been steadily increasing. Brands such as Allplants Ltd and Little Bandits are launching new products into the market to cater to the increasing demand for innovative, plant-based food products. In March 2020, Quorn Foods partnered with Teesside University for testing and developing different methods of making mycoprotein, which is the main ingredient in Quorn’s products. The aim was to achieve a more viable production methodology and improved product quality. In 2020 and 2021, the British food tech company, Moving Mountains, extended its product line with plant-based options of fish fingers and tender beef strips. This shows that there is a high demand for plant-based foods in the UK market, which will drive its growth in the coming years.
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Asia Pacific is likely to emerge as lucrative avenues for worldwide plant-based food and beverage market with regional growth rate of 8.90% during the forecast period. Nearly one-fifth of the population in South Korea is reducing their meat consumption with many people adopting plant-based alternatives, supported by evolving consumption habits with greener options, thereby fueling the market demand. People in China consume more vegetables than those anywhere else in the world. In fact, the meat consumption in the country is already significantly less than that in the US. Additionally, the government is determined to reduce meat consumption in the nation by 50% by the year 2030, in a bid to reduce its GHG emissions. This is an excellent opportunity for Chinese plant-based brands to pave the way for innovation in plant-based food & beverage products both domestically and globally.
Access sample pages of the report, “ASIA-PACIFIC PLANT-BASED FOOD AND BEVERAGE MARKET 2021-2028” in detail along with the table of contents (ToC) @
Global Plant-Based Foods and Beverage Market, by Type (Revenue, USD Million, 2021-2028)
Global Plant-Based Foods and Beverage Market, by Source (Revenue, USD Million, 2021-2028)
Global Plant-Based Foods and Beverage Market, by Distributors (Revenue, USD Million, 2021-2028)
- Convenience Stores
- Specialty Stores
- Online Retail
Global Plant-Based Foods and Beverage Market, Regional Terrain (Revenue, USD Million, 2021-2028)
- Australia & New Zealand
- ASEAN countries
- South Korea
- Rest of Asia Pacific
- Rest of LATAM
- Rest of Europe
Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Global Plant-Based Foods and Beverage Market, Competitive Dashboard (Revenue, USD Million, 2021-2028)
- Califia Farms
- Blue Diamond Growers
- Beyond Meat Inc.
- Amy’s Kitchen
- Field Roast Grain Meat Co. Inc.
- Danone S.A.
- Daiya Foods Inc.
- Conagra Brands Inc.
- Quorn Foods
- Pacific Foods of Oregon LLC
- Moving Mountains Foods
- Morningstar Farms
- Kikkoman Corporation
- Impossible Foods Inc.
- Yofix Probiotics Ltd.
- The Hain Celestial Group Inc.
- Sweet Earth Inc.
- Sunfed Limited
Plant Based Ingredients Market Size, Share & Forecast, 2019 – 2025
Plant Based Ingredients Market may exceed USD 13.5 trillion by 2025; according to a new research report. Growing consumer preferences for vegan diet along with rising inclination towards organic ingredients should stimulate plant based ingredients market. These are low-calorie food with high fiber & protein content and are easily digestible. Rising enviornmental concerns, health awareness and consumer focus on nutritional and healthy diet will stimulate the plant based ingredients market growth.
Europe wheat based ingredients market from bakery & snacks applications may expect gains at above 7.5% by the end of forecast period owing to increasing demand for ready to eat food products. Increasing technological advancements has allowed manufacturers to focus on experimentation of baked goods consisting of whole wheat and gluten-free fiber.
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