Market Overview
Global plant-based food & beverages market is projected to register a CAGR of 10.92% and reach a value of USD 40,697.2 million by 2028.
Market Dynamics
The plant-based food and beverage market is predicted to grow rapidly during the next several years. Food and beverages made using plant-based ingredients are vegan-friendly, and the company's goods have been certified as such. Veganism has grown in popularity as people become more concerned about the well-being of animals, their own health, and the environment as a whole. A healthier heart, better control of diabetes, and a decrease in obesity are just a few of the health benefits that have been linked to veganism. One of the most important factors in propelling the rise of veganism is social media and a growing number of high-profile vegan celebrities. Consequently, the global plant-based food and beverage industry is growing at a rapid pace because of the rising popularity of vegetarian and vegan diets.
Protein sources from soy and nuts have a wide range of uses in the food and beverage sector. The amino acid composition of proteins obtained from plants varies widely, and this might result in an off-putting flavour. Despite their popularity as plant-based protein sources, grains like rice, peas, and chia each have their own distinct aftertastes, bitter undertones, and vegetal off flavours. Plant-based foods and beverages have a hard time gaining traction with customers because of this.
There have been significant product line extensions in recent years in the worldwide plant-based food and beverage business. Innovative items are now available on the market as a result of increased R&D spending and technical improvements. A increasing vegetarian population around the world and an established and mature vegetarian industry in industrialised countries like the United States, the UK, Germany, and France have led food and beverage makers to focus more on plant-based choices and developing goods with plant-based flavours.
Segmental Analysis
For example, plant-based milk and derivatives, plant-based milk, plant-based meat, baked goods, sweet and savoury snacks, and RTD tea and coffee are some of the products available in the worldwide plant-based food and beverage market.
Soy, wheat, pea, coconut, almond, cashew, and others are some of the sources of plant-based food and beverages in the global market. During the forecast period, the peas segment is expected to have the greatest CAGR of 11.46 percent.
There are two types of plant-based food and beverage markets in the world: the conventional and organic ones. During the forecast period, a CAGR of 11.47 percent is expected in the organic segment.
The global plant-based food and beverage market has been divided into store-based and non-store-based segments depending on distribution channels. In 2020, the store-based category will hold a higher share of the market. Offline retailers' ability to provide customers with quick delivery of their purchases is a key factor in the segment's expansion.
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Regional Analysis
North America, Europe, Asia-Pacific, and the rest of the world make up the majority of the worldwide plant-based food and beverage market.
Manufacturers of plant-based food and beverage products should expect great success in Europe. The region's appetite for plant-based fare and beverages is skyrocketing. Customers are increasingly choosing healthier beverage options over high-calorie sodas and other calorie-laden beverages. The European plant-based food and beverage market is expected to increase as a result of technological advancements throughout the forecast period. Plant-based foods and beverages are expected to grow in demand due to a growing number of flexitarians, vegetarians, and vegans, as well as an increased preference for organic and GM-free supply chains.
In 2020, the plant-based food and beverage industry in Asia-Pacific is expected to account for the largest portion of the global market. As a whole, China is the region's most populous country, with a market share of more than half throughout the review period. During the projection period, plant-based food and beverage makers can expect to find profitable prospects in the region.
Key Players
Prominent players in the global plant-based food & beverages market include Tyson Foods, Inc (Arkansas), Danone SA (France), Nestlé S.A. (Switzerland), General Mills, Inc. (US), Clara Foods (US), Keystone Natural Holdings (US), Premier Foods Plc (UK), Del Monte Fresh Produce NA, Inc. (US), Amy’s Kitchen (US), and Blue Diamond Growers (US).
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