Pune, India, Feb. 12, 2021 (GLOBE NEWSWIRE) — Plant-Based Food Market Overview:
Market Research Future (MRFR) evaluates that the Global Plant-Based Food Market is expected to acquire a market value of USD 37981.6 million while recording a CAGR of 10.20% by 2027. Plant-based food refers to food such as; legumes, fruits, vegetables, nuts, grains, and others, that are derived from plants. The plant-based market is likely to procure significant opportunities of expansion in developing countries in the coming time.
The growing demand for plant-based food due to increasing awareness about veganism is anticipated to be a significant factor that can drive the global market during the forecast period. The rising cases of lactose intolerance across the globe is likely to enhance demand for non-dairy products, which is predicted to increase demand for such food, thereby benefitting the industry in the coming time. Apart from these, the rising concern towards the protection of the environment and increasing efforts to reduce carbon footprint are other salient factors that is likely to drive the industry in the analysis timeframe. In addition, the increasing initiatives to incorporate innovation in food products can also aid in strengthening the market expansion in the coming time. In the recent most example, Las Vegas, in January 2021, announced that now it has a Vegan Food Bank which would offer food to the needy. Another crucial factor that is likely to positively impact the plant-based industry is the endorsement of veganism by popular actors such as Beyonce, Zac Efron, Benedict Cumberbatch, Jason Mraz, Jacqueline Fernandez, among others. On the contrary, the developed taste for the consumption of non-veg food and the presence of cheaper substitutes are other crucial factors that are likely to hamper the industry growth in the assessment tenure.
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Key Players Locking Horns:
- Tyson Foods, Inc. (US),
- Nestle SA (Switzerland),
- Clara Foods (US),
- Keystone Natural Holdings (US),
- Premier Foods PLC (UK),
- Danone S.A. (France),
- Del Monte Fresh Produce N.A., Inc. (US),
- General Mills Inc. (US) and
- Amy’s Kitchen (US)
Latest Trends Post COVID-19 Outbreak:
The outbreak of COVID-19 has brought a positive impact on the market due to the increased consumption of plant-based nutrition to boost immunity. The market witnessed rise due to the reluctance to consume meat owing to the outbreak and the demand for plant-based food rose significantly. The e-commerce platform is likely to play a salient role in driving the market growth in the COVID-19 era. The market witnessed a rise in demand for food products such as beans, legumes, and others.
Browse In-depth Market Research Report (100 pages) on Plant-Based Food: https://www.marketresearchfuture.com/reports/plant-based-food-market-8578
Future Market Growth Factors:
The players established in the industry are adopting strategies to strengthen their grip in the industry. The players are focusing on mergers, acquisitions, product launches, and collaboration. The rising attempts to expand the player’s reach is a significant method that results in intensifying the competition in the industry. For example, Eat Just, a food startup based out of San Francisco that makes chicken-less eggs, aims to enter the Chinese market where the demand for plant-based food is increasing. In another recent example, Domino’s launched its first plant-based meat pizza in India. The initiative will result in an increased consumer base that will strengthen the market competition in the coming time. Similarly, a Mumbai-based startup Blue Tribe Foods, recently launched a plant-based ‘chicken nuggets’ that claims to be a replica of the real meat.
The global plant-based food market can be segmented into category, type, and distribution channel. In the category segment of the global plant-based food market, the organic segment is likely to witness a higher CAGR as compared to the other segment during the study period. In the category segment of the global plant-based food market, the plant-based juices segment is anticipated to be the fastest-growing segment during the forecast period. In the distribution channel segment of the global plant-based food market, the non-store based segment is expected to offer a higher growth rate in the assessment period.
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Regional Status and Challenges:
As per the assessment conducted by MRFR, Europe is anticipated to dominate the market during the forecast period. The increasing awareness about the vegan diet is expected to play an important role in driving the regional market. The increasing innovation in the field is likely to augment the market in Europe. For example, Dr. Laura Freeman and Dr. Shireen Kassam have launched the first plant-based medical service in the U.K. The initiative is likely to bring a positive impact on the market growth. In another example, Oatly launched its first vegan cream cheese in the U.K. In addition, the globally renowned Burger King also announced the launch of vegan burgers in the U.K. In Europe, countries such as the U.K. is anticipated to make a significant contribution in developing the market growth during the review time. APAC is expected to procure a significant market share during the assessment period due to the increasing initiatives to grow the industry in the region.
Developing countries such as; India and China are likely to make a significant contribution in developing the market in the region. For example, an Indian startup, Axia Foods, which created the first almond-cheese protein bars, has now announced that it will develop the world’s first vegan butter and cheese made from almonds. In another recent example, a Mumba-based startup called Evo Foods announced its vegan eggs with plant protein that tastes like real eggs. North America is recognized to be another lucrative market that can pose a significant threat to the meat industry in the coming time. In the recent most update, San-Francisco based vegan seafood startup New Wave Foods announced that it had raised USD 18 million in a Series A Funding round to disrupt the seafood industry. The robust expansion of the plant-based industries and the vegan sector are likely to boost the market tremendously in the assessment tenure. Countries such as the U.S. and Canada are anticipated to be lucrative markets in the coming time that may aid in the development of the market significantly. In addition, the increasing R&D in the field can augment the regional market notably.
Discover more Research Reports on Food & Beverages Industry, by Market Research Future:
Plant-Based Meat Market Research Report: Information by Product Type (Tofu & Tofu Products, Sausages, Seitan, Tempeh, Others), Source (Soy, Wheat, Pea, Others), Distribution Channel (Store-Based , Non-Store-Based) – Forecast till 2025
Plant-Based Beverages Market: By Source (Fruits, Nuts, Vegetables, Soy, Seeds & Leaves and Others), By Type (RTD Tea & Coffee, Plant-Based Milk, Juices and Others) and By Distribution Channel (Store-Based and Non-Store Based) – Global Forecast till 2023
Plant-Based Snacks Market Research Report: Information by Product Type (Meat Alternative Snacks, Cereal/Grain-Based Snacks, Fruit & Nut Snacks, Plant-Based Snack Bars and others), Category (Conventional and Organic), Distribution Channel (Store-Based and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2024
Plant-Based Food Ingredients Market: Information By Source (Soy, Pea, Rice, Almond, Cashew, Oats, Coconut and Others), Category (Organic, Conventional), Application (Plant-Based Milk & Derivatives, Bakery & Confectionery, Sweet & Savory Snacks, Meat Substitutes, RTE & RTC Meals, Others) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2026
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Published at Thu, 11 Feb 2021 18:52:01 +0000