The global plant-based food market size is predicted to expand by 3x, witnessing an increase from USD 11.3 billion in 2023 to USD 35.9 billion by 2033. Overall plant-based food sales are poised to surge at a stupendous CAGR of 12.2% between 2023 and 2033.
Growing trend of veganism and flexitarians and rising consumption of dairy and meat substitutes are key factors driving the global plant-based food market. Similarly, plant-based food demand will rise on the back of rising flexitarian and vegan populations and increasing interest in animal welfare.
Plant-based foods are food products derived from plant and plant components such as vegetables, seeds, herbs, legumes, nuts, etc. These food products are gaining immense traction across the world due to their health and environmental benefits.
Future Market Insights (FMI) predicts the global sales of plant-based foods will rise rapidly due to rising concerns about the ecological footprint of several food products and escalating animal welfare issues. Subsequently, growing concerns about food insecurity is expected bode well for the market.
According to a study conducted by Oxford Martin School researchers, global switch to diets that depend more on vegetables and fruit and less on meat can save around 8 million lives by 2050. Further, it will avoid climate damages of USD 1.5 trillion and reduce greenhouse gas emissions by two-thirds.
Diets focused on plant-based foods have been found to benefit health, including a decreased chance of acquiring diabetes, high blood pressure, and coronary heart disease. These diets provide fiber and essential nutrients such as protein, lipids, carbs, vitamins, and minerals required for good health.
Growing prevalence of various cardiovascular diseases across the world will positively influence plant-based food sales during the projection period. Rising penetration of internet and social media platforms is playing a critical role in educating people about the various benefits of consuming plant-based products.
Leading players are using these platforms to reach maximum audiences and increase their sales. This will help the plant-based food industry to thrive rapidly over the next ten years.
Further, several plant-based food manufacturers are investing rigorously in research and development to introduce novel plant-based food products that have identical taste, flavor, and texture to that of animal-derived foods and dairy items.
| Attribute | Key Insights |
|---|---|
| Plant-based Food Market Estimated Value (2023) | USD 11.3 billion |
| Projected Market Value (2033) | USD 35.9 billion |
| Value-based CAGR (2023 to 2033) | 12.2% |
| Top 3 Countries Market Share | 31.3% |
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Global plant-based food sales experienced a healthy CAGR during the historical period from 2018 and 2022. However, for the projection period (2023 and 2033), FMI estimates the worldwide plant-based food industry to progress at an impressive CAGR of 12.2%.
Rise in vegan population worldwide and increasing awareness about the benefits of plant-based food products are a few of the factors driving the global plant-based food industry. A wide range of food products manufactured from plant ingredients are referred to as plant-based foods. These products do not contain any animal products or those derived from animals, such as meat, eggs, or milk.
Growing consumer acceptance of plant-based food items is a result of the development and popularity of novel products such as egg substitutes, plant-based milk, and meat substitutes. These plant-based products taste almost similar to those made from animals and are rich in essential nutrients.
Plant-based food products often mimic the texture, flavor, look, or chemical properties of particular varieties of foods. They are mostly consumed by vegetarians who do not eat animal-derived products but like to experience their taste and texture.
Awareness campaigns by celebrities and athletes have promoted the intake of vegetarian products. This in turn is creating a plethora of opportunities for plant-based food companies.
Rise of Veganism and Presence of Leading Plant-Based Food Companies Boosting the USA Market
According to Future Market Insights, plant-based food sales across the USA are projected to rise at an impressive pace during the forecast period. This growth is due to the rising vegan and flexitarian population in the country and strong presence of leading plant-based food manufacturing companies.
Nearly 70% of customers worldwide believe that the health of the environment and how their decisions affect the environment are among the main reasons they would want to try plant-based cuisine.
The United States remains at the forefront when it comes to the production and consumption of plant-based foods. According to the Plant Based Foods Association, total plant-based retail sales reached USD 7.4 billion in 2021 and this figure is likely to further surge amid growing popularity of plant-based diets among consumers.
Similarly, heavy presence of leading plant-based food companies such as Beyond Meat Inc, and Amy’s Kitchen along with penetration of new plant-based food start-ups is positively impacting plant-based food sales in the USA.
Growing Demand for Healthy and Sustainable Foods Driving Plant-Based Food Demand in Germany
In the past two years, plant-based food production in Europe has doubled, with Germany leading the way among other European nations. This is a result of customers' increased choice of healthy, sustainable foods throughout the nation.
The consumption of non-vegetarian and meat products has sharply declined in recent years as German consumers increasingly adopt a vegan lifestyle.
According to Green Queen Media, there are now around 2.6 million vegan consumers in Europe, a doubling of the previous several years' figures. This will probably make Germany a household name for those who manufacture plant-based foods in the future.
Growing Awareness About the Benefits of Plant-Based Foods Fostering Sales in India
As per Future Market Insights’ latest analysis, India is emerging as a key revenue-generation market for plant-based food manufacturers and the trend is expected to continue throughout the forecast period.
Demand for plant-based foods across India is driven by rising awareness among people about the benefits of eating plant-based food products and penetration of a wide range of plant-based items, especially dairy substitutes.
Customers claim to eat more plant-based meals for a variety of reasons, including improved overall health, weight management, a desire to eat healthily, and eating more sustainably.
Due to their health advantages, plant-based diets are popular among celebrities and athletes who want to improve their performance and lifespan. Celebrities are frequently seen promoting vegan cuisine and diets.
People have adopted plant-based substitutes because of a positive celebrity-driven social media narrative that has piqued their interest. This in turn is fueling plant-based food sales in India.
High Prevalence of Lactose Intolerance Worldwide Propelling Demand for Diary Substitutes
Based on type, the global plant-based food industry is segmented into dairy substitute, meat substitute, egg substitute, seafood substitute, and others. Among these, dairy substitutes segment holds a significant share of the market and is forecast to expand at a healthy pace over the next ten years.
Growth of the target segment is attributed to increasing incidence of lactose intolerance worldwide and penetration of new dairy-substitute products in the market.
Over the years, there has been a dramatic increase in the lactose-intolerant population worldwide. According to the World Population Review, about 65% of the adult human population worldwide suffers from lactose intolerance cause by decreasing activity of the LCT gene. This is compelling people to opt for dairy substitutes.
To meet growing demand for dairy substitutes, leading plant-based food manufacturers are expanding their existing portfolios by launching new products. For instance, in 2021, Wundu, a new pea-based milk alternative was launched by Nestle.
Manufacturers of plant-based food work with restaurants and large fast-food chains to increase their revenue share. Further, they are launching new innovative products and adopting strategies such as mergers, partnerships, collaborations, and acquisitions to stay relevant in this marketplace.
Beyond Meat, Impossible Foods, and Oatly are industry titans leading from the forefront. More conventional and established rivals, such as Nestlé and Kellogg, are attempting to gain a competitive advantage by expanding their plant-based product portfolios, strengthening their distribution networks, and launching various advertisements.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 11.3 billion |
| Projected Market Size (2033) | USD 35.9 billion |
| Anticipated Growth Rate (2023 to 2033) | 12.2% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Metric Ton for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, South Africa, others. |
| Key Segments Covered | Type, Source, Distribution Channels, & Region |
| Key Companies Profiled | Amy's Kitchen; Danone S.A.; Atlantic Natural Foods LLC; Profiled; Beyond Meat Inc; Garden Protein International Inc; Impossible Foods Inc; Lightlife Foods Inc (Maple Leaf Foods Inc.); Nestle S.A.; Tyson Foods Inc; Vbite Food Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is valued at USD 11.3 billion in 2023.
The growth potential of the plant-based food market is 12.2% CAGR through 2033.
India is projected to emerge as a lucrative market.
Surging penetration of new plant-based milk alternatives may drive market growth over the coming years.
Amy's Kitchen, Danone S.A., and Atlantic Natural Foods LLC are key plant-based food market players.
| Market Size (2024E) | USD 13,874.30 million |
|---|---|
| Market Valuation (2034F) | USD 23,983.50 million |
| Value-based CAGR (2024 to 2034) | 5.6% |
| Market Size, 2024 | USD 23,082 million |
|---|---|
| Anticipated Market Value, 2034 | USD 46,832.6 million |
| Value-based CAGR (2024 to 2034) | 7.3% |
| Market Value (2023) | USD 130.5 million |
|---|---|
| Market Value (2033) | USD 654.3 million |
| Market CAGR (2023 to 2033) | 17.5% |
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