China Plant-based Food and Beverages Market Size (2024 - 2029)

China Plant Based Food and Beverages Market Analysis

The China Plant-Based Food and Beverages market is projected to register a CAGR of 5.11% during the forecast period (2022 - 2027).

During the initial wave of business and community shutdowns, plant-based products were in high demand online, with e-commerce prices and out-of-stock levels increasing as more shoppers shifted from brick-and-mortar retailers due to COVID-19. A major issue was the disruption of supply chains, including meat and dairy alternatives, as, during the lockdown, many countries including China had closed their borders or raised trade barriers. However, these shutdowns gave the players in the market to restrategize and take advantage of the gaps that were created in the supply chain. For example, In August 2020, Asia's OmniPork, a company that makes plant-based pork products, announced the opening of 210 outlets in China (h/t Vegconomist). Following supply problems due to the covid-19 and pork price escalation in China, the company had decided to explore the untapped potential of the plant-based meat market in China.

Over the medium term, the sales of plant-based food and beverages have rebounded to the pre-pandemic levels as of 2022. Infact the increased awareness about the health benefits of plant-based food and beverages through various social media platforms and advertisement are driving the market studied and this has lead to the surge in demand for vegan food and beverages have increased in China.

Owing to the above factors domestic as well as international players dived into China plant-based food and beverages market. For example, 2020 witnessed the release of the first Beyond Pork product, which was developed especially for the Chinese market. In May 2022, Beyond expanded its line of pork sauces to include a variety made from plants. In order to increase consumer access to its products across China, the company launched its first DTC e-commerce website in 2021.

China Plant Based Food and Beverages Industry Segmentation

The plant-based food and beverages include meat and dairy substitute products derived from plant products. The products include meat alternatives made from different plant-based ingredients like chickpea, soy and tofu, pea protein, and other such ingredients. The plant-based beverages include dairy alternatives like oats milk, almond milk, coconut milk, and other such beverages. By product type the market studied is segmented into meat substitutes, dairy alternative beverages, non-dairy ice cream, non-dairy cheese, non-dairy yogurt, and non-dairy spreads. Meat substitutes are bifurcated into Textured Vegetable Protein, Tofu, Tempeh, and others. Beverages are further segmented into soy milk, almond milk, and other beverages. By distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online retail channels, and other distribution channels. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).