Market Size of Plant-Based Food and Beverages Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.28 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Plant Based Food and Beverage Market Analysis
The plant-based food and beverages market is projected to register a CAGR of 9.28% during the next five years.
Consumers are more aware of their health nowadays, and vegan culture is growing more popular among consumers due to the various health benefits associated with it, such as lowering cholesterol, stabilizing blood sugar, reducing inflammation, and supporting the immune system, thereby increasing the demand for plant-based food and beverages across the globe. Additionally, companies from all sectors are making significant investments to acquire and develop new plant-based products. This is primarily due to the increasing demand for plant-based products. For instance, in June 2021, Nestle launched plant-based pea milk in its UK stores. The product is made from protein-packed yellow peas.
Thus, the growing preference for plant-based diets and the major meat processors and manufacturers announcing their intentions to join the competition with their line of meat alternatives present a massive opportunity for plant-based food and beverage consumption. This trend is expected to keep growing in the forecast period.
Plant Based Food and Beverage Industry Segmentation
Plant-based food and beverages are primarily products made from plants, vegetables, grains, nuts, legumes, and fruit sources, which provide nutrients including iron, magnesium, folic acid, vitamin C, vitamin E, and dietary fiber.
The global plant-based food and beverage market is segmented by type, distribution channel, and geography. The market is segmented by type into plant-based dairy, meat substitutes, plant-based nutrition/snack bars, plant-based bakery products, and plant-based beverages. Plant-based dairy has been segmented further into yogurt, cheese, frozen desserts and ice cream, and other plant-based dairy products. Also, meat substitutes have been segmented further into tofu, tempeh, textured vegetable protein, and other meat substitutes.
Moreover, plant-based beverages are further segmented into packaged milk, packaged smoothies, coffee, tea, and other plant-based beverages. By distribution channel, the plant-based food and beverages market is segmented into on-trade and off-trade channels, while off-trade is further segmented into hypermarkets/supermarkets, convenience stores, online stores, and other distribution channels. By geography, the report provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
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Plant-Based Food and Beverages Market Size Summary
The plant-based food and beverages market is experiencing significant growth, driven by increasing consumer awareness of health benefits and a growing vegan culture. This shift is largely due to the perceived advantages of plant-based diets, such as lowering cholesterol, stabilizing blood sugar, and reducing inflammation. As a result, there is a rising demand for plant-based products globally, with companies across various sectors investing heavily in the development and acquisition of new plant-based offerings. The market is witnessing a notable transition from animal-based to plant-based products, influenced by ecological concerns, health consciousness, and ethical beliefs. This trend is further supported by the growing popularity of veganism, as consumers become more aware of issues related to allergies, hormones, and animal husbandry practices in the dairy industry.
The Asia-Pacific region is seeing a surge in the popularity of plant-based foods and beverages, with countries like China, Thailand, and Japan leading the charge. Consumers in this region are increasingly willing to spend on plant-based alternatives, valuing health, nutrition, and convenience. The market is highly competitive, with both small-scale and global companies such as Danone SA, Nestle SA, and Conagra Brands Inc. expanding their production capacities and launching new products to meet the rising demand. Companies are also focusing on innovation in packaging, advertising, and product development, as well as strategic partnerships and acquisitions to enhance their market presence. This dynamic market landscape is characterized by continuous product innovation and a strong emphasis on catering to the evolving preferences of consumers.
Plant-Based Food and Beverages Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Plant-based Dairy
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2.1.1.1 Yogurt
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2.1.1.2 Cheese
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2.1.1.3 Frozen Desserts and Ice-Cream
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2.1.1.4 Other Plant-based Dairy
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2.1.2 Meat Substitutes
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2.1.2.1 Tofu
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2.1.2.2 Tempeh
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2.1.2.3 Textured Vegetable Protein
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2.1.2.4 Other Meat Substitutes
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2.1.3 Plant-based Nutrition/Snack Bars
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2.1.4 Plant-based Bakery Products
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2.1.5 Plant-based Beverages
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2.1.5.1 Packaged Milk
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2.1.5.2 Packaged Smoothies
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2.1.5.3 Coffee
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2.1.5.4 Tea
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2.1.5.5 Other Plant-based Beverages
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2.1.6 Other Food and Beverages
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2.2 Distribution Channel
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2.2.1 On-Trade
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2.2.2 Off-Trade
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2.2.2.1 Supermarkets/Hypermarkets
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2.2.2.2 Convenience Stores
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2.2.2.3 Online Stores
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2.2.2.4 Other Off-trade Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 Spain
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East and Africa
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Plant-Based Food and Beverages Market Size FAQs
What is the current Plant-Based Food and Beverages Market size?
The Plant-Based Food and Beverages Market is projected to register a CAGR of 9.28% during the forecast period (2024-2029)
Who are the key players in Plant-Based Food and Beverages Market?
Danone S.A , Tofutti Brands, Inc, Conagra Brands, Inc,, Beyond Meat, Inc. and Nestle SA are the major companies operating in the Plant-Based Food and Beverages Market.
