Global Plant Based Food and Beverage Market Report and Forecast 2024-2032

Global Plant Based Food and Beverage Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global plant based food and beverage market reached a value of USD 23.96 billion in 2023. Aided by a shift towards plant-based food products, the market is projected to further grow at a CAGR of 9.4% between 2024 and 2032 to reach a value of USD 54.23 billion by 2032.

The plant-based food and beverage sector is at the forefront of a dietary revolution, marked by a global shift towards sustainability, health consciousness, and ethical eating. As consumers increasingly opt for alternatives to animal-derived products, the industry is witnessing unprecedented growth.

The plant based food and beverage market growth is bolstered by the rising awareness of the environmental, health, and ethical implications of food choices. Projected to expand at an impressive Compound Annual Growth Rate (CAGR), the market's growth is fuelled by multifaceted factors.

The surge in veganism and flexitarian diets has propelled the demand for plant-based alternatives, extending beyond traditional products to include plant-based dairy, meats, and innovative food and beverage offerings. Technological advancements in food processing and flavour enhancement have also played a pivotal role, improving the taste, texture, and nutritional profile of plant-based products, making them appealing to a broader consumer base, thereby influencing the plant based food and beverage market outlook.

Moreover, the growing concern over food security and sustainability has encouraged consumers and businesses alike to embrace plant-based options as a means to reduce carbon footprints and promote ethical food production practices.

Key innovations include the development of plant-based proteins with enhanced amino acid profiles, the use of fermentation technology to replicate dairy and meat flavours, and the introduction of lab-grown or cultured meat alternatives. Additionally, the integration of superfoods and functional ingredients into plant-based products is expanding their appeal as health and wellness options.

As per the plant based food and beverage market analysis, the demand for transparent labelling, clean ingredients, and sustainable packaging offers avenues for brands to distinguish themselves. Furthermore, the untapped potential in global markets, particularly in regions with rising incomes and health awareness, presents expansive opportunities for growth and innovation.

The plant-based food and beverage industry represents a significant shift in global dietary patterns, offering a sustainable and ethical alternative to traditional animal-derived products. With a commitment to innovation, quality, and sustainability, the sector is well-positioned to continue its growth trajectory, contributing to healthier diets, reduced environmental impact, and a more ethical food system worldwide.

Market Segmentation

The market can be divided based on type, source, category, distribution channel, and region.

Market Breakup by Type

• Plant Based Dairy
• Meat Substitutes
• Plant Based Nutrition/Snack Bars
• Plant Based Bakery Products
• Plant Based Beverages
• Others

Market Breakup by Source

• Soy
• Coconut
• Wheat
• Almond
• Others

Market Breakup by Category

• Organic
• Conventional

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global plant-based food and beverage market. Some of the major players explored in the report by Expert Market Research are as follows:

• Nestle S.A.
• Conagra Brands, Inc.
• Campbell Soup Company
• Danone S.A.
• Beyond Meat Inc.
• Hain Celestial Group Inc.
• Noumi Ltd.
• Blue Diamond Growers
• Tofutti Brands, Inc.
• Eden Foods, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.