Global Plant-based Food And Beverage Market 2023-2030
MARKET OUTLOOK
According to Triton’s research report, the global plant-based food and beverage market is anticipated to grow at a CAGR of 10.91% during the forecast period 2023-2030.
The growth of the plant-based food and beverage market is fueled by the rising popularity of veganism, with an increasing number of individuals opting for plant-based diets for ethical, environmental, and health reasons. Another factor is the increasing prevalence of lactose intolerance, which has led to a growing demand for dairy-free alternatives. In addition, the numerous health benefits of a plant-based diet, such as a lower risk of heart disease, have contributed to the market’s growth.
However, the market growth is restricted by the high cost of plant-based products compared to animal-based substitutes and the challenges associated with certain plant proteins.
REGIONAL OUTLOOK
The global plant-based food and beverage market covers Latin America, Asia-Pacific, North America, Middle East and Africa, and Europe regions.
Europe holds the largest share in the plant-based food and beverage market. Technological advances drive this growth by enabling the development of innovative plant-based products. In addition, growing awareness of the environmental impact of factory farming and the desire to reduce the consumption of animal products are contributing to the popularity of plant-based foods and beverages in Europe. However, there needs to be more clarity between the current legal situation and consumer perception regarding labeling, which is a hurdle for the market’s progress.
COMPETITIVE OUTLOOK
The notable companies in the plant-based food and beverage market are General Mills Inc, Danone SA, Conagra Brands Inc, The Hain Celestial Group Inc, Blue Diamond Growers, The Archer-Daniels-Midland Company (ADM), Nestlé SA, Impossible Foods Inc, Amy’s Kitchen Inc, Beyond Meat Inc, Campbell Soup Company, Daiya Foods Inc, Living Harvest Foods Inc, Meatless Farm, and KeVita Inc.
Campbell Soup Company, headquartered in Camden, New Jersey, manufactures and distributes prepared foods and beverage products. Its portfolio includes soups, broths, snacks, baked goods, and sauces. The company markets its products under several brands, including Pepperidge Farm, Campbell’s, and GoldFish. Campbell’s products are sold via various retail and commercial outlets.