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The growth in the plant-based food sector is driven by the emergence of flexitarian consumers and the increasing number of vegetarians and vegans, as consumers respond to a combination of ethical, environmental, and health concerns. This vegan food trend is gaining traction and will continue to evoke interest in the upcoming years for plant-based foods. Alongside the growing risk profile of livestock production, numerous well-established meat and dairy interests are increasingly under pressure from civil society groups and new food business players that market their plant-based foods as more ethical and sustainable protein sources.
Also, modern grocers have responded to the growth in the market and are significantly increasing the shelf space for plant-based foods. This direct-to-customer model for plant-based food distribution has become increasingly important in this sector, allowing processors to gain valuable insights into consumers’ behavior and a more personalized approach to marketing and differentiation for their products. Meticulous Research®, in its latest publication on the plant-based food market, states that the global plant-based food market will grow at a CAGR of 12.4% from 2022–2029 to reach $95.52 billion by 2029.
The growth of this market is driven by factors such as the increasing intolerance for animal protein amongst consumers, the growing vegan population, and the rising number of venture investments in plant-based food companies. In addition, the increasing number of research & development and new product launches by plant and protein alternative manufacturers and emerging economies, such as Asia-pacific, Latin America, and the Middle East & Africa, are expected to create lucrative opportunities for players operating in this market. However, factors such as the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to a notable extent.
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To provide efficient analysis, Meticulous Research® has segmented this market based on type (dairy alternatives (milk, cheese, yogurt, butter, ice cream, creamer, and others), meat substitutes (tofu, TVP, burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, others), meals, baked goods, confectionery, RTD beverages, egg substitutes, seafood substitutes, others), source (soy, almond, wheat, pea, rice, others), distribution channel (business to business and business to customers [modern groceries, convenience store, specialty store, online retail, others]), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on type, the dairy alternatives segment is expected to account for the largest share of the plant-based food market in 2022. However, the seafood substitutes segment is expected to grow at the fastest CAGR during the forecast period of 2022–2019. The growth in the seafood substitutes market is driven by factors such as the increasing availability of innovative seafood substitutes, growing consumer demand for vegan seafood, and the rising funding, investments, and food innovation in species-specific seafood alternatives.
Based on the source, the soy segment is expected to account for the major share of the plant-based food market in 2022. However, the pea segment is projected to grow at the fastest CAGR during the forecast period due to growing consumers’ desire to shift to sustainable and appetizing plant-based food alternatives, increasing investments, and the initiatives from leading manufacturers to increase pea protein production and thereby pea protein-based food products. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based food.
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Based on the distribution channel, the plant-based food market is mainly segmented into business to business (B2B) and business to customers (B2C). In 2022, the B2C distribution channel segment is estimated to account for the largest share of the plant-based food market. The end consumers increased expenses on the purchase of vegan food products has led to the increased sales of plant-based food through business-to-consumer channels, such as supermarkets, hypermarkets, and brick-and-mortar grocers, which are the major contributors to the large market share of the B2C distribution channel segment. This segment is also expected to grow at the fastest CAGR during the forecast period due to the rapidly growing online retail sector.
Based on geography, North America is expected to account for the major share of the plant-based food market in 2022. However, the Asia-Pacific plant-based food market is projected to register rapid growth during the forecast period due to the factors such as the growing adoption of emerging technologies for product innovation, collaborations between international and domestic food companies, increasing R&D investments by governments in the food sector, presence of a large number of key players in the market, and the rising number of vegan restaurants. The high market growth in Asia-Pacific is further supported by factors such as the rapid growth in urbanization, the growing middle-class population and rising income level, and the growing awareness about the benefits of protein-rich diets.
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The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone SA (France), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Plamil Foods Ltd. (U.K.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods (U.S.), Daiya Foods Inc. (Canada), Earth’s Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), and Unilever PLC (U.K.).
Mr. Khushal Bombe
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