Infinium Global Research’s recent report on the “Global Plant-based Food Market (By Product (Dairy Alternatives, Plant Based Meat, Plant Based Meal, Plant Based Condiments, Plant Based Eggs, and Others), By Application (Food and Beverage Industry, and Pharmaceutical Industry)): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2026” provides a comprehensive outline of the factors responsible for the growth of the market. According to the report, the global market for plant-based food was sized near USD 20 billion in 2020 and is expected to reach over USD 40 billion by 2026 growing with a CAGR of 12.3% over 2020-2026.

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The global plant-based food market is projected to grow with a CAGR of 12.3% during 2020-2026. Improving the efficiency of the Western diet is crucial to achieving sustainability. Plant-based food includes plant-based milk, plant-based meat, plant-based meal, plant-based condiments, plant-based eggs, and others. The adoption of vegetarian diets among health-conscious consumers is driving the growth of the global plant-based food market. Plant-based meat products are considered to be meat substitutes and are made to mimic properties found within natural meats. Compared to meat products, plant-based meats offer consumers a more sustainable and environmentally friendly lineup of meat alternatives.

Plant-based food cannot prevent a person from developing COVID-19, but it helps support a healthy immune system. A plant-based food helps in SARS-CoV-2 infection prevention and reduces the risk of severe symptoms. Furthermore, the factors such as fear of a rising number of animal-borne diseases such as COVID-19, increasing health concerns, and demands for clean label products & natural products, are projected to drive the growth of the plant-based food industry during the forecast period. Moreover, the WHO also recommends avoiding the consumption of red meat and processed meats and limiting sugars which positively impacted the plant-based food market.

Dairy Alternatives Segment to Dominate the Plant-based Food Market

The global plant-based food market is segmented into dairy alternatives, plant-based meat, plant-based meal, plant-based condiments, plant-based eggs, and others. The dairy alternatives segment is estimated to command the largest share of the overall plant-based food market in 2020. The factors such as the increased number of lactose-intolerant people and the nutritional benefits offered by plant-based dairy products are driving the demand for plant-based dairy alternatives. Further, rising awareness of ethical concerns about animal abuse in modern dairy farming practices is fueling the demand for plant-based dairy alternatives. The various types of plant-based milk such as soy milk, rice milk, and almond milk are among the most popular choice for dairy alternatives worldwide. Dairy alternatives are considered healthy due to the presence of a number of essential vitamins and minerals.

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North America to Be the Dominant Region in Global Plant-Based Food Market

Among the regions, North America generated the largest revenue in the plant-based food market in 2019. The rise in demand for nutritional foods and healthy diets is attributed to the increasing demand for plant-based food products in North America. In the North America region, the concept of veganism and plant-based diet interest and enthusiasm is growing. Europe also holds a significant market share of the global plant-based food market owing to the increased awareness about a protein-rich diet, increased health consciousness, and larger vegan & vegetarian population.

Companies Operating in Plant-Based Food Market to Ramp Up Production Amidst COVID-19 to Meet the Rising Demands

The plant-based food market is fragmented and moderately competitive in nature due to the presence of small vendors in the market. This makes it one of the leading plant-based food markets in the world which has created intense competition in terms of innovation and cost. The report provides profiles of the companies in the market such as Danone S.A., The Kellogg Company, SunOpta, Inc., The Campbell Soup Company, The Hain Celestial Group, Tyson Foods, Smithfield Foods, Nestle SA, UNREAL CO., and Others. These market players have implemented different strategies to expand their product and service offerings, global footprint, and augment their market shares. For instance, in January 2021, PepsiCo is partnering with Beyond Meat, the publicly traded plant-based protein provider, on a poorly named joint venture to hawk new plant-based food and beverages to consumers.

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