The Plant-based Food Market is expected to reach $113.1 billion by 2031, at a CAGR of 12.3% during the forecast period of 2024 to 2031. This market's growth is driven by the increasing intolerance for animal-derived protein amongst consumers, the growing vegetarian population, the rising number of venture investments in plant-based food companies, innovation in food technology, and the growing focus on animal welfare and sustainability. 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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Venture Investments in Plant-based Food Companies Accelerating the Expansion of Plant-based Food Market
In recent years, the plant-based foods industry has witnessed an influx of investments aimed at capitalizing on the veganism trend and the surging demand for sustainable foods. Alongside the growing risk profile of livestock production, well-established meat and dairy players are increasingly under attack by animal welfare groups. Protein diversification has the potential to transform a food company’s core business and value proposition.


Based on type, the plant-based food market is segmented into dairy alternatives, meat substitutes, meals, baked goods, confectionery, RTD beverages, eggs substitutes, seafood substitutes, and others. In 2022, the dairy alternatives segment is expected to account for the largest share of the plant-based food market. The large market share of this segment is attributed to factors, such as the increasing number of lactose intolerant people, the growing ethical concerns amongst consumers about animal abuse in modern dairy farming practices, and the nutritional benefits offered by plant-based dairy products.
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Based on source, the plant-based food market is segmented into soy, almond, wheat, pea, rice protein, and others. In 2022, the soy segment is expected to account for the largest share of the plant-based food market. The large share of this segment is attributed to factors such as the easy and wide availability of raw materials, lower cost compared to other sources, significant demand from meat alternatives manufacturers, higher consumer acceptance level, and its wide range of applications in numerous food & beverage sectors, including meat, dairy alternative, and bakery.
Based on distribution channel, the plant-based food market is 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 large share of this segment is attributed to factors such as the increased sales of plant-based food in well-established supermarkets and hypermarkets chains, consumers’ preference for shopping from brick-and-mortar grocers due to easy access and availability, and the increasing consumer expenses on vegan food products. This segment is also expected to grow at the fastest CAGR during the forecast period due to the rapidly growing online retail sector.
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Based on geography, the plant-based food market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the major share of the plant-based food market. The leading position of North America in the plant-based food market is attributed to factors such as the high awareness regarding the importance of protein-rich diets, increased health consciousness amongst consumers, a well-established food sector, higher adoption of technological advancements in the food & beverage industry, and significant investments in the plant-based sector.
Key Players
The key players operating in the global plant-based food market are 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.).
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