Plant Based Food Market Report 2024 (Global Edition)

Global Plant Based Food Market Report 2024 Market Size Split by Type (Dairy Substitute, Meat Substitute, Egg Substitute, Seafood Substitute, Others), by Source (Soybean, Nuts, Wheat, Pea, Others), by ...

Plant Based Food Market Report Description

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Plant Based Food Market Insights Video

Competitive Landscape of the Plant-Based Food Market

The market for plant-based foods is quite competitive, and some of the major firms are Beyond Meat, Impossible Foods, and Oatly, which are driving innovation. Big food corporations have also entered the market, adding plant-based substitutes to their product lines, like Danone, Unilever, and Nestlé. Startups and smaller businesses are spearheading innovation, and as competition has heated up due to rising customer demand, businesses are being forced to enhance product quality, affordability, and sustainability in order to gain market share.

In March 2024, the Kraft Heinz Not Company LLC introduced the first plant-based Oscar Mayer products, NotHotDogs and NotSausages, a joint venture between The Kraft Heinz Company (Nasdaq: KHC) ("Kraft Heinz") and TheNotCompany, Inc. ("NotCo"). The Kraft Heinz Not Company's Oscar Mayer NotHotDogs and NotSausages deliver the savory and smokey taste that brand enthusiasts have known and loved for more than 140 years, all while pursuing its mission to develop delicious plant-based foods for everyone. (Source:https://ir.kraftheinzcompany.com/news-releases/news-release-details/hot-dog-kraft-heinz-not-company-launches-first-ever-plant-based) In April 2023, the Leading provider of plant-based meat, Beyond Meat, announced the food service introduction of Beyond Pepperoni and Beyond Chicken Fillet, expanding on the previous release of Beyond Steak. (Source: https://www.beyondmeat.com/en-US/press/beyond-meat-introduces-beyond-pepperoni-beyond-chicken-fillet-and-beyond-steak-to-foodservice-nationwide) In November 2022, Beyond Meat, Inc. introduced Beyond Popcorn Chicken and Beyond Chicken Nuggets. The newest additions can be found in 5000 Kroger and Walmart locations countrywide, as well as a few particular Albertsons and Ahold businesses. (Source:https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-expands-award-winning-chicken-portfolio)

Top Companies Market Share in Plant Based Food Industry: (In no particular order of Rank)

• Amy's Kitchen
• Beyond Meat Inc
• Danone S.A.
• Atlantic Natural Foods LLC
• Garden Protein International Inc
• Nestle S.A.
• Tyson Foods Inc
• Impossible Foods Inc
• Lightlife Foods Inc (Maple Leaf Foods Inc.)
• Vbite Food Ltd
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Plant-Based Food Market

Which Region Dominates the Plant-Based Food Market in 2024?

According to Cognitive Market Research, North America currently dominates the Plant-Based Food market, and the region is expected to have significant growth during the projected period. Because of increased environmental concerns, health consciousness, and the popularity of vegan and flexitarian diets, North America is expected to lead the expansion of the plant-based food market. Growing consumer interest in plant-based dairy and meat substitutes in the United States and Canada is being driven by their desire for more sustainable, healthful food options. Food technology and innovation improvements are improving the appeal of products, and major food merchants and restaurant chains are increasing their plant-based options. North America's demand for clean-label, high-quality alternatives and its robust investment in plant-based businesses further establish the region as a major market development engine.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Due to increased lactose intolerance rates, sustainability concerns, and growing health consciousness, Asia Pacific is becoming a major growth engine for the plant-based food industry. As people move toward healthier diets and environmental concerns increase, there is a growing demand for plant-based substitutes in countries like China, India, and Japan. Asian cuisine has a long history of using plant-based foods like tempeh and tofu, which helps the industry grow. The market is expanding because of investments in plant-based innovation and the growing influence of Western dietary habits; therefore, Asia Pacific is a critical region for future growth.

The current report Scope analyzes Plant Based Food Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Plant Based Food

According to Cognitive Market Research, the global Plant-Based Food market size was estimated at USD 12541.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 5016.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Plant-Based Food market with a market size of USD 3958.00 million in 2024 and is projected to grow at a CAGR of 11.2% during the forecast period. The United States growing concern about diabetes, heart disease, and obesity has increased demand for plant-based, healthier substitutes.
• The Canada Plant-Based Food market had a market share of USD 601.98 million in 2024 and is projected to grow at a CAGR of 12.2% during the forecast period. Many Canadian customers view plant-based diets as a means of lowering their carbon footprint, as they are becoming more environmentally concerned.
• The Mexico Plant-Based Food market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 456.50 million in 2024.

Europe Plant Based Food

According to Cognitive Market Research, the global Plant-Based Food market size was estimated at USD 12541.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 3762.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.7% from 2024 to 2031.

• The United Kingdom Plant-Based Food market had a market share of USD 632.08 million in 2024 and is projected to grow at a CAGR of 12.5% during the forecast period. The United Kingdom is a center for plant-based food innovation, with new products appearing in restaurants and supermarkets on a regular basis.
• The France Plant-Based Food market is projected to witness growth at a CAGR of 10.9% during the forecast period, with a market size of USD 346.14 million in 2024.
• According to Cognitive Market Research, the German Plant-Based Food market size was valued at USD 744.95 million in 2024 and is projected to grow at a CAGR of 11.9% during the forecast period. Germany boasts one of the most established plant-based food cultures in Europe and one of the largest vegan populations.
• The Italy Plant-Based Food market is projected to witness growth at a CAGR of 11.1% during the forecast period, with a market size of USD 323.56 million in 2024.
• The Russia Plant-Based Food market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 583.17 million in 2024.
• The Spain Plant-Based Food market is projected to witness growth at a CAGR of 10.8% during the forecast period with a market size of USD 308.51 million in 2024
• The Luxembourg Plant-Based Food market is projected to witness growth at a CAGR of 11.8% during the forecast period, with a market size of USD 116.63 million in 2024.
• The Portugal Plant-Based Food market is projected to witness growth at a CAGR of 11.5% during the forecast period, with a market size of USD 79.01 million in 2024.
• The Greece Plant-Based Food market is projected to witness growth at a CAGR of 12.0% during the forecast period, with a market size of USD 45.15 million in 2024.
• The Rest of Europe's Plant-Based Food market is projected to witness growth at a CAGR of 10.4% during the forecast period, with a market size of USD 583.17 million in 2024.

Asia Pacific Plant Based Food

According to Cognitive Market Research, the global Plant-Based Food market size was estimated at USD 12541.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 2884.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Plant-Based Food market size was valued at USD 1298.01 million in 2024 and is projected to grow at a CAGR of 14.7% during the forecast period. Plant-based food sales have surged in China due to consumers turning to plant-based substitutes due to concerns about food safety, such as illness outbreaks connected to animal products.
• The Japan Plant-Based Food market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 398.06 million in 2024.
• The India Plant-Based Food market had a market share of USD 346.14 million in 2024 and is projected to grow at a CAGR of 17.0% during the forecast period. India has a strong need for plant-based foods because of its vast vegetarian population, which is a result of religious and cultural beliefs.
• The South Korean Plant-Based Food market is projected to witness growth at a CAGR of 14.3% during the forecast period, with a market size of USD 288.45 million in 2024.
• The Australian Plant-Based Food market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 149.99 million in 2024.
• The South East Asia Plant-Based Food market is projected to witness growth at a CAGR of 16.2% during the forecast period, with a market size of USD 199.03 million in 2024.
• The Rest of Asia Pacific Plant-Based Food market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 204.80 million in 2024.

South America Plant Based Food

According to Cognitive Market Research, the global Plant-Based Food market size was estimated at USD 12541.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 627.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Plant-Based Food market size was valued at USD 268.38 million in 2024 and is projected to grow at a CAGR of 13.2% during the forecast period. Plant-based food flourished in Brazil because the need for more sustainable, plant-based choices is being fueled by the environmental impact of deforestation, which is primarily caused by cattle farming.
• Argentina's Plant-Based Food market had a market share of USD 105.35 million in 2024 and is projected to grow at a CAGR of 13.5% during the forecast period. In Argentina, despite the country's strong meat culture, there is growing interest in plant-based meat substitutes, particularly among younger people.
• Colombia Plant-Based Food market is projected to witness growth at a CAGR of 12.4% during the forecast period, with a market size of USD 55.81 million in 2024.
• Peru Plant-Based Food market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 51.42 million in 2024.
• Chile's Plant-Based Food market is projected to witness growth at a CAGR of 12.9% during the forecast period, with a market size of USD 45.15 million in 2024.
• The Rest of Latin America's Plant-Based Food market is projected to witness growth at a CAGR of 11.7% during the forecast period, with a market size of USD 100.96 million in 2024.

Middle East and Africa Plant Based Food

According to Cognitive Market Research, the global Plant-Based Food market size was estimated at USD 12541.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 250.82 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.9% from 2024 to 2031..

• The GCC Countries Plant-Based Food market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 107.35 million in 2024. Plant-based food sales flourish in GCC countries because the lodging industry is growing its plant-based menu offerings in hotels and restaurants, fueled by foreign travelers.
• The Egypt Plant-Based Food market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 26.34 million in 2024.
• The South Africa Plant-Based Food market is projected to witness growth at a CAGR of 13.9% during the forecast period, with a market size of USD 39.63 million in 2024. Plant-based food sales flourished in South Africa due to prices-conscious customers may find plant-based diets more appealing because they might provide a cheaper option to meat, particularly in harsh economic times.
• The Turkey Plant-Based Food market is projected to witness growth at a CAGR of 12.4% during the forecast period, with a market size of USD 21.57 million in 2024.
• The Nigeria Plant-Based Food market is projected to witness growth at a CAGR of 12.0% during the forecast period, with a market size of USD 26.34 million in 2024.
• The Rest of the MEA Plant-Based Food market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 29.60 million in 2024.

Plant Based Food Market Analysis

Plant-Based Food Market Type Segment Analysis

According to Cognitive Market Research, dairy substitutes are likely to dominate the Plant-Based Food Market over the forecast period. A significant component supporting the rise of the dairy substitute food category is the fact that by the age of 20, almost 30 million adult Americans suffer from some form of lactose intolerance, according to Medline Plus. The accessibility of a wide range of products, such as cheese, yogurt, ice cream, and related snacks, has led to a shift in customer preferences away from vegetarianism, expanding the market for this market category. Additionally, producers are attracting customers' attention with their creative packaging ideas. This is also anticipated to help to segment growth.

The meat substitute is the fastest-growing segment in the Plant-Based Food Market. Health-conscious customers looking for alternatives to animal-based proteins are driving the fast-growing demand for meat substitutes in the plant-based food market. Items that mimic the taste and feel of traditional meat, such as plant-based burgers, sausages, and ground meat, are becoming more and more popular. These products are produced using pea protein, soy, and other plant sources. This need is also being driven by growing flexitarian and vegan diet trends, ethical concerns, and environmental concerns. Global demand for meat alternatives is being driven by innovations in flavor and nutrition, as well as increased availability in retail and food service settings.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Plant Based Food Industry. Request a Free Sample PDF!

Plant-Based Food Market Source Segment Analysis

According to Cognitive Market Research, the soybean segment holds the largest share of the market. Owing to their high protein content and adaptability, soybeans are a staple ingredient in the plant-based food market. Tofu, tempeh, and soy milk are the main sources of these meat replacements, which appeal to consumers looking for wholesome and environmentally friendly alternatives to animal goods. Plant-based diets and growing health consciousness are fueling the global market for soy-based goods. Furthermore, the functional qualities of soybeans, such as their ability to increase flavor and texture, make them indispensable for creating novel plant-based foods that stimulate market expansion.

In the Plant-Based Food Market, the category of peas has been growing quickly. Peas are emerging as a major protein source in the plant-based food market, especially as dairy and meat substitutes. Pea protein, which is used in goods like plant-based burgers, protein powders, and dairy-free yogurts, is frequently made from peas, which are rich in important amino acids. They are a perfect ingredient for food manufacturers because of their neutral flavor and useful qualities like binding and emulsifying. The market is expanding overall, and demand for pea-based goods is being driven by growing consumer interest in health, sustainability, and dietary choices like flexitarianism and veganism.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Plant Based Food Distribution Channel Segment Analysis

Plant-Based Food Market Distribution Channel Segment Analysis

According to Cognitive Market Research, the offline sales channel [supermarkets/hypermarkets] segment holds the largest market share. The Plant-Based Food Market relies heavily on supermarkets and hypermarkets as important distribution channels since they offer a wide variety of plant-based products at competitive prices. More and more of these store layouts are dedicating aisle space to plant-based items, such as snacks, dairy-free options, and meat substitutes. Supermarkets draw those interested in plant-based diets and those who are health-conscious because of their variety and ease. Furthermore, marketing campaigns and in-store tastings raise awareness of products, stimulate trials, and boost sales dramatically. The increasing cooperation of major retailers and plant-based companies promotes accessibility and market expansion.

Online sales channel [e-commerce platform] is anticipated to be the fastest-growing segment in the Plant-Based Food market. In the plant-based food industry, e-commerce platforms are quickly taking center stage as a crucial distribution channel, meeting consumer demand for easy online purchasing. Online shops are becoming the preferred option for consumers looking to purchase plant-based products because of their simplicity of use, wide selection of items, and price comparison features. Brands may reach a wider audience through e-commerce, including customers in far-flung locations where brick-and-mortar businesses might only provide a limited assortment. Furthermore, direct-to-consumer business models and subscription services boost client loyalty and offer consistent delivery choices, which propels the expansion of plant-based products in the online market.

• Offline Sales Channel
• Supermarkets/Hypermarkets
• Departmental Stores
• Convenience Store
• Other Sales Channel
• Online Sales Channel
• Company Website
• E-commerce Platform

Author's Detail

Nisha Deore

Research Analyst at Cognitive Market Research

LinkedIn

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I am a well-organized, conscientious, and professional Research Analyst with two plus years of experience. In my current role, I conduct in-depth secondary research, data mining, competitive analysis, DRO's, PR, and Collateral writing. Whilst I enjoy working as part of a team, researching information, analyzing data, and producing results that help my organization to achieve its commercial and financial objectives.

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