Plant-Based Food Market Size, Share, Growth Analysis - Industry Forecast 2024-2032

The global plant-based food market size reached US$ 10.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 29.0 Billion by 2032.

BROOKLYN, NEW YORK, UNITED STATES, June 26, 2024 /EINPresswire.com/ -- IMARC Group has recently released a new research study titled “Plant Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

The global plant-based food market reached US$ 10.6 billion in 2023. IMARC Group projects it will grow to US$ 29.0 billion by 2032, with a 11.5% CAGR from 2024-2032. This growth is driven by increasing demand for sustainable food options to prevent animal cruelty, the rising adoption of vegan lifestyles, and the expanding availability of unique vegan food products through online platforms.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗣𝗹𝗮𝗻𝘁-𝗕𝗮𝘀𝗲𝗱 𝗙𝗼𝗼𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗲𝗻𝗱𝘀:

Recent innovations in food technology, which have led to the development of high-quality plant-based alternatives that closely mimic the taste and texture of meat, dairy, and other animal products, are propelling the market growth. Additionally, the rising dietary preferences such as veganism, vegetarianism, and flexitarians', along with the increasing incidence of lactose intolerance and dairy allergies, are driving the market growth. Besides this, the increasing endorsements by celebrities, athletes, and influencers who advocate for plant-based diets are fostering the market growth. Furthermore, the growing variety and availability of plant-based products in supermarkets, restaurants, and online platforms, which are making it easier for consumers to incorporate these foods into their diets, is accelerating the market growth.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝘁𝗼 𝗚𝗲𝘁 𝘁𝗵𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.imarcgroup.com/plant-based-food-market/requestsample

𝗙𝗮𝗰𝘁𝗼𝗿𝘀 𝗔𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗚𝗿𝗼𝘄𝘁𝗵 𝗼𝗳 𝘁𝗵𝗲 𝗣𝗹𝗮𝗻𝘁-𝗕𝗮𝘀𝗲𝗱 𝗙𝗼𝗼𝗱 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆:

• 𝗛𝗲𝗮𝗹𝘁𝗵 𝗮𝗻𝗱 𝗪𝗲𝗹𝗹𝗻𝗲𝘀𝘀 𝗧𝗿𝗲𝗻𝗱𝘀:

Health and wellness trends are playing a pivotal role in the growth of the plant-based food market. Consumers are becoming more health-conscious and are actively seeking ways to improve their overall well-being through dietary choices. Plant-based diets, which are naturally rich in vitamins, minerals, fiber, and antioxidants, are associated with numerous health benefits. These diets tend to be lower in saturated fats and cholesterol, which are linked to cardiovascular diseases. Additionally, adopting a plant-based diet can significantly reduce the risk of heart disease, which is a leading cause of death globally. Besides this, studies have shown that plant-based diets can help manage and prevent type 2 diabetes by improving insulin sensitivity and blood sugar control.

• 𝗘𝗻𝘃𝗶𝗿𝗼𝗻𝗺𝗲𝗻𝘁𝗮𝗹 𝗖𝗼𝗻𝗰𝗲𝗿𝗻𝘀:

Environmental concerns are a major factor behind the increasing demand for plant-based foods. The environmental impact of traditional animal agriculture is substantial, contributing significantly to greenhouse gas (GHG) emissions, deforestation, water usage, and pollution. Livestock farming is responsible for a large portion of methane and nitrous oxide emissions, which are more potent greenhouse gases (GHGs) than carbon dioxide. This has a profound effect on global warming and climate change. Additionally, animal agriculture requires extensive land use, leading to deforestation and loss of biodiversity as forests are cleared to create pasture and grow feed crops. Moreover, the runoff from livestock operations contributes to water pollution, affecting aquatic ecosystems and human health. This shift in awareness is leading to a greater adoption of plant-based diets, which are seen as a more sustainable and eco-friendly option.

• 𝗘𝘁𝗵𝗶𝗰𝗮𝗹 𝗖𝗼𝗻𝗰𝗲𝗿𝗻𝘀:

Ethical concerns regarding animal welfare are significantly contributing to the rising demand for plant-based food. Many consumers are increasingly troubled by the conditions in which animals are raised for food production, including issues such as overcrowding, inhumane treatment, and the use of antibiotics and hormones. Documentaries, investigative reports, and campaigns by animal rights organizations have brought these practices to the forefront, leading to a growing movement against factory farming. This moral standpoint resonates particularly with younger generations, who prioritize ethical consumption and are more likely to adopt vegan or vegetarian lifestyles. Additionally, the rise of social media has amplified the voices of animal rights activists, spreading awareness rapidly and globally.

𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀:

• Amy's Kitchen Inc.
• Atlantic Natural Foods LLC
• Beyond Meat Inc.
• Danone SA
• Garden Protein International Inc.
• Impossible Foods Inc.
• Lightlife Foods Inc. (Maple Leaf Foods Inc.)
• Nestle S.A.
• Tyson Foods Inc.
• Vbite Food Ltd.

𝐏𝐥𝐚𝐧𝐭-𝐁𝐚𝐬𝐞𝐝 𝐅𝐨𝐨𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝗕𝘆 𝗧𝘆𝗽𝗲:

• Dairy Alternatives
• Meat Alternatives
• Egg Substitutes and Condiments
• Others

Dairy alternatives hold the majority of the market share due to the growing prevalence of lactose intolerance and increasing demand for plant-based milk and yogurt.

𝗕𝘆 𝗦𝗼𝘂𝗿𝗰𝗲:

• Soy
• Almond
• Wheat
• Others

Soy accounted for the largest market share because of its high protein content, versatility in various food products, and widespread consumer acceptance.

𝗕𝘆 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗖𝗵𝗮𝗻𝗻𝗲𝗹:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others

Supermarkets and hypermarkets represented the largest segment as they offer a wide variety of plant-based products and provide convenient access for a broad consumer base.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

Asia Pacific's dominance in the market is attributed to its large population, rising health awareness, and significant cultural acceptance of plant-based diets.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗣𝗹𝗮𝗻𝘁-𝗕𝗮𝘀𝗲𝗱 𝗙𝗼𝗼𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗲𝗻𝗱𝘀:

Recent innovations in food technology, which have led to the development of high-quality plant-based alternatives that closely mimic the taste and texture of meat, dairy, and other animal products, are propelling the market growth. Additionally, the rising dietary preferences such as veganism, vegetarianism, and flexitarianism, along with the increasing incidence of lactose intolerance and dairy allergies, are driving the market growth. Besides this, the increasing endorsements by celebrities, athletes, and influencers who advocate for plant-based diets are fostering the market growth. Furthermore, the growing variety and availability of plant-based products in supermarkets, restaurants, and online platforms, which are making it easier for consumers to incorporate these foods into their diets, is accelerating the market growth.

𝗦𝗽𝗲𝗮𝗸 𝘁𝗼 𝗔𝗻 𝗔𝗻𝗮𝗹𝘆𝘀𝘁: https://www.imarcgroup.com/request?type=report&id=2903&flag=C

𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗥𝗲𝗽𝗼𝗿𝘁:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

𝗔𝗯𝗼𝘂𝘁 𝗨𝘀

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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Elena Anderson
IMARC Services Private Limited
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