November 23, 2021
According to the research report titled ‘Global Plant-Based Food And Beverage Market 2021-2028’, available with MarketStudyReport, global plant-based food and beverage market is anticipated to expand at a CAGR of 8.71% over the forecast period 2021-2028.
As per the findings of the report, shifting preference towards vegan lifestyles, increasing number of lactose intolerant patients, and benefits of plant-based diets are the primary factors driving global plant-based food and beverage industry growth.
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Moreover, easy accessibility of eco-friendly materials, recyclable packaging, technological advancements in production techniques, and development of innovative products will further boost market expansion in the upcoming years.
On the contrary, excessive costs of vegan products, lack of awareness among consumers, and differences in perception towards dairy, and vegan foods & beverages might impede market progression in the forthcoming years.
Based on type, the market is split into meat, dairy, and others. In terms of source, the industry is split into soy, wheat, almond, corn, and others. Considering distributors, the market segmentation comprises supermarkets/hypermarkets, specialty stores, convenience stores, and online retail.
From a regional perspective, the geographies assessed in global plant-based food and beverage market report are North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, Russia), Asia Pacific (Japan, China, South Korea, India, Australia, New Zealand), Middle East and Africa (South Africa, Turkey, Saudi Arabia, UAE) and Latin America (Mexico and Brazil).
Asia-Pacific presently holds a substantial market share and is likely to showcase a strong growth curve throughout the forecast period, owing to escalating demand for plant-based meat alternatives. In fact, nearly a third of the Asia’s population consumes low or no-meat diets, making the region’s masses more accepting of switching to completely plant-based diets.
Considering the competitive landscape, major companies influencing worldwide plant-based food and beverage market trends are Hain Celestial Group Inc., Kikkoman Corp., Sunfed Ltd., Impossible Foods Inc., Califia Farms LLC, Moving Mountains Foods, Conagra Brands Inc., Sweet Earth Inc. (Nestlé S.A), Quorn Foods (Marlow Foods Ltd.), Yofix Probiotics Ltd., Pacific Foods Of Oregon LLC, Field Roast Grain Meat Co., Danone SA, Blue Diamond Growers, Daiya Foods Inc., Amy's Kitchen Inc., Beyond Meat Inc., and Morningstar Farms.