July 02, 2020
According to the research report titled ‘Global Plant-Based Food & Beverage Market – Analysis By Product Type, Source Type, By Region, By Country (2020 Edition): Market Insight, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global plant-based food & beverage market generated revenues worth USD 42258.97 million in the year 2019 and is expected to grow significantly through 2025.
Rapid urbanization in consort with advancements in healthcare infrastructure & services are major factors driving the growth of plant-based food & beverage industry. Other factors such as consumer inclination towards vegan food products and rising cognizance about environment conservation are also aiding the market expansion.
Availability and easy accessibility of numerous types of plant-based food & beverage products is also stimulating the industry outlook. However, recent COVID-19 pandemic may negatively impact the overall market growth in the ensuing years.
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Based on product landscape, plant-based meat segment is predicted to expand substantially during the analysis timeframe. Growing demand for plant-based meat products which have less environmental impact and are cruelty-free is fueling the segmental share.
In terms of source type, plant-based food & beverage market is bifurcated into almond, soy, wheat, and others.
From the regional point of view, worldwide plant-based food & beverage industry is split into regions such as North America, Europe and Asia-Pacific with key focus on countries such as Canada, U.S., Germany, U.K., France, Spain, South Korea, Thailand, Japan and China.
The report states that Asia-Pacific plant-based food & beverage market is estimated to generate lucrative revenues in the subsequent years. Increasing vegan population and high concentration of vegetarians in nations like India, Indonesia, and Vietnam are favoring the business outlook in APAC.
SunOpta Inc., Daiya Food Inc., Lightlife Foods, Impossible Foods Inc., Blue Diamond Growers, The Vegetarian Butcher, Beyond Meat Inc., Tofurky, Dannon and Just Inc. are the major companies in plant-based food & beverage industry.