Plant-based Food Market

Plant-based Food Market by Type (Plant-based Meat, Plant-based Fish, Dairy alternatives, Condiments, Dressings, and Mayo), Distribution Channel (Food retail, Food service, E-commerce), Nature (Organic and Conventional), Source (Soy, Wheat, Pea, Almond, Coconut, Others) and Key Regions - Forecasted to 2027

Report Code: UC 6057 Nov, 2022, by marketsandmarkets.com

According to MarketsandMarkets, the global Plant-based food market is estimated to be valued at USD 9.4 billion in 2022. It is projected to reach USD 16.3 billion by 2027, with a CAGR of 11.7%, in terms of value between 2022 and 2027. Plant-based food includes finished products consisting of ingredients derived from plants, that include vegetables, fruits, whole grains, nuts, seeds, and legumes.

Plant-based Food Market

Plant-Based Food Market Dynamics

Drivers:  Investments by food industry pioneers drive the innovation in market, and hence its growth

There are multiple drivers for the plant-based foods market. Some of them include food industry pioneers delving into the segment with new product launches and rising awareness in general about the health and environmental benefits of plant-based foods over animal-based ones.

Restraints: Higher unit price of plant-based foods limit the market potential

Plant-based food market is restrained by its higher prices when compared to animal-based products. High prices of the products are owing to premiums in place for various labels, such as ‘vegan’ and ‘organic’. Further, the market also does not have the benefit of economies of scale, which the animal-based food market has, thereby inflating plant-based products prices. High product prices also owe themselves to low maturity of the market and the constant efforts on supply chain and product innovation going on.

Opportunities: Rising consumer interest for healthier food alternatives and diverse ingredients

Consumers are increasingly demanding healthier alternatives to animal-based products, such as milk and red meat. Further, blending proteins from different plant-based sources also helps meet the demand for a diverse source of ingredients, which is explored by manufacturers.

Challenges: Texture and mouthfeel of plant-based foods need to be at par with animal-based ones

Plant-based foods’ adoption is hindered by its texture and flavour, which consumers want to match to that of animal-based foods. However, brands such as Beyond Meat and Impossible Foods have been challenging such perceptions and beliefs by launching products which try to mimic and hence give the mouthfeel of animal-based products.

New product launches in plant-based meat alternatives drive the growth for the segment

Withing meat alternatives, plant-based hot dogs, sausages and patties are expected to record the fastest CAGR over the forecasted period. This is owing to the trending popularity and prolific new product launches of plant-based sausages, along with their increasing availability as a vegan option in restaurants.

By channel, food retailing through modern channels such as supermarkets and e-commerce are expected to shine over the forecasted period.

Sales of plant-based meat alternatives is expected to be the highest in modern grocery retailers, such as supermarkets and hypermarkets. This is owing to strategies, such as prominently visible shelf space, and lucrative discounts along with bundling products to reduce unit price. However, e-commerce is expected to grow the fastest over the forecasted period owing to its wide variety of product assortments along with low prices.

Developed economies, such as the North American and European markets is expected to showcase the fastest growth over the forecasted period. This is supplemented by rising number of vegan restaurants owing to increased health consciousness amongst consumers. This is further owing to rising awareness regarding the potential negative aspects of animal-based proteins, such as those on the environment.

Key Market Players:

Key players in this market include Beyond Meat Inc. (US), Impossible Foods Inc. (US), Atlantic Natural Foods LLC (US), Garden Protein International LLC (Canada), Kellogg's Company (US), among others.

FAQs:

  • Which are the major Plant-based food segments considered in this study and which of them are projected to have promising growth rates in the future? 
  • I am interested in the Asia Pacific market for plant-based meat and dairy alternatives. Is the customization available for the same? What all information would be included in the same?
  • What are some of the drivers fuelling the growth of the Plant-based food market?
  • I am interested in understanding the research methodology on how you arrived at the market size and segmental splits before making a purchase decision. Can you provide me with an explanation on the same?
  • What kind of information is provided in the competitive landscape section?

TABLE OF CONTENTS

1 INTRODUCTION
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
    1.3 STUDY SCOPE
    1.4 REGIONAL SEGMENTATION
    1.5 PERIODIZATION CONSIDERED
    1.6 CURRENCY CONSIDERED
    1.7 VOLUME UNITS CONSIDERED
    1.8 STAKEHOLDERS

2 RESEARCH METHODOLOGY
    2.1 RESEARCH DATA
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key Data from Secondary Sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key Data from Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 MARKET SIZE ESTIMATION
           2.2.1 MARKET SIZE ESTIMATION - METHOD 1
           2.2.2 MARKET SIZE ESTIMATION - METHOD 2
    2.3 DATA TRIANGULATION
    2.4 ASSUMPTIONS FOR THE STUDY
    2.5 LIMITATIONS OF THE STUDY

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS

5 MARKET OVERVIEW
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           5.2.1 DRIVERS
           5.2.2 RESTRAINTS
           5.2.3 OPPORTUNITIES
           5.2.4 CHALLENGES

6 INDUSTRY TRENDS
    6.1 INTRODUCTION
    6.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
    6.3 TECHNOLOGY ANALYSIS
    6.4 PRICING ANALYSIS
    6.5 ECOSYSTEM/ MARKET MAP
    6.6 TRENDS/ DISRUPTION IMPACTING THE CUSTOMER’S BUSINESS
    6.7 PATENT ANALYSIS
    6.8 TRADE ANALYSIS
    6.9 KEY CONFERENCES AND EVENTS IN 2022-2023
    6.10 TARIFF AND REGULATORY LANDSCAPE
    6.11 PORTER’S FIVE FORCES ANALYSIS
    6.12 KEY STAKEHOLDERS & BUYING CRITERIA
    6.13 CASE STUDY ANALYSIS

7 PLANT-BASED FOOD MARKET, BY TYPE
    7.1 INTRODUCTION
    7.2 PLANT-BASED MEAT
    7.3 PLANT-BASED FISH
    7.4 DAIRY ALTERNATIVES
    7.5 CONDIMENTS
    7.6 DRESSINGS
    7.7 MAYO

8 PLANT-BASED FOOD MARKET, BY DISTRIBUTION CHANNEL
    8.1 INTRODUCTION
    8.2 FOOD RETAIL
    8.3 FOOD SERVICE
    8.4 E-COMMERCE

9 PLANT-BASED FOOD MARKET, BY NATURE
    9.1 INTRODUCTION
    9.2 ORGANIC
    9.3 CONVENTIONAL

10 PLANT-BASED FOOD MARKET, BY SOURCE
     10.1 INTRODUCTION
     10.2 SOY
     10.3 WHEAT
     10.4 PEA
     10.5 ALMOND
     10.6 COCONUT
     10.7 OTHER SOURCES

11 PLANT-BASED FOOD MARKET, BY REGION
     11.1 INTRODUCTION
     11.2 NORTH AMERICA
             11.2.1 US
             11.2.2 CANADA
             11.2.3 MEXICO
     11.3 EUROPE
             11.3.1 GERMANY
             11.3.2 FRANCE
             11.3.3 UK
             11.3.4 ITALY
             11.3.5 SPAIN
             11.3.6 REST OF EUROPE
     11.4 ASIA PACIFIC
             11.4.1 CHINA
             11.4.2 INDIA
             11.4.3 JAPAN
             11.4.4 AUSTRALIA & NEW ZEALAND
             11.4.5 REST OF ASIA PACIFIC
     11.5 SOUTH AMERICA
             11.5.1 BRAZIL
             11.5.2 ARGENTINA
             11.5.3 REST OF SOUTH AMERICA
     11.6 REST OF THE WORLD
             11.6.1 AFRICA
             11.6.2 MIDDLE EAST

12 COMPETITIVE LANDSCAPE 
     12.1 OVERVIEW
     12.2 MARKET SHARE ANALYSIS*
     12.3 KEY PLAYERS STRATEGIES
     12.4 COMPANY REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
     12.5 COMPANY EVALUATION QUADRANT
             12.5.1 STARS
             12.5.2 EMERGING LEADERS
             12.5.3 PERVASIVE PLAYERS
             12.5.4 PARTICIPANTS
             12.5.5 COMPETITIVE BENCHMARKING
     12.6 PRODUCT FOOTPRINTS
     12.7 STARTUP/SME EVALUATION QUADRANT
             12.7.1 PROGRESSIVE COMPANIES
             12.7.2 STARTING BLOCKS
             12.7.3 RESPONSIVE COMPANIES
             12.7.4 DYNAMIC COMPANIES
     12.8 PRODUCT LAUNCHES, DEALS, AND OTHER DEVELOPMENTS
             12.8.1 NEW PRODUCT LAUNCHES
             12.8.2 DEALS
             12.8.3 OTHER DEVELOPMENTS
             12.8.4 PARTNERSHIPS, COLLABORATIONS, AND JOINT VENTURES

13 COMPANY PROFILES
     13.1 IMPOSSIBLE FOODS INC.
     13.2 BEYOND MEAT INC.
     13.3 ATLANTIC NATURAL FOODS LLC
     13.4 GARDEN PROTEIN INTERNATIONAL INC.
     13.5 KELLOGG'S COMPANY
     13.6 VBITE FOODS INC.
     13.7 NESTLE S.A.
     13.8 DANONE S.A.
     13.9 AMY’S KITCHEN

Note: Currently, list of only 9 companies have been provided. However, this section covers 12-15 key company profiles which include business overview, recent financials, product offerings, key strategies, and swot analysis. recent financials can be provided-based on data/information availability in public domain. The list of companies mentioned above can be altered depending upon client’s interest

14 APPENDIX
Note: The TOC prepared above is tentative and may subject to change, based on the research progress


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Report Code
UC 6057
Published ON
Nov, 2022
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