Plant-Based Food Market: By Type (Dairy Substitute, Meat Substitute, Egg Substitute, Seafood Substitute, and Others) By Source (Soybean, Nuts, Wheat, Pea, and Others) By Distribution Channel (Offline Sales Channel, Supermarkets/Hypermarkets, Departmental Stores, Convenience Store, Online Sales Channel, and Company Website), and Geography

Plant-Based Food Market size was valued at USD 11,898.2 million in 2023 and poised to grow at a CAGR of 13.1% from 2024-2030. The market is driven by health concerns, environmental concerns, animal welfare concerns, increasing variety and availability, and dietary restrictions. However, the market growth is hindered by the restraints that need to be properly addressed for growth, price, taste textures, and availability. Here are some opportunities & trends in the market for significant growth in the coming years expanding distribution in emerging markets, product innovation, Plant-Based Meat, Plant-Based dairy, demand for clean label ingredients from the consumers, and sustainable product development. Europe currently holds the largest market share for plant-based foods, and this dominance is expected to continue. Consumers are increasingly interested in healthy eating, and plant-based foods are often seen as a healthier option than animal-based products.

There is a growing awareness of the environmental impact of animal agriculture, leading some consumers to choose plant-based alternatives. Concerns about the treatment of animals in factory farms are driving some consumers to switch to plant-based diets. Plant-based food companies are constantly innovating and developing new products that taste more like their animal-based counterparts. This is making plant-based foods more appealing to a wider range of consumers. The growing number of people with lactose intolerance, allergies to milk or eggs, or who follow vegan or vegetarian diets creates a natural market for plant-based options. Overall, the plant-based food market is poised for continued growth in the coming years, driven by a variety of factors. As plant-based products become more affordable, taste better, and are more widely available, they are likely to appeal to a wider range of consumers.

Plant-Based Food Market Key Developments:

• In June 2021, Tyson Foods, Inc. made a significant move in the plant-based foods market by launching a new line of products in select retail markets and e-commerce across the Asia Pacific region. 
• In August 2023, Livekindly Collective, a rapidly growing group of plant-based food brands, has recently made a strategic move by acquiring Alpha Foods. This acquisition marks a significant milestone in the ever-expanding plant-based market, promising positive impacts for both consumers and the global shift toward more sustainable food choices.