As stated in our extensive report; providing insights on Type, Source, and Distribution Channel; the Global Plant Based Food Market accounted for USD 40.21 Billion in the year 2021.
The market is mainly driven by several factors such as the increasing intolerance for animal protein amongst consumers, the mounting vegan population, and the rising number of venture investments in plant-based food companies. Additionally, increasing demand for plant-based proteins from several applications such as the food and beverage industry which includes, bakery products, meat alternatives, dairy & dairy alternatives, cereals & snacks, confectioneries, baby food products, and pet food products. Additionally, demand for plant protein is also increasing in feed manufacturing industries. Thus, ultimately; increasing the demand for Plant Based Food market, further propelling the market growth over the forecast period.
However, allergies associated with plant-based protein sources may act as a restraining factor for the market growth. According to the Cleveland Clinic, soy is one of the “Big Eight” allergens, along with cow’s milk, eggs, peanuts, tree nuts, wheat, fish, and shellfish, responsible for 90% of all food allergies. This may hinder the market growth over the forecast period.
COVID-19 pandemic has led us to serious implications affecting almost all the sectors. Since the outbreak of COVID-19 outbreak, people have become more conscious about diet and healthy life which has propelled the demand for Plant Based Food. Additionally, since the COVID-19 pandemic, the consumer adaption has surged for a more nutritional diet centered on a more sustainable lifestyle and lower dependency on animal proteins. Thus, offering the opportunity for the market to grow over the forecast period.
North Americaholds the major share in the market owing to the presence of evolving economies such as China and India in the region which are also of the highest populated countries in the world. Thus, providing a large base of consumers for the Plant Based Food. Additionally, China and India are agriculture-based countries that offer a special opportunity for market growth. Moreover, changing trend in veganism and ultimately increasing the number of vegan populations along with the increasing number of health-conscious consumers is also contributing to the market growth.
Some of the key players in the GlobalPlant Based Food MarketincludeAmy'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.and others.