Plant-Based Food Market Size, Share, Growth Analysis - Industry Forecast 2024-2032
The global plant-based food market size reached US$ 10.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 29.0 Billion by 2032.
BROOKLYN, NEW YORK, UNITED STATES, June 26, 2024 /EINPresswire.com/ -- IMARC Group has recently released a new research study titled โPlant Based Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032โ, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global plant-based food market1 reached US$ 10.6 billion in 2023. IMARC Group projects it will grow to US$ 29.0 billion by 2032, with a 11.5% CAGR from 2024-2032. This growth is driven by increasing demand for sustainable food options to prevent animal cruelty, the rising adoption of vegan lifestyles, and the expanding availability of unique vegan food products through online platforms.
๐๐น๐ผ๐ฏ๐ฎ๐น ๐ฃ๐น๐ฎ๐ป๐-๐๐ฎ๐๐ฒ๐ฑ ๐๐ผ๐ผ๐ฑ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ง๐ฟ๐ฒ๐ป๐ฑ๐:
Recent innovations in food technology, which have led to the development of high-quality plant-based alternatives that closely mimic the taste and texture of meat, dairy, and other animal products, are propelling the market growth. Additionally, the rising dietary preferences such as veganism, vegetarianism, and flexitarians', along with the increasing incidence of lactose intolerance and dairy allergies, are driving the market growth. Besides this, the increasing endorsements by celebrities, athletes, and influencers who advocate for plant-based diets are fostering the market growth. Furthermore, the growing variety and availability of plant-based products in supermarkets, restaurants, and online platforms, which are making it easier for consumers to incorporate these foods into their diets, is accelerating the market growth.
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐๐ผ ๐๐ฒ๐ ๐๐ต๐ฒ ๐ฆ๐ฎ๐บ๐ฝ๐น๐ฒ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐: https://www.imarcgroup.com/plant-based-food-market/requestsample
๐๐ฎ๐ฐ๐๐ผ๐ฟ๐ ๐๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ฟ๐ผ๐๐๐ต ๐ผ๐ณ ๐๐ต๐ฒ ๐ฃ๐น๐ฎ๐ป๐-๐๐ฎ๐๐ฒ๐ฑ ๐๐ผ๐ผ๐ฑ ๐๐ป๐ฑ๐๐๐๐ฟ๐:
โข ๐๐ฒ๐ฎ๐น๐๐ต ๐ฎ๐ป๐ฑ ๐ช๐ฒ๐น๐น๐ป๐ฒ๐๐ ๐ง๐ฟ๐ฒ๐ป๐ฑ๐:
Health and wellness trends are playing a pivotal role in the growth of the plant-based food market. Consumers are becoming more health-conscious and are actively seeking ways to improve their overall well-being through dietary choices. Plant-based diets, which are naturally rich in vitamins, minerals, fiber, and antioxidants, are associated with numerous health benefits. These diets tend to be lower in saturated fats and cholesterol, which are linked to cardiovascular diseases. Additionally, adopting a plant-based diet can significantly reduce the risk of heart disease, which is a leading cause of death globally. Besides this, studies have shown that plant-based diets can help manage and prevent type 2 diabetes by improving insulin sensitivity and blood sugar control.
โข ๐๐ป๐๐ถ๐ฟ๐ผ๐ป๐บ๐ฒ๐ป๐๐ฎ๐น ๐๐ผ๐ป๐ฐ๐ฒ๐ฟ๐ป๐:
Environmental concerns are a major factor behind the increasing demand for plant-based foods. The environmental impact of traditional animal agriculture is substantial, contributing significantly to greenhouse gas (GHG) emissions, deforestation, water usage, and pollution. Livestock farming is responsible for a large portion of methane and nitrous oxide emissions, which are more potent greenhouse gases (GHGs) than carbon dioxide. This has a profound effect on global warming and climate change. Additionally, animal agriculture requires extensive land use, leading to deforestation and loss of biodiversity as forests are cleared to create pasture and grow feed crops. Moreover, the runoff from livestock operations contributes to water pollution, affecting aquatic ecosystems and human health. This shift in awareness is leading to a greater adoption of plant-based diets, which are seen as a more sustainable and eco-friendly option.
โข ๐๐๐ต๐ถ๐ฐ๐ฎ๐น ๐๐ผ๐ป๐ฐ๐ฒ๐ฟ๐ป๐:
Ethical concerns regarding animal welfare are significantly contributing to the rising demand for plant-based food. Many consumers are increasingly troubled by the conditions in which animals are raised for food production, including issues such as overcrowding, inhumane treatment, and the use of antibiotics and hormones. Documentaries, investigative reports, and campaigns by animal rights organizations have brought these practices to the forefront, leading to a growing movement against factory farming. This moral standpoint resonates particularly with younger generations, who prioritize ethical consumption and are more likely to adopt vegan or vegetarian lifestyles. Additionally, the rise of social media has amplified the voices of animal rights activists, spreading awareness rapidly and globally.
๐๐ฒ๐ ๐๐ผ๐บ๐ฝ๐ฎ๐ป๐ถ๐ฒ๐:
โข Amy's Kitchen Inc.
โข Atlantic Natural Foods LLC
โข Beyond Meat Inc.
โข Danone SA
โข Garden Protein International Inc.
โข Impossible Foods Inc.
โข Lightlife Foods Inc. (Maple Leaf Foods Inc.)
โข Nestle S.A.
โข Tyson Foods Inc.
โข Vbite Food Ltd.
๐๐ฅ๐๐ง๐ญ-๐๐๐ฌ๐๐ ๐ ๐จ๐จ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
๐๐ ๐ง๐๐ฝ๐ฒ:
โข Dairy Alternatives
โข Meat Alternatives
โข Egg Substitutes and Condiments
โข Others
Dairy alternatives hold the majority of the market share due to the growing prevalence of lactose intolerance and increasing demand for plant-based milk and yogurt.
๐๐ ๐ฆ๐ผ๐๐ฟ๐ฐ๐ฒ:
โข Soy
โข Almond
โข Wheat
โข Others
Soy accounted for the largest market share because of its high protein content, versatility in various food products, and widespread consumer acceptance.
๐๐ ๐๐ถ๐๐๐ฟ๐ถ๐ฏ๐๐๐ถ๐ผ๐ป ๐๐ต๐ฎ๐ป๐ป๐ฒ๐น:
โข Supermarkets and Hypermarkets
โข Convenience Stores
โข Online Stores
โข Others
Supermarkets and hypermarkets represented the largest segment as they offer a wide variety of plant-based products and provide convenient access for a broad consumer base.
๐ฅ๐ฒ๐ด๐ถ๐ผ๐ป๐ฎ๐น ๐๐ป๐๐ถ๐ด๐ต๐๐:
โข North America
โข Asia-Pacific
โข Europe
โข Latin America
โข Middle East and Africa
Asia Pacific's dominance in the market is attributed to its large population, rising health awareness, and significant cultural acceptance of plant-based diets.
๐๐น๐ผ๐ฏ๐ฎ๐น ๐ฃ๐น๐ฎ๐ป๐-๐๐ฎ๐๐ฒ๐ฑ ๐๐ผ๐ผ๐ฑ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ง๐ฟ๐ฒ๐ป๐ฑ๐:
Recent innovations in food technology, which have led to the development of high-quality plant-based alternatives that closely mimic the taste and texture of meat, dairy, and other animal products, are propelling the market growth. Additionally, the rising dietary preferences such as veganism, vegetarianism, and flexitarianism, along with the increasing incidence of lactose intolerance and dairy allergies, are driving the market growth. Besides this, the increasing endorsements by celebrities, athletes, and influencers who advocate for plant-based diets are fostering the market growth. Furthermore, the growing variety and availability of plant-based products in supermarkets, restaurants, and online platforms, which are making it easier for consumers to incorporate these foods into their diets, is accelerating the market growth.
๐ฆ๐ฝ๐ฒ๐ฎ๐ธ ๐๐ผ ๐๐ป ๐๐ป๐ฎ๐น๐๐๐: https://www.imarcgroup.com/request?type=report&id=2903&flag=C
๐๐ฒ๐ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐:
โข Market Performance (2018-2023)
โข Market Outlook (2024-2032)
โข Market Trends
โข Market Drivers and Success Factors
โข Impact of COVID-19
โข Value Chain Analysis
โข Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
๐๐ฏ๐ผ๐๐ ๐จ๐
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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Elena Anderson
IMARC Services Private Limited
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1 https://www.imarcgroup.com/plant-based-food-market