Meticulous Research®, a globally recognized leader in market intelligence, has released its latest report, “Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Alternatives, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C [Convenience Store, Online Retail])—Global Forecast to 2031“. According to this in-depth analysis, the plant-based food market is set to achieve a compound annual growth rate (CAGR) of 12.3% from 2024, reaching an estimated $113.1 billion by 2031.
- Key Growth Drivers
The anticipated growth of the plant-based food market is being fueled by a variety of factors:
- Increasing consumer awareness and sensitivity toward animal protein intolerance.
- A significant rise in the vegetarian and vegan populations worldwide.
- Substantial venture capital investment in plant-based food companies.
- Advancements in food technology, focusing on sustainability and animal welfare.
- The continued trend toward environmentally conscious consumer behaviors.
Download Sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5108
Additionally, the report highlights that expanding research and development (R&D) initiatives, coupled with frequent product launches by plant-based and alternative protein manufacturers, will create lucrative opportunities, particularly in emerging markets across Asia-Pacific, Latin America, and the Middle East & Africa.
- Market Challenges
Despite the optimistic outlook, the plant-based food market faces several challenges. High costs associated with meat substitutes, a deep-rooted consumer preference for animal-based products, and increasing demand for soy- and gluten-free alternatives could slow market growth. Nevertheless, as innovation and production efficiencies increase, these barriers are expected to diminish over time.
- Leading Market Segments
By Type:
- Dairy Alternatives: Expected to dominate the market in 2024, driven by a rising prevalence of lactose intolerance and growing ethical concerns regarding traditional dairy farming practices.
- Egg Substitutes: Projected to experience the fastest growth, reflecting evolving consumer preferences and innovation in product offerings.
Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/plant-based-food-market-5108
By Source:
- Soy: Maintaining the largest share due to its widespread availability, cost-efficiency, and high consumer acceptance.
- Pea: Forecast to witness the highest growth rate during the forecast period due to its rising demand in plant-based meat products.
By Distribution Channel:
- Business-to-Consumer (B2C): Expected to capture a larger market share, driven by strong retail performance and increasing consumer expenditure on vegan products. The B2C segment is also projected to grow at the fastest rate through 2031.
- Regional Insights
In 2024, the Asia-Pacific region is anticipated to lead the global plant-based food market, supported by rising collaborations between local and international food companies, growing awareness of protein-rich diets, and rapid urbanization. North America will also contribute significantly, with factors like a large base of vegan and vegetarian consumers driving market growth.
Quick Buy: https://www.meticulousresearch.com/Checkout/72926525
- Leading Players in the Market
Key players dominating the plant-based food market include:
- Beyond Meat Inc. (U.S.)
- Impossible Foods Inc. (U.S.)
- Danone S.A. (France)
- Garden Protein International, Inc. (Canada)
- Amy’s Kitchen Inc. (U.S.)
- Plamil Foods Ltd. (U.K.)
- The Hain Celestial Group, Inc. (U.S.)
Request Sample PDF Copy Here: https://www.meticulousresearch.com/request-sample-report/cp_id=5108
These companies, among others, are innovating across product categories and distribution channels to maintain their competitive edge.
- Report Insights and Strategic Guidance
The report provides detailed insights into historical market sizes, growth projections, key opportunities, and competitive landscapes across the plant-based food sector. This strategic intelligence is invaluable for companies seeking to tap into the burgeoning demand for plant-based products.
About Meticulous Research®
Meticulous Research® is a global market research and consultancy firm dedicated to providing industry-leading insights and analytics.
Contact us:
Email: sales@meticulousresearch.com
Phone: +1-646-781-8004
Connect with us on LinkedIn: Meticulous Research LinkedIn
