The expected growth of plant-based food globally can be attributed to the impact of non-vegetarian and dairy food on the environment and human health. One of the major contributors to global warming is the livestock industry, and, relative to plant-based agriculture, meat production has a much higher environmental impact in relation to freshwater use, amount of land required, and waste products generated. Promoting increased consumption of plant-based foods is a recommended strategy to reduce human impact on the environment and is also now recognized as a potential strategy to reduce the high rates of some chronic diseases such as cardiovascular disease and certain cancers. Roughly 387 million people are living with diabetes, and according to the International Diabetes Federation, that number is expected to soar to nearly 600 Million by 2035. Studies claim a whole-food, plant-based diet can prevent and even reverse a litany of food and lifestyle-borne illnesses, including heart disease and type 2 diabetes. Bakery item and snacks also contribute to these health issues. Thus, it is important for this section to be moved to plant-based food.
Based on by product segment, plant-based food market has been segmented into Plant-Based Milk, Plant-Based Meat, Plant-Based Creamer, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter and Others. Global Plant-based Milk market stood at US$ 9,320.3 million in 2019. Europe dominated the Plant-based Milk market with 33.5% share in 2019. Cow's milk boasts an impressive nutrient profile. But people always do not prefer dairy products. Americans say they are consuming less dairy for health reasons. The intake of plant-based drinks is increasing in the UK. In fact, the sector is predicted to rise by 43% by 2021. The growing concerns regarding the environmental impact and sustainability of the meat industry are the major growth driver of the global plant-based meat market. The growing concerns regarding the sustainability of livestock production, meat availability, and change in food preferences have led to many people opting for meat substitutes. This has immensely benefitted the plant-based meat market globally.
With the growth of social media as a platform to share information, a plant-based diet is becoming more visible and could be more accepted in sports and in the health and fitness industry. When it comes to plant-based nutrition, people have moved towards alternative protein sources, with the traditional dominance of whey and other dairy proteins now being challenged by plant-based products. This trend is apparent across the food and drinks market, and sports nutrition is no exception. Global Plant-Based Supplements & Nutritional Powders market stood at US$ 3,292.5 million in 2019. North America accounts for 31.1% market share for the segment in 2019. North America is expected to generate revenue of US% 2,648.0 million by 2026.
Regionally, Europe dominated the market with 33.5% share. Europe is expected to generate revenue of US$ 17,769.5 million by 2026. However, Asia-Pacific is expected to witness the highest CAGR of 16.22% during the forecast period 2021-26. UK dominated the European Plant-Based food market, generating revenue of US$ 2,681.3 million in 2019. UK is expected to witness a CAGR growth of 12.3% during the forecast period 2021-26 to reach a market size of US$ 5,614.1 million by 2026. However, the rest of Europe would witness the highest CAGR growth of 13.86% during the analyzed period. According to recent statistics by manufacturer Nelson, demand for plant-based product development has spiked by close to 140%. It has been estimated that global plant-based food market will reach US$ 37.0 billion by 2020. 7% of the U.K. population identifies as vegan, while a 2016 study found that 4.3 % of the German population between 18 and 79 identified as vegetarian. In comparison, only 3.3% of people in the U.S. considered themselves vegan or vegetarian.
Plant-Based Foods Market was valued US$ 23,010.7 million in 2019 and is estimated to reach US$ 37,507.5 million in 2020 amid COVID-19 pandemic as consumers are preferring plant-based foods products over conventional foods products and also because of the panic buying. The Plant-Based Foods Market is expected to reach US$ 56,353.9 million by 2026, growing at a CAGR of 14.87% over the forecast period.
The Plant-Based Food market stood at US$ 23 billion in 2019 and is expected to grow at a CAGR of 14.87% during the forecast period 2021-2026. The global meat and dairy sector are currently going through an unprecedented level of competition and disruption, driven by the growth of viable plant-based alternatives across many categories. People are reducing or eliminating animal products from their diet for a variety of reasons. Some want to cut back on cholesterol, others may be concerned about animal welfare, and some tend to worry about the effect of animal agriculture on the environment. Whatever the reason may be, consumers globally are shifting to a plant-based food diet. There is a seismic shift occurring in eating habits, creating a significant market opportunity for plant-based foods. Most important, many kinds of research reveal that for consumers, consuming plant-based foods has moved beyond experimentation into a permanent change brought on by health, lifestyle, and social factors. Thus, following are market dynamics that discuss the plant-based food product aspects in the market.
Plant-based foods product categories are in the beginning stages of the explosive growth. For example, retail sales of plant-based creamer, plant-based cheese, and plant-based cheese, all these categories have witnessed a significant growth in the past year. Due to the alignment of market factors between these emerging categories and the historic trajectory of the plant-based foods sector, one could expect to see these other plant-based dairy categories, as well as plant-based milk and meat, reach similar levels of ubiquity in the coming years.
Climate change is recognized as a significant public health issue that will impact on food security. One of the major contributors to global warming is the livestock industry, and, relative to plant-based agriculture, meat production has a much higher environmental impact in relation to freshwater use, amount of land required, and waste products generated. Promoting increased consumption of plant-based foods is a recommended strategy to reduce human impact on the environment and is also now recognized as a potential strategy to reduce the high rates of some chronic diseases such as cardiovascular disease and certain cancers.
Tofurky, Quorn foods Inc., Amy's kitchen, Archer Daniel's Midland, Claudron Foods, Morning Star Farms, Sweet Earth Foods, Impossible Foods, Maple Leaf food and Beyond Burgers are some of the prominent players operating in the plant-based foods market. These companies have adopted numerous growth strategies including innovative product launches, investment in R&D, partnership, mergers, etc. to sustain in the growing plant-based food market.
Insights Presented in the Report
"Amongst Product, Plant-Based Milk segment holds the major share"
Based on product type, the market is fragmented into Plant-Based Milk, Plant-Based Meat, Plant-Based Creamer, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Butter and Other Plant-Based Products. Plant-Based Milk dominated the market with a share of 40.5% in 2019. Plant-based milk are produced from plants such as almond milk, soy milk and coconut milk, is an alternative to dairy milk. For those with lactose intolerance or such medical conditions, they generally prefer plant-based milk, but some those still prefer this for reasons of lifestyle or improved living standards. Plant-based milk products are full of nutrients such as protein, fat, carbohydrates, and vitamins etc. Around 30-50 million people are lactose-intolerant in the U.S., according to the National Institute of Children's Health & Human Development.?
"Amongst Application, Oncology is expected to dominate the market during the analyzed period"
Based on the application, the global plant-based food market is segmented Beverages, Bakery and Snacks, Breakfast Meals, Infant nutrition, and other applications. In 2019, beverages dominated the market with almost 50% share, however, increasing demand for plant-based meat would lead an increasing market of bakery and snacks segment during the forecast period. Traditional baked goods rely heavily on butter, eggs, and cream. Roughly 387 million people are living with diabetes, and according to the International Diabetes Federation, the number is expected to increase to nearly 600 million by 2035. Studies claim a whole-food, plant-based diet can prevent and even reverse a litany of food and lifestyle-borne illnesses, including heart disease and type 2 diabetes.
"Amongst Sources, Soy is expected to dominate the market during the analyzed period"
Based on the source, the Plant-Based Food market is segmented into Soy, Almond, Pea, and other sources. In 2019, Soy dominated the source segment, generating revenue of US$ 12.2 billion. The segment is expected to grow at a CAGR of 12.21% during the forecast period by 2026. Soy is the most common source for plant-based foods product and beverage formulations globally as it contains all eight essential amino acids.
"Europe represents one of the largest markets of plant-based foods market"
For a better understanding on the market dynamics of the plant-based foods market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, Mexico, and Rest of North America), Europe (Germany, United Kingdom, France, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC) and rest of the world has been conducted. Europe generated revenue of US$ 10 billion in 2019 and is expected to grow at a CAGR of 13.86% over the analyzed period.
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? The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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? Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
? The study comprehensively covers the market across different segments
? Deep dive regional level analysis of the industry
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Table of Contents
1. MARKET INTRODUCTION 16
1.1 Market Definition 16
1.2 The objective of the Study 16
1.3 Limitation 16
1.4 Stakeholders 16
1.5 Currency used in the Report 17
1.6 Scope of the Plant-Based Foods Market Study 17
2. RESEARCH METHODOLOGY 18
2.1 Research Methodology for Plant-Based Foods Market Study 18
2.1.1 The main objective of the Plant-Based Foods Market Study 19
3. REGULATORY FRAMEWORK 20
3.1 General Overview 20
3.1.1 North America Regulatory Framework for Plant-Based Food 20
3.1.2 Europe Regulatory Framework for Plant-Based Food 21
3.1.3 APAC Regulatory Framework for Plant-Based Food 21
3.1.4 Rest of the World Regulatory Framework for Plant-Based Food 22
4. INDUSTRY PERFORMANCE 25
5. EXECUTIVE SUMMARY 26
6. MARKET OVERVIEW 28
6.1 Introduction 28
6.2 Market Dynamics 28
6.2.1 Market Drivers 29
6.2.1.1 Increasing Purchasing Power of Consumers 29
6.2.1.2 Significant Media Coverage and Smartphones Penetration 31
6.2.1.3 Rising Consumer Awareness and Health-conscious Consumer 32
6.2.1.4 Environmental Impact of Dairy and Meat Products 33
6.2.1.5 Widening the range of ingredients and flavours 33
6.2.1.6 Increased Support for branded Plant-Based food from Supermarkets 33
6.2.2 Major Trend in the Plant-Based Food Market 34
6.2.2.1 Use of Avocado 34
6.2.2.1 Vegan Cheese 35
6.2.2.2 Faux Meat 35
6.2.2.3 Fermented Foods 35
6.2.3 Case Study 1- Positives of Plant-Based Diet 36
6.2.3.1 Some other Trends witnessed in the Food & Beverage Industry 36
6.2.3.1.1 Established industry players revising their strategy 36
6.2.3.1.2 Direct to Consumer Business Model (D2C) 37
6.2.4 Market Restraints 37
6.2.4.1 Impact of changing weather conditions plantation 37
6.2.4.2 Consumers shift from the Traditional Taste of Dairy and Meat Product 38
6.2.4.3 Significant Preference for Animal Based Protein 39
6.2.5 Opportunity 40
6.2.5.1 Increasing Demand for Natural and Organic Products 40
6.2.5.1.1 Organic Agriculture: Key Indicators and Top Countries, 2015 41
6.2.5.2 Increasing Ethical Consumerism 42
6.2.5.3 Increasing Innovation in Food Industry 43
7. PLANT-BASED FOOD AND ENVIRONMENT 44
7.1 General Overview 44
7.2 Livestock and Environmental Impact 44
7.3 Benefits of Plant-Based Products over Livestock Products 45
7.3.1 Comparison of impact of Plant-based meat and Animal-based meat 47
7.3.1 Case Study 2- Antimicrobial Use in Food Animals Represents A Systemic Risk 47
7.4 Plant-Based Diets and Human Health 48
7.4.1 Pictorial representation of the changing face of the world 49
7.5 Regional Variations- Meat Eating Trends 49
7.5.1 Country wise Key Statistic on Plant-Based Diet, recent available 50
7.6 Plant-Based Meats Trend- Role of Food Manufacturers 51
7.6.1 Impossible Foods 51
7.6.2 Tyson Foods 52
7.6.3 Kraft Foods 52
7.6.4 Nestle 52
8. KEY MARKET INDICATORS 53
8.1 Demand Side Analysis 53
8.2 Supply Side Analysis 57
8.2.1 Top Winning Strategies 57
8.2.1.1 Top Product launches 58
8.2.1.2 Top Investments 59
8.2.1.3 Top Acquisition and Collaborations 59
8.3 Value Chain Analysis 61
8.3.1 Value Chains for Plant-based food: Examples in Action 63
8.3.2 Case Study 2- Impossible Foods 64
8.3.3 Case Study 3- Papa John's Pizza 64
9. MARKET INSIGHTS, BY PRODUCT 65
9.1 General Overview 65
9.1.1 Plant-Based Milk 66
9.1.2 Plant-Based Meat Substitutes 69
9.1.3 Plant-Based Creamer 72
9.1.4 Plant-Based Cheese 73
9.1.5 Plant-Based Yogurt 74
9.1.6 Plant-Based Butter 75
9.1.7 Plant-Based Other Products 76
10. MARKET INSIGHTS BY APPLICATION 77
10.1 General Overview 77
10.1.1 Plant-Based Supplements and Nutritional Powders 78
10.1.2 Plant-Based Beverages 80
10.1.3 Plant-Based Bakery and Snacks 82
10.1.4 Plant-Based Breakfast and Cereals 84
10.1.5 Plant-Based Infant Nutrition 86
10.1.5.1 Key Facts on Plant-Based Infant Nutrition 87
10.1.6 Other Plant-Based Food 88
11. MARKET INSIGHTS BY SOURCE 90
11.1 General Overview 90
11.1.1 Almond 91
11.1.2 Soy 92
11.1.3 Pea 93
11.1.3.1 Key Facts comparing Pea Protein and Soy Protein 93
11.1.1 Other Sources 94
12. MARKET INSIGHTS BY REGION 97
12.1 General Overview 97
12.2 North America Plant-Based Food Market 98
12.2.1 North America Plant-Based Food Market, by Product 99
12.2.2 North America Plant-Based Food Market, by Application 99
12.2.3 North America Plant-Based Food Market, by Source 100
12.2.4 North America Plant-Based Food Market, by Country 100
12.2.4.1 United States Plant-Based Food Market 101
12.2.4.1.1 US Plant-Based Food Market, by Product 103
12.2.4.1.2 US Plant-Based Food Market, by Application 104
12.2.4.1.3 US Plant-Based Food Market, by Source 104
12.2.4.2 Canada Plant-Based Food Market 105
12.2.4.2.1 Canada Plant-Based Food Market, by Product 106
12.2.4.2.2 Canada Plant-Based Food Market, by Application 106
12.2.4.2.3 Canada Plant-Based Food Market, by Source 107
12.2.4.3 Mexico Plant-Based Food Market 107
12.2.4.3.1 Mexico Plant-Based Food Market, by Product 107
12.2.4.3.2 Mexico Plant-Based Food Market, by Application 108
12.2.4.3.3 Mexico Plant-Based Food Market, by Source 108
12.2.4.4 Rest of North America Plant-Based Food Market 108
12.2.4.4.1 Rest of NA Plant-Based Food Market, by Product 109
12.2.4.4.2 Rest of NA Plant-Based Food Market, by Application 110
12.2.4.4.3 Rest of NA Plant-Based Food Market, by Source 110
12.3 European Plant-Based Food Market 111
12.3.1 Europe Plant-Based Food Market, by Product 112
12.3.2 Europe Plant-Based Food Market, by Application 112
12.3.3 Europe Plant-Based Food Market, by Source 113
12.3.4 Europe Plant-Based Food Market, by Country 113
12.3.4.1 Germany Plant-Based Food Market 113
12.3.4.1.1 Germany Plant-Based Food Market, by Product 115
12.3.4.1.2 Germany Plant-Based Food Market, by Application 116
12.3.4.1.3 Germany Plant-Based Food Market, by Source 116
12.3.4.2 UK Plant-Based Food Market 116
12.3.4.2.1 Case Study 4- Royal Blackburn Teaching Hospital, United Kingdom 117
12.3.4.2.2 UK Plant-Based Food Market, by Product 118
12.3.4.2.3 UK Plant-Based Food Market, by Application 118
12.3.4.2.4 UK Plant-Based Food Market, by Source 119
12.3.4.3 France Plant-Based Food Market 119
12.3.4.3.1 France Plant-Based Food Market, by Product 120
12.3.4.3.2 France Plant-Based Food Market, by Application 120
12.3.4.3.3 France Plant-Based Food Market, by Source 121
12.3.4.4 Rest of Europe Plant-Based Food Market 121
12.3.4.4.1 Rest of EU Plant-Based Food Market, by Product 121
12.3.4.4.2 Rest of EU Plant-Based Food Market, by Application 122
12.3.4.4.3 Rest of EU Plant-Based Food Market, by Source 122
12.4 APAC Plant-Based Food Market 123
12.4.1 Key Facts on Asia-Pacific Plant-Based Food Market 123
12.4.2 Asia-Pacific Plant-Based Food Market, by Product 125
12.4.3 Asia-Pacific Plant-Based Food Market, by Application 125
12.4.4 Asia-Pacific Plant-Based Food Market, by Source 126
12.4.5 Asia-Pacific Plant-Based Food Market, by Country 126
12.4.5.1 China Plant-Based Food Market 127
12.4.5.1.1 China Plant-Based Food Market, by Product 128
12.4.5.1.2 China Plant-Based Food Market, by Application 128
12.4.5.1.3 China Plant-Based Food Market, by Source 129
12.4.5.2 Japan Plant-Based Food Market 129
12.4.5.2.1 Japan Plant-Based Food Market, by Product 130
12.4.5.2.2 Japan Plant-Based Food Market, by Application 130
12.4.5.2.3 Japan Plant-Based Food Market, by Source 131
12.4.5.3 India Plant-Based Food Market 131
12.4.5.3.1 India Plant-Based Food Market, by Product 132
12.4.5.3.2 India Plant-Based Food Market, by Application 132
12.4.5.3.3 India Plant-Based Food Market, by Source 133
12.4.5.4 Australia Plant-Based Food Market 133
12.4.5.4.1 Australia Plant-Based Food Market, by Product 134
12.4.5.4.2 Australia Plant-Based Food Market, by Application 134
12.4.5.4.3 Australia Plant-Based Food Market, by Source 135
12.4.5.5 Rest of Asia-Pacific Plant-Based Food Market 135
12.4.5.5.1 Rest of APAC Plant-Based Food Market, by Product 136
12.4.5.5.2 Rest of APAC Plant-Based Food Market, by Application 136
12.4.5.5.3 Rest of APAC Plant-Based Food Market, by Source 137
12.5 Rest of the World Plant-Based Food Market 138
12.5.1 ROW Plant-Based Food Market, by Product 139
12.5.2 ROW Plant-Based Food Market, by Application 139
12.5.3 ROW Plant-Based Food Market, by Source 140
13. COMPETITIVE SCENARIO 141
13.1 Porter
Tofurky
Quorn foods Inc.
Amy's kitchen
Archer Daniel's Midland
Claudron Foods
Morning Star Farms
Sweet Earth Foods
Impossible Foods
Maple Leaf food and Beyond Burgers