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29 Aug, 2023, 11:30 ET

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DUBLIN, Aug. 29, 2023 /PRNewswire/ -- The "Global Plant-based Food Market 2023-2028" report has been added to ResearchAndMarkets.com's offering.

According to the report, the plant-based food market is projected to exceed USD 75 billion in size, growing from USD 41.06 billion in 2022. This impressive growth is anticipated to continue with a CAGR of 10.95% from 2023 to 2028. This trend mirrors the increasing popularity and adoption of veganism, which is driven by heightened awareness of ecological and ethical considerations.

Uncover the driving forces, challenges, and trends shaping the landscape of plant-based food market, as it becomes a major player in the global food industry.

Rising Demand: A Catalyst for Growth

The global sales of plant-based foods are on the rise, propelled by growing concerns over the ecological impact of conventional food production and animal welfare issues. In response to these concerns, consumers are increasingly turning to plant-based alternatives. This shift is not only driven by ethical considerations but also by the escalating concerns about food security. As a result, the market is witnessing rapid growth, with international restaurant chains such as Taco Bell, Chipotle, Jamba Juice, and Starbucks playing a significant role in driving increased consumption of plant-based options.

Driving Factors: The Power of Change

Several factors are driving the growth of the plant-based food market. Intolerance for animal protein among consumers, a growing vegan population, and increased venture investments in plant-based food companies are contributing to the market's expansion. Notably, research and development efforts, along with new product launches by plant and protein alternative manufacturers, are fueling innovation. Emerging economies, especially in Asia-Pacific, South America, and the Middle East & Africa, are providing lucrative opportunities for market players.

Plant-based Foods: A Global Transformation

Plant-based foods are not new; humans have consumed plants and their products for centuries. However, the current surge in the market is a testament to the refined commercialization of plant-based food products. As veganism gains prominence as an environmentally conscious and low-carbon lifestyle, the global plant-based food market is flourishing. This growth showcases how the world is embracing new dietary options, with the demand for different foods driving the expansion of the market.

Challenges on the Horizon

Despite the growth potential, challenges exist. One significant challenge is the ability of plant-based seafood to replicate the authentic taste of seafood. Seafood has a unique and complex flavor profile that can be difficult to mimic with plant-based ingredients. Additionally, issues surrounding labeling and regulations can create confusion for consumers. Clarity is needed in product descriptions and labels to ensure transparency and prevent misleading claims.

Trends Shaping the Future

Two notable trends shaping the plant-based food market are the expansion of product offerings and the focus on clean label and natural ingredients. Consumers are seeking a wider array of plant-based alternatives across various categories, driving companies to innovate and improve taste and texture. Furthermore, the clean label movement is gaining traction, as consumers demand transparency in ingredients and production processes. Natural, recognizable ingredients are preferred, offering nutritional benefits and catering to dietary restrictions.

COVID-19 Impact: A Silver Lining

Surprisingly, the COVId-19 pandemic had a positive impact on the global plant-based food industry. The pandemic highlighted the link between public health and animal meat consumption, leading to increased interest in vegan diets. Additionally, disruptions in traditional meat processing due to the pandemic led consumers to explore plant-based alternatives, further boosting the market.

Emergence of Key Players

The plant-based food market is witnessing the emergence of key players who are driving innovation and market growth. Companies like Beyond Meat, Impossible Foods, and others are revolutionizing the market with their plant-based meat alternatives. Major food corporations like Nestle, Danone, and Unilever are also entering the plant-based food arena, indicating the industry's significance and growth potential.

Regional Dynamics: Middle East & Africa

The Middle East and Africa region, with its rich history of plant-based diets rooted in cultural and religious practices, is set to experience substantial growth. As urbanization and lifestyle changes occur in the region, health and wellness take center stage. Plant-based diets, perceived as healthier alternatives, gain traction, driven by cultural practices and a desire for overall well-being. Governments in the region are actively supporting plant-based food consumption, further fueling market growth.

Market Segments: A World of Choices

The plant-based food market spans diverse segments, including plant-based milk, meat alternatives, cheese, desserts, ice cream, yogurt, butter, bakery snacks, condiments, and more. These products are available in various distribution channels, with hypermarkets and supermarkets leading the way. Consumers can explore an array of options that cater to their dietary preferences and align with their values.

Shaping the Future Plate

The plant-based food market is not just a trend; it's a movement that's reshaping the food industry. As consumers become more conscious of their choices and their impact on the planet and health, the demand for plant-based alternatives continues to grow. With innovations, expanded product offerings, and a focus on sustainability, the plant-based food market is carving a new path for a more sustainable and ethical food future.

Recent Developments

Companies Profiled

Key Topics Covered1. Executive Summary2. Market Dynamics3. Research Methodology4. Market Structure5. Economic/Demographic Snapshot6. Global Plant-based Food Market Outlook7. North America Plant-based Food Market Outlook8. Europe Plant-based Food Market Outlook9. Asia-Pacific Plant-based Food Market Outlook10. South America Plant-based Food Market Outlook11. Middle East & Africa Plant-based Food Market Outlook12. Competitive Landscape13. Strategic Recommendations14. AnnexureFor more information about this report visit https://www.researchandmarkets.com/r/can6sy

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SOURCE Research and Markets