Ottawa, May 30, 2022 (GLOBE NEWSWIRE) – According to Precedence Research, Plant food market size Estimated at $26.83 billion in 2021. The plant-based food industry is growing across North America, the Asia Pacific region, Europe and Latin America. Europe has been the largest market for blend substitutes worldwide. France, Germany and the United Kingdom are the two countries that have experienced high meat consumption in recent years. The main products offered in this market or not to be mocked are meat, pizza, burgers, pancakes, sausages, filet and meatballs. There is fierce competition in the European market for meat substitutes.
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Some well-known players have entered the market in recent years. About 30 to 70% of individuals in EU countries are overweight. The growing awareness regarding health and plant growth in Germany and France has led to the growth of the market. The younger generation in Asia is becoming aware of the climate and the relationship of climate change to meat consumption. So there is a steady rise in the demand for plant products in the Asia Pacific region. India has many vegetarians, but an animal free diet is still low. North America is the largest consumer of plant food products worldwide. There has been a significant rise in the adoption of the Asian vegetarian diet in consumers in the United States. Many food chains such as Domino’s and Starbucks are launching new products in the plant-based industry.
Many plant-based food manufacturers produce innovative products to attract diverse consumers to purchase these products. The Middle East and Africa region is in development stages. There are many startups making vegan products in this market. The growing awareness regarding health is an important factor driving the demand for plant products in this region.
|Market size in 2021||26.83 billion US dollars|
|Revenue forecast by 2030||65.4 billion US dollars|
|compound annual growth rate||10.41% from 2022 to 2030|
|forecast data||2022 to 2030|
|Covered companies||Amy’s Kitchen, Danone SA, Earth’s Own Food Company Inc., The Tofutti Brands Inc., Ripple Foods Inc., Archer Daniels Midland Company, Daiya Foods Inc.|
- based on the product, The daily alternative products are expected to gain the largest market share during the forecast period. These products are highly suitable for people who are lactose intolerant and are weight loss conscious. Since vegetarian meat is available in various forms and has a good shelf life, there is a growing demand for vegetarian meat as well.
- On the basis of distribution channelThe offline sector is expected to have the largest market share. Specialized shelving space is provided for these products in supermarkets which helps in attracting consumers’ attention. E-commerce portals are also experiencing growth as consumers buy products from these e-commerce portals.
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There is a growing adoption of innovative food packaging for plant-based food products which helps in the growth of the market. The plant-based food industry is environmentally friendly. There is an increased demand for sustainable food packaging for meat-free products. There is also a significant change in product labels, so many plant food product manufacturers have carbon labels. There is a growing demand for cruelty-free products which is really driving the market. Many consumers around the world have become aware of cruelty to animals. So they adopt lifestyles and diets that help reduce cruelty to animals. People are also aware of the negative effects of animal cruelty on the environment. In order to prevent these environmental effects from consuming animal meat, many consumers are turning to plant-based food products. The exploitation of animals to develop various food products has also decreased due to the increase in the vegetarian diet.
The production of plant food products is associated with a high cost. Many manufacturers release newly developed plant-based alternatives to the market but the prices of these products are relatively higher than animal food products. These products are also less attractive when it comes to the taste and texture of these plant-based food products. These plant-based food products differ significantly from animal products and happen to reduce growth or slow adoption among consumers.
Many manufacturers are investing in the future of the plant-based market. It is estimated that sales of meat-free products will reach 658 million euros in 2021. Various types of products are offered such as vegan burgers, milk alternatives, chicken nuggets and other alternative cheeses.
Most plant food products are associated with deficiencies of certain nutrients. They also have vegan based dairy products in India. Due to the consumption of this vegetarian diet, people may suffer from various health disorders. There are increasing cases of hormonal imbalance, anemia, vitamin B12 deficiency and other disorders. In order to have a healthy diet and a balanced diet the consumption of various other foods must be included. The many logistical challenges of the plant-based food industry. Due to the high cost of the meat and dairy industry in plant food products, many consumers are hesitant to purchase these products and thus manufacturers may not be able to provide a diverse product range.
- Nestlé has launched a new brand of plant-based milk called Wanda. It will be presented in the Netherlands, France and Portugal. The product was launched in 2021.
- Target, a US retail company, has launched a new sub-brand called The Good and Plant-Based Brand. 30 new botanical products will be launched under this brand name.
- dairy alternative
- meat substitute
by ddistribution channel
- Offline channels
- Online channels
- North Amarica
- Asia Pacific
- Latin america
- Middle East and Africa (MEA)
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