According to a market report, published by Sheer Analytics and Insights, The global plant-based food market was valued at $60.21 billion in 2021 and it is expected to reach $134.3 billion at a CAGR of 7.3% between 2022 and 2032. Plant-based cuisine Growth describes a range of culinary items created using only organic plant-based materials. Dairy alternatives, egg alternatives, meat alternatives, nutrition, beverages, baby food, basics, and other sorts of plant-based food are among them. Additionally, the growing amount of R&D and new product releases by producers of plant-based protein alternatives and rising markets in the Asia-Pacific, Latin America, and the Middle East & Africa are anticipated to open up profitable prospects for market participants. However, factors including the significantly higher price range of meat replacements, the customer preference for soy and gluten-free products, and the inclination for animal-based products are predicted to significantly impede the growth of this market.
Unlike plant-based alternatives, which are here to stay and are expanding, food-related consumer habits sometimes come and go like fads. Plant-based alternatives are becoming a long-term choice for consumers all over the world because of the industries expanding range of product options. One of the main elements fueling the market's expansion is the rise in chronic lifestyle conditions and sensitivity to animal protein. Additionally, the sector is being advanced by the widespread acceptance of vegan eating practices. Moreover, consumer awareness of health issues is surging to unprecedented heights. Consumer worries about food safety issues and increased residue levels in food are on the rise right now. Consumers prefer chemical-free food products as a result of these worries and growing awareness. These major factors would accelerate the market growth during the forecast period.
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Furthermore, one of the most recent market prospects is lactose intolerance. The vast majority of people on the planet will continue to be lactose intolerant. The sustainable living movement, which promotes foods that are both climate- and animal-safe, is another option. The global market is paying particular attention to a fantastic opportunity for the market for plant-based foods as consumers make more ecologically conscious decisions to lower their household carbon footprint. Hence, these rising factors are anticipated to drive market growth by creating more growth opportunities in the future.
On the other hand, some factors could hamper the market growth. For instance, products made from plants don't taste the same as those made from animals. As a result, some people may be against eating foods that are made from plants. Additionally, some people have allergies to the minerals and proteins found in plants. Plant-based foods might not be a popular food alternative as a result.
Some new developments in the global plant-based food market:
According to the study, key players dominating the global plant-based food market are Amy’s Kitchen (U.S), Atlantic Natural Foods (U.S), Beyond Meat (U.S), Danone (France), Gardein (Canada), Impossible Foods (U.S), Lightlife Foods (U.S), Monde Nissin (Philippines), Nestle (Switzerland), Otsuka Holdings (Japan), Plamil Foods (U.K), Sahmyook Foods (South Korea), Tyson Foods (U.S), Unilever Plc (U.K), among others.
The Global Plant-Based Food Market Has Been Segmented Into:
The Global Plant-Based Food Market – by Food Type:
The Global Plant-Based Food Market – by Source Type:
The Global Plant-Based Food Market – by Regions:
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