Plant-based Food Global Market Report 2024

The plant-based food market size has grown rapidly in recent years. It will grow from $50.32 billion in 2023 to $56.99 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. TThe increase observed in the historical period can be ascribed to the rising awareness of health, environmental considerations, ethical concerns related to animal welfare, innovations in product offerings, and the widespread availability of these products in mainstream retail.

The plant-based food market size is expected to see rapid growth in the next few years. It will grow to $95.92 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The increase projected for the upcoming period can be ascribed to the ongoing health and wellness trend, heightened awareness of climate change, the growth of vegan and flexitarian communities, as well as increased investments and expansions by food companies, along with government initiatives and regulations. Noteworthy trends anticipated during this period encompass the introduction of plant-based eggs and dairy alternatives, a heightened emphasis on nutrient-rich plant-based snacks, the expansion of market presence in both retail and e-commerce, the global spread of plant-based cuisine, and the adoption of sustainable packaging solutions.

The anticipated surge in the plant-based food market is driven by an increasing preference for plant-based food products. These products, composed entirely of 100% plant ingredients and devoid of any animal components, have gained popularity due to health benefits, ethical considerations, and environmental awareness. The growing inclination towards plant-based food products is expected to boost market growth. For example, in 2021, The Good Food Institute, a US-based nonprofit organization advocating for plant- and cell-based products, reported a 7.2% increase in the US retail market for plant-based foods, rising from $6.9 billion in 2020 to $7.4 billion. Furthermore, sales showed a 6% growth compared to the previous year. Hence, the escalating preference for plant-based food products is a key factor propelling the plant-based food market's expansion.

The rise in the prevalence of various cardiovascular diseases is anticipated to drive the growth of the plant-based food market. Cardiovascular diseases encompass a range of disorders affecting the heart or blood vessels. Plant-based food products play a crucial role in promoting cardiovascular health and preventing these diseases, given the associated benefits of a plant-based diet rich in fruits, vegetables, whole grains, legumes, nuts, and seeds. In May 2023, the Centers for Disease Control and Prevention, a US-based public health agency, reported that in 2021, approximately 695,000 individuals in the United States succumbed to heart disease, with coronary heart disease being the predominant cause, resulting in the demise of 375,476 people. Consequently, the increasing prevalence of various cardiovascular diseases is a driving force behind the growth of the plant-based food market.

Product innovation stands out as a prominent trend gaining traction within the plant-based food market. Major players in this market are directing their efforts towards the development of inventive products, including clean-label items, vegan cheeses, egg substitutes, and other offerings, as a strategy to fortify their market positions. For instance, in July 2022, Century Pacific Food, Inc., a Philippines-based food and beverage company, unveiled the groundbreaking plant-based alternative 'unMEAT Fish-free Tuna.' This innovative product, entirely free of fish and composed of plant-based ingredients, utilizes non-GMO components. The unique design of the product ensures low fat content, with zero traces of mercury and trans-fat. The company engineered the product to replicate the taste, texture, and appearance of tuna, all while remaining entirely fish-free.

In the realm of the plant-based food market, major corporations are forging partnerships to cultivate novel products and enhance their standing in the industry. Strategic partnerships involve companies leveraging each other’s strengths and resources for mutual benefits and success. A case in point is the October 2023 collaboration between Nelson-Jameson, a US-based food processing distributor, Vaess, a Dutch-based food tech company, and Lallemand Specialty Cultures, a US-based specialty cultures manufacturing company. This partnership aims to expand plant-based manufacturing, offering diverse options to customers and addressing the escalating demand for variety in existing portfolios. The collaboration focuses on implementing strategic approaches for companies engaged in the production of plant-based and hybrid products.

In January 2022, PlantPlus Food LLC, a Canada-based provider of a variety of finished plant-based food products, acquired Sol Cuisine Inc for $125.4 million. This acquisition broadens PlantPlus Foods' portfolio, introducing plant-forward and meat-analog products in appetizers, entrees, and meat-analog components. The strategic move allows the company to cater to the diverse preferences and lifestyle choices of consumers across multiple categories. Sol Cuisine Inc., the acquired entity, is a Canada-based producer specializing in consumer-preferred plant-based protein foods.

Major companies operating in the plant-based food market report are Nestlé S.A., Archer-Daniels-Midland Company, Danone SA, Kellogg Company, Gold and Green Foods, Hain Celestial Group Inc., Oatly Group AB, Turtle Island Foods, Amy's Kitchen Inc., Beyond Meat Inc., Happy Little Vegan, Morning Star Farms, Impossible Foods, Quorn Foods, Alpro, Daiya Food, Inc., The Vegetarian Butcher, Gourmet Foods, Atlantic Natural Foods LLC, Fry Group, Gardein, Soylent, Tofutti Brands, Inc., So Delicious Dairy Free, Cauldron Foods, Mosaic Foods Inc., Sunfed Meats, VBites, Garden Protein International Inc., Manila Bay, Herbivore, Kite Hill Foods, Laird Superfood, such as Meat Without Meat, Meatless Mondays, Modern Taste, MOS Burger, Vitalite, Yfuel.

North America was the largest region in the plant-based food market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global plant-based food market during forecast period. The regions covered in the plant-based food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plant-based food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of plant-based food comprise dairy alternatives, meat alternatives, egg substitutes, condiments, and other variations. Meat substitutes emulate meat by emphasizing common characteristics and relationships and are derived from sources such as soy, almond, wheat, pea, rice, distributed through various channels such as supermarkets, hypermarkets, convenience stores, and online platforms.

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The plant-based food market consists of sales of tofu, bread, plant-based protein powder, cheese, and mock meat. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.