According to the comprehensive research study, the global plant-based food market is anticipated to reach $64.33 billion by 2031, growing at a robust CAGR of 11% throughout the forecast period 2024-2031. This comprehensive analysis examines the worldwide plant-based food industry across five key geographical regions, highlighting prevailing market dynamics, current valuations, recent innovations, and projections through 2031.
Following comprehensive secondary research, extensive primary investigations, and detailed market scenario evaluation, the report analyzes the influence of critical industry catalysts, limitations, prospects, and challenges. Market expansion is propelled by rising consumer intolerance toward animal-derived proteins, expanding vegetarian demographics, increasing venture capital investments in plant-based enterprises, breakthrough innovations in food technology, and heightened focus on animal welfare and environmental sustainability. Additionally, escalating research and development activities, innovative product launches by plant-based manufacturers, and emerging market expansion opportunities are anticipated to bolster market development.
The prominent participants in the plant-based food market include Beyond Meat Inc. (USA), Impossible Foods Inc. (USA), Danone S.A. (France), Garden Protein International, Inc. (Canada), Amy's Kitchen Inc. (USA), Plamil Foods Ltd. (UK), The Hain Celestial Group, Inc. (USA), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (USA), Taifun -Tofu GmbH (Germany), Atlantic Natural Foods LLC (USA), VBIte Food Ltd (UK), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), Unilever PLC (UK), Sophie's Kitchen (USA), and Eat Just, Inc. (USA).
The plant-based food market is categorized by product type (dairy alternatives, meat substitutes, plant-based meals, plant-based baked goods, plant-based confectionery, plant-based beverages, egg substitutes, fish and seafood alternatives, other plant-based foods), source material (soy, almond, wheat, pea, rice protein, oat, other sources), distribution channel (business-to-business, business-to-consumer including modern groceries/supermarkets, convenience stores, specialty stores, online retail, other B2C channels), and geographical regions. The analysis encompasses competitive landscape evaluation and country-level market assessment.
Based on product type, the egg substitute segment is projected to experience the highest CAGR during the forecast timeframe of 2024-2031. This accelerated growth stems primarily from surging consumer demand for egg alternatives, increasing investments and technological innovations in egg substitute development, proliferation of new product introductions, and the low cholesterol benefits provided by plant-based egg alternatives. The segment benefits from growing health consciousness, dietary restrictions awareness, and the expansion of vegan and vegetarian lifestyles. As food manufacturers develop more sophisticated formulations that closely mimic traditional egg functionality in cooking and baking applications, adoption rates continue climbing across both residential and commercial segments.
Based on source material, the pea segment is expected to register the most substantial growth rate throughout the forecast period. This rapid expansion is attributed to consumers' increasing preference for sustainable and palatable alternatives to animal proteins, rising investments from leading manufacturers to enhance pea protein production capabilities, and growing incorporation of pea protein in various plant-based food applications. Pea-based ingredients offer additional advantages being allergen-free, gluten-free, and lactose-free, which significantly broadens their appeal among health-conscious consumers with specific dietary requirements.
Based on distribution channel, the business-to-consumer segment is anticipated to maintain the dominant market position while simultaneously achieving the fastest growth rate during 2024-2031. This dual leadership results from increased plant-based food sales through established supermarket and hypermarket chains, consumer preference for traditional brick-and-mortar grocery shopping due to accessibility and product availability, and rising consumer expenditure on vegan food products. The segment's growth acceleration is further supported by the rapidly expanding online retail sector, which provides enhanced accessibility, shopping convenience, and cost-effectiveness for consumers seeking plant-based alternatives.
Based on end-use application, the retail segment is expected to capture the largest market share in 2024. This dominance is primarily driven by growing consumer adoption of plant-based diets, increasing product availability in mainstream retail outlets, enhanced marketing efforts by manufacturers, and improved product formulations that appeal to broader consumer segments. The retail expansion is supported by strategic partnerships between plant-based manufacturers and major grocery chains, dedicated shelf space allocation for plant-based products, and consumer education initiatives that promote the benefits of plant-based nutrition.
Comprehensive geographical analysis provides detailed qualitative and quantitative insights across five major regions (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) with extensive coverage of key countries within each region. Asia-Pacific is projected to maintain the highest growth rate during the forecast period across the global plant-based food market. This growth trajectory is supported by collaborations between international and domestic food companies, rising awareness of protein-rich diets, flourishing food and beverage industry, economic expansion, rapid urbanization, and substantial vegan and vegetarian population base. Additionally, increasing investments in the plant-based sector and growing adoption of emerging technologies for product innovation are further accelerating regional market expansion.
Following comprehensive secondary research, extensive primary investigations, and detailed market scenario evaluation, the report analyzes the influence of critical industry catalysts, limitations, prospects, and challenges. Market expansion is propelled by rising consumer intolerance toward animal-derived proteins, expanding vegetarian demographics, increasing venture capital investments in plant-based enterprises, breakthrough innovations in food technology, and heightened focus on animal welfare and environmental sustainability. Additionally, escalating research and development activities, innovative product launches by plant-based manufacturers, and emerging market expansion opportunities are anticipated to bolster market development.
The prominent participants in the plant-based food market include Beyond Meat Inc. (USA), Impossible Foods Inc. (USA), Danone S.A. (France), Garden Protein International, Inc. (Canada), Amy's Kitchen Inc. (USA), Plamil Foods Ltd. (UK), The Hain Celestial Group, Inc. (USA), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (USA), Taifun -Tofu GmbH (Germany), Atlantic Natural Foods LLC (USA), VBIte Food Ltd (UK), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), Unilever PLC (UK), Sophie's Kitchen (USA), and Eat Just, Inc. (USA).
The plant-based food market is categorized by product type (dairy alternatives, meat substitutes, plant-based meals, plant-based baked goods, plant-based confectionery, plant-based beverages, egg substitutes, fish and seafood alternatives, other plant-based foods), source material (soy, almond, wheat, pea, rice protein, oat, other sources), distribution channel (business-to-business, business-to-consumer including modern groceries/supermarkets, convenience stores, specialty stores, online retail, other B2C channels), and geographical regions. The analysis encompasses competitive landscape evaluation and country-level market assessment.
Based on product type, the egg substitute segment is projected to experience the highest CAGR during the forecast timeframe of 2024-2031. This accelerated growth stems primarily from surging consumer demand for egg alternatives, increasing investments and technological innovations in egg substitute development, proliferation of new product introductions, and the low cholesterol benefits provided by plant-based egg alternatives. The segment benefits from growing health consciousness, dietary restrictions awareness, and the expansion of vegan and vegetarian lifestyles. As food manufacturers develop more sophisticated formulations that closely mimic traditional egg functionality in cooking and baking applications, adoption rates continue climbing across both residential and commercial segments.
Based on source material, the pea segment is expected to register the most substantial growth rate throughout the forecast period. This rapid expansion is attributed to consumers' increasing preference for sustainable and palatable alternatives to animal proteins, rising investments from leading manufacturers to enhance pea protein production capabilities, and growing incorporation of pea protein in various plant-based food applications. Pea-based ingredients offer additional advantages being allergen-free, gluten-free, and lactose-free, which significantly broadens their appeal among health-conscious consumers with specific dietary requirements.
Based on distribution channel, the business-to-consumer segment is anticipated to maintain the dominant market position while simultaneously achieving the fastest growth rate during 2024-2031. This dual leadership results from increased plant-based food sales through established supermarket and hypermarket chains, consumer preference for traditional brick-and-mortar grocery shopping due to accessibility and product availability, and rising consumer expenditure on vegan food products. The segment's growth acceleration is further supported by the rapidly expanding online retail sector, which provides enhanced accessibility, shopping convenience, and cost-effectiveness for consumers seeking plant-based alternatives.
Based on end-use application, the retail segment is expected to capture the largest market share in 2024. This dominance is primarily driven by growing consumer adoption of plant-based diets, increasing product availability in mainstream retail outlets, enhanced marketing efforts by manufacturers, and improved product formulations that appeal to broader consumer segments. The retail expansion is supported by strategic partnerships between plant-based manufacturers and major grocery chains, dedicated shelf space allocation for plant-based products, and consumer education initiatives that promote the benefits of plant-based nutrition.
Comprehensive geographical analysis provides detailed qualitative and quantitative insights across five major regions (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) with extensive coverage of key countries within each region. Asia-Pacific is projected to maintain the highest growth rate during the forecast period across the global plant-based food market. This growth trajectory is supported by collaborations between international and domestic food companies, rising awareness of protein-rich diets, flourishing food and beverage industry, economic expansion, rapid urbanization, and substantial vegan and vegetarian population base. Additionally, increasing investments in the plant-based sector and growing adoption of emerging technologies for product innovation are further accelerating regional market expansion.
Key Questions Answered in the Report
- What is the current market valuation of the global plant-based food industry?
- At what pace is worldwide plant-based food consumption projected to expand over the next 7-8 years?
- What are the historical market valuations and growth trajectories of the global plant-based food sector?
- What are the primary factors influencing market growth at regional and national levels? What significant opportunities exist for current market participants and new market entrants?
- Which segments across product type, source material, end-use applications, and distribution channels are expected to generate substantial opportunities for manufacturers in this industry?
- What are the key geographical trends shaping this market? Which regions/countries are anticipated to provide significant growth prospects for manufacturers operating in the global plant-based food market?
- Who are the leading players in the global plant-based food industry? What are their specific product portfolios in this market segment?
- What are the recent strategic developments within the global plant-based food market? How do these strategic initiatives impact overall market dynamics?
Scope of the Report
Plant-based Food Market Assessment - by Product Type
- Dairy Alternatives
- Meat Substitutes
- Plant-based Meals
- Plant-based Baked Goods
- Plant-based Confectionery
- Plant-based Beverages
- Egg Substitutes
- Fish and Seafood Alternatives
- Other Plant-based Foods
Plant-based Food Market Assessment - by Source Material
- Soy
- Almond
- Wheat
- Pea
- Rice Protein
- Oat
- Other Sources
Plant-based Food Market Assessment - by Distribution Channel
- Business-to-Business
- Business-to-Consumer
Plant-based Food Market Assessment -- by Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Table of Contents
1 Introduction
2 Research Methodology
3 Executive Summary
4 Market insights
5 Global Plant-Based Food Market, by Type
6 Global Plant-Based Food Market, by Source
7 Global Plant-Based Food Market, by Distribution Channel
8 Plant-Based Food Market, by Geography
9 Competitive Landscape
10 Company Profiles
11 Appendix
List of Tables
List of Figures
Companies Mentioned
- Beyond Meat Inc.
- Impossible Foods Inc.
- Danone S.A.
- Garden Protein International Inc.
- Amy's Kitchen Inc.
- Plamil Foods Ltd.
- The Hain Celestial Group Inc.
- Sahmyook Foods
- Sanitarium Health and Wellbeing Company
- Daiya Foods Inc.
- Earth's Own Food Company Inc.
- Lightlife Foods Inc.
- Taifun -Tofu GmbH
- Atlantic Natural Foods LLC
- VBIte Food Ltd
- Nutrisoy Pty Ltd.
- Nestlé S.A.
- Unilever PLC
- Sophie's Kitchen
