Global Plant Based Food Market Report 2020-2027
The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.
The growth of this market is mainly attributed to the factors such as increasing incidence of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in this sector. However, the comparatively higher price range of some of the meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten free products are expected to hinder the growth of this market to some extent.
Based on product type, the dairy alternatives segment is estimated to dominate the overall plant-based products market in 2020, and is also expected to continue its dominance during the forecast period.
The dominant position of this segment is mainly attributed to the factors such as increased number of lactose-intolerant people, growing awareness on ethical concerns about animal abuse in modern dairy farming practices, and nutritional benefits offered by plant based dairy products.
However, the plant-based eggs/egg substitute segment is expected to grow at the fastest CAGR during the forecast period.
Based on source, the soy protein segment is estimated to command the largest share of the overall plant-based products market in 2020. Factors such as easy availability and cost effectiveness in comparison to other sources of protein, increased demand in meat protein alternatives, and wider-application base in many plant-based products categories are responsible for the major share of this segment. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period.
Based on distribution channel, the B2C distribution channel segment is estimated to account for the largest share of the overall plant-based products market in 2020. This segment is also projected to grow at the fastest CAGR during the forecast period, due to the rapidly growing online retail sector, growing urbanization, and rise in the number of supermarkets and hypermarkets
Geographically, Europe is estimated to command the largest share of the global plant-based food market in 2020. The leading position of the Europe region in the market is primarily attributed to the factors such as higher awareness on the consumption of protein rich diet, increased health consciousness, higher vegan & vegetarian population base, well established food sector, higher adoption of technological advancements in food & beverages industry, overflow of investments in the plant based sector, and higher raw material availability.
However, the Asia- Pacific plant based products market is developing and expanding at a significant pace.
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