Plant-Based Food and Beverage Market: Global Analysis 2023-2030
According to Triton’s analysis, the global plant-based food and beverage market was valued at $37145.98 million in 2022 and is expected to grow at a CAGR of 10.91% during the forecast period.
A recent study by Triton Market Research titled Global Plant-Based Food and Beverage Market includes segmented by Ingredient (Wheat, Pea, Soy, Coconut, Almond, Cashew, Other Ingredients), Storage (Refrigerated, Frozen, Shelf-stable), Sales Channel (Online Sales Channel, Offline Sales Channel [Specialty Stores, Convenience Stores, Supermarkets/Hypermarkets, Other Offline Sales Channels]), Type (Plant-Based Meat Substitutes [Textured Vegetable Protein, Tofu, Tempeh, Mycoprotein, Seitan, and Other Meat Substitutes], Plant-based Nutrition/Snack Bars, Plant-Based Dairy Derivatives [PlantBased Creamer, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Ice Cream and Frozen Desserts, Plant-Based Dairy Spreads and Dips], Plant-based Bakery Products, Plant-based Beverages [Plant-Based Packaged Smoothies, Coffee, Milk, Tea, Other PlantBased Beverages], Other Plant-Based Product Types), and Regional Outlook (Middle East and Africa, Europe, North America, Latin America, Asia-Pacific).
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Producing plant-based foods requires fewer resources, such as land, water, and energy, than animal-based products. These foods are rich in fiber, vitamins, minerals, and
antioxidants while lower in saturated fat and cholesterol, which fuels their adoption among health-conscious consumers.
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According to Triton’s study analysis, the global plant-based food and beverage market is predicted to rise in revenue to $84914.17 million by 2030, growing at a CAGR of 10.91% during the forecast period 2023-2030.
The prevalence of lactose intolerance, affecting over 60% of the global population, drives the demand for plant-based beverages. With symptoms like abdominal discomfort and gas, individuals seek lactase-free options rich in protein, vitamins, and minerals. Plant-based products reduce the risk of various diseases, making them an attractive choice for healthconscious consumers. Hence, these trends drive the plant-based food and beverage market on a growth path.
However, the market faces challenges due to different perceptions about plant-based food. Some consumers may need more clarification about taste, nutrition, or the ability to replace traditional animal-derived products.
Innovation in plant-based food processing techniques, such as advanced extraction methods and ingredient formulations, enable the creation of products that closely mimic their animalbased counterparts’ taste, texture, and nutritional profile. Hence, new manufacturing methods in the plant-based food and beverage market can create opportunities for manufacturers to meet consumer demands and expand product offerings.
The market for plant-based food and beverages is divided into four segments: type, ingredient, storage, and sales channel. Wheat, peas, soy, coconut, almonds, cashews, and other components are included in the ingredient section. There are three types of storage: shelf-stable, frozen, and refrigerated. It is divided into online and offline sales channels based on the sales channel. Speciality shops, convenience stores, supermarkets/hypermarkets, and other offline sales channels are additional challenges in offline sales.
Additionally, plant-based meat alternatives, dairy derivatives, nutrition/snack bars, bakery goods, drinks, and other product categories are separated out in the type section. Textured vegetable protein, tempeh, tofu, mycoprotein, seitan, and other plant-based meat alternatives are examples of meat substitutes. The plant-based dairy derivatives include plant-based dairy spreads, plant-based ice cream and frozen desserts, plant-based yoghurt, plant-based cheese, and plant-based creamer. Europe holds the highest share in the plant-based food and beverage market. Technological advancements and increasing consumer preference for organic and genetically modified (GM) free supply chains boost the studied market’s growth. Additionally, the increasing awareness of reducing animal product consumption and the environmental costs of intensive livestock production are major drivers for the growing popularity of plant-based food and beverages in Europe.
The eminent companies in the plant-based food and beverage market are Blue Diamond Growers, The Archer-Daniels-Midland Company (ADM), General Mills Inc, Danone SA,
Nestlé SA, The Hain Celestial Group Inc, Impossible Foods Inc, Amy’s Kitchen Inc, Campbell Soup Company, Daiya Foods Inc, Meatless Farm, KeVita Inc, Beyond Meat Inc, Living Harvest Foods Inc, and Conagra Brands Inc.
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Question & Answer: Global Plant-Based Food and Beverage Market
Question 1: What trends drive the plant-based food and beverage market on a growth path?
Answer: The prevalence of lactose intolerance, affecting over 60% of the global population, drives the demand for plant-based beverages. With symptoms like abdominal discomfort and gas, individuals seek lactase-free options rich in protein, vitamins, and minerals. Plant-based products reduce the risk of various diseases, making them an attractive choice for healthconscious consumers. Hence, these trends drive the plant-based food and beverage market on a growth path.
Question 2: What factors restrict the development of the plant-based food and beverage market?
Answer: The market faces challenges due to different perceptions about plant-based food. Some consumers may need more clarification about taste, nutrition, or the ability to replace traditional animal-derived products.
Question 3: Which region dictates the plant-based food and beverage market globally?
Answer: Europe holds the highest share in the plant-based food and beverage market. Technological advancements and increasing consumer preference for organic and genetically modified (GM) free supply chains boost the studied market’s growth. Additionally, the increasing awareness of reducing animal product consumption and the environmental costs of intensive livestock production are major drivers for the growing popularity of plantbased food and beverages in Europe.
Question 4: Which are the eminent companies in the plant-based food and beverage market?
Answer: The eminent companies in the plant-based food and beverage market are Blue Diamond Growers, The Archer-Daniels-Midland Company (ADM), General Mills Inc, Danone SA, Nestlé SA, The Hain Celestial Group Inc, Impossible Foods Inc, Amy’s Kitchen Inc, Campbell Soup Company, Daiya Foods Inc, Meatless Farm, KeVita Inc, Beyond Meat Inc, Living Harvest Foods Inc, and Conagra Brands Inc.
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GLOBAL ORGANIC DAIRY FOOD AND BEVERAGE MARKEThttps://www.tritonmarketresearch.com/reports/organic-dairy-food-and-beverage-market
According to Triton Market Research, the global organic dairy food and beverage market is projected to grow at a CAGR of 11.10% during the forecast period 2019-2028.
Rising awareness about health concerns and the emergence of environmental protection drives market growth. However, the market faces certain restraints, particularly the high price of organic dairy products and huge R&D investments. Nevertheless, government initiatives encouraging organic dairy farming create opportunities for the organic dairy F&B market.
GLOBAL MEAT SUBSTITUTE MARKEThttps://www.tritonmarketresearch.com/reports/meat-substitute-market
Based on estimates by Triton Market Research, the global meat substitute market is expected to rise at a CAGR of 7.35% over the forecast period 2019-2027.
The drivers for the market are growing concerns over obesity and a surge in demand for plant-based diets. However, the growth of the meat substitute market is hindered by easy accessibility to alternative products and the rise in allergies associated with soy-based products.
GLOBAL FERMENTED FOOD AND INGREDIENTS MARKEThttps://www.tritonmarketresearch.com/reports/global-fermented-food-and-ingredients-market
According to an analysis by Triton Market Research, the fermented food and ingredients market is projected to experience a positive trend, exhibiting a CAGR of 4.26% during the forecast period 2019-2027.
The global fermented food and ingredients market is driven by increasing awareness of healthy living and a growing demand for food preservation. Despite this, it faces challenges due to a greater preference for fresh products over fermented ones. On the other hand, developing region-specific products through potential merger and acquisition activities creates opportunities for the market.
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