Written by Shakila - 5 Minutes reading time
World Vegan Day - How the market expands
Market Research Future (MRFR)’s report highlights, “Plant-Based Food Market Information by Type, Category, Distribution Channel, and Region – Forecast till 2027“, the market will reach USD 37981.6 Million by 2027, at 10.20% CAGR.
A wide range of food products manufactured from organic plant-based ingredients is referred to as plant-based food. These products, which don’t contain animal products or those derived from animals, such as milk, meat, or eggs, typically contain nuts, whole grains, vegetables, fruits, and legumes. The most well-liked plant-based foods are tofu, coconut, tempeh, almond milk, and seitan. Veganism’s carbon footprint is declining as more people become environmentally conscious. The foreign market and its expansion provide the clearest evidence of this. The globe has been searching for new, alternative meals to eat, and its preferences mirror the development of the global market.
We humans have long used plants and their products as food. However, plant-based foods are the more refined version of plant products marketed for commercial use. Various food items derived from organic plant materials are called “plant-based food.” These products often contain no components originating from animals, such as meat, milk, or eggs, and are manufactured from fruits, whole grains, vegetables, nuts, oils, and legumes. Popular plant-based foods include tempeh, seitan, coconut and almond milk, and tofu. It is advised to eat foods high in folic acid, vitamins B1, C, and E, magnesium, and iron while avoiding foods high in cholesterol and saturated fats.
Market Competitive Landscape:
The promising contenders in the plant-based food market are:
- TYSON FOODS, INC.
- DANONE SA
- NESTLÉ S.A.
- GENERAL MILLS, INC.
- CLARA FOODS
- KEYSTONE NATURAL HOLDINGS
- PREMIER FOODS PLC
- DEL MONTE FRESH PRODUCE N.A., INC.
- AMY’S KITCHEN
Market U.S.P. Covered:
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. There is a global trend in the public’s preference for plant-based food items as people become more conscious of animal health and the need to stop the exploitation of animals in the food industry. Additionally, growing consumer acceptance of these food items results from the recent discovery of novel products like egg substitutes, plant-based milk, and meat substitutes. These products taste almost identical to those made from animals and are rich in essential nutrients.
In addition, vegan products have been promoted as a way to maintain a healthy diet through influencer and athlete awareness campaigns. The market is expected to grow even more due to these measures and the products’ simplicity of availability via online sales channels. Lactose intolerance is one of the most current market opportunities. The majority of people on earth will still be lactose intolerant. This population will always require a lactose-free alternative, which even the plant-based food industry can provide. Another choice is the trend toward sustainable living, which supports animal- and climate-safe meals. As customers become more concerned with reducing their home carbon footprint, the worldwide industry is paying special attention to a fantastic opportunity for plant-based cuisine.
The market for plant-based foods is subject to several limitations. For instance, plant items don’t taste the same as those made from animals. As a result, some people may object to consuming food made from plants. Additionally, some individuals might be allergic to plant minerals and proteins. As a result, plant-based foods might not be a widely recognized food option.
COVID 19 Analysis
The plant-based food market has seen the impact of the pandemic on its grades, just like other market segments. There are holes in the supply chain and production since the immediate market impact was a sharp slowdown. In the meantime, there were issues with the global supply chain, and sales in the retail sector declined. The manufacturing of plant-based foods was also negatively impacted. However, the global market looked at clear growth forecasts once the retail and production network had been trained to acclimate itself to a post-pandemic environment.
The plant-based food market benefits from the general public’s propensity for good health in the post-pandemic world. Health-aware people prefer plant-based foods due to their low-calorie content. Conversely, lactose-intolerant people like plant-based diets because of their nutritional value and lack of side effects. The average person does not hesitate to spend money on food and nutrition in the post-pandemic society to maintain his internal health. The majority of global market participants profit from this mentality.
By category, the market includes organic and conventional. By distribution channel, the market includes store-based and non-store-based. By type, the market includes plant-based milk & derivatives, bakery & confectionery, RTE, sweet & savory snacks, plant-based juices, RTD Tea & coffee, and RTC meals.
The major regional markets are Asia Pacific, North America, Europe, and the rest of the world. There has always been a significant need for plant-based diets in the European continent. The trend of going vegan has also contributed to expanding the regional global market in North America. In terms of revenue generated by the plant-based food industry, the USA dominates North America. In terms of global Market Revenue, China is the leader in the Asia-Pacific area. In actuality, Asia-Pacific exhibits the greatest regional rate of market size growth during the projection period.
The majority of revenue came from North America. The market is primarily driven by growing environmental and animal welfare issues related to the food sector. The prevalence of lactose intolerance in the U.S. is another factor that increases demand for dairy alternatives. The region with the fastest anticipated growth is the Asia Pacific. Consumers’ growing health consciousness primarily drives the market. Due to the strong development potential, leading manufacturers in the market have been concentrating on growing their business in the Asia Pacific.
As the world is searching for alternative food, organisations are searching for innovative ways to produce plant-based ingredients. These new ways of producing food require different skills and knowledge. Is your Life Science organisation facing innovative challenges and do you need the best-fitting professional to help you with that? There are various recruitment solutions which can help you to build your dream team. Discover these solutions here.
Also published on Globenewswire.com
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