Plant-based food Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Plant-Based Food Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The plant-based food market has seen significant growth in recent years. It is projected to rise from $50.32 billion in 2023 to $56.99 billion in 2024, achieving a compound annual growth rate (CAGR) of 13.3%. This growth during the historical period can be attributed to factors such as increasing health awareness, environmental concerns, ethical considerations regarding animal welfare, innovations in product offerings, and greater availability in mainstream retail outlets.
What Is the Future Market Size of the Global Plant-Based Food Market and Its Yearly Growth Rate?
The plant-based food market is projected to experience significant growth in the coming years. It is expected to reach $95.92 billion by 2028, with a compound annual growth rate (CAGR) of 13.9%. This growth during the forecast period can be linked to ongoing trends in health and wellness, increasing awareness of climate change, the expansion of vegan and flexitarian populations, investments and growth initiatives by food companies, as well as government policies and regulations.
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What Are the Main Factors Driving Plant-Based Food Market Expansion?
The rising preference for plant-based food products is anticipated to drive growth in the plant-based food market in the future. These products are entirely composed of 100% plant ingredients and do not contain any animal products or animal-derived ingredients, including only vegetables, fruits, and grains. The growing interest in plant-based foods is fueled by their health benefits, ethical considerations, and environmental concerns. As more individuals choose plant-based food options, this trend will significantly contribute to market expansion.
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Who Are the Main Competitors Driving the Plant-Based Food Market Forward?
Key players in the plant-based food market include 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,
How Are New Trends Transforming the Plant-Based Food Market Size?
Leading companies in the plant-based food market are entering into partnerships to create new products and enhance their market presence. Strategic partnerships involve a collaborative process where companies utilize each other’s strengths and resources to achieve shared benefits and success.
What Are the Key Segments Within the Global Plant-Based Food Market?
1) By Type: Diary Alternatives, Meat Alternatives, Egg Substitutes And Condiments, Other Types
2) By Source: Soy, Almond, Wheat, Pea, Rice, Other Sources
3) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Stores, Other Distribution Channels
North America’s Role as the Foremost Player in the Plant-Based Food Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Plant-Based Food Market Definition?
Plant-based food refers to any food item, product, or meat substitute that is entirely composed of 100% plant ingredients and contains no animal products. These foods serve nutritional purposes and are also considered potential sources in traditional medicine.
The Plant-Based Food Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Plant-Based Food Market Report: Trends, Opportunities, Strategies, and More
The Plant-Based Food Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into plant-based food market size, plant-based food market drivers and trends, plant-based food competitors’ revenues, and plant-based food market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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Article originally published on www.einpresswire.com as Plant-Based Food Market Size, Share, Revenue, Trends, and Drivers For 2024-2033
