Plant-based Food Market to be Worth $113.1 billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 23, 2024 /PRNewswire/ -- According to a new market research report titled, 'Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Alternatives, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C [Convenience Store, Online Retail] - Global Forecast to 2031,' the plant-based food market is expected to reach $113.1 billion by 2031, at a CAGR of 12.3% from 2024 to 2031.

Download Sample Report Now- https://www.meticulousresearch.com/download-sample-report/cp_id=5108 

The growth of this market is driven by the increasing intolerance for animal-derived protein amongst consumers, the growing vegetarian population, the rising number of venture investments in plant-based food companies, innovation in food technology, and the growing focus on animal welfare and sustainability. In addition, the increasing number of research & development and new product launches by plant and protein alternative manufacturers and emerging economies, such as Asia-Pacific, Latin America, and the Middle East & Africa, are expected to create lucrative opportunities for players operating in this market.

However, factors such as the comparatively higher price range of 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 a notable extent.

Key Players:

The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2021–2024). The key players profiled in the plant-based food market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone S.A. (France), Garden Protein International, Inc. (Canada), Amy's Kitchen Inc. (U.S.), Plamil Foods Ltd. (U.K.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Nutrisoy Pty Ltd. (Australia), Nestlé S.A. (Switzerland), Unilever PLC (U.K.), Sophie's Kitchen (U.S.), and Eat Just, Inc. (U.S.).

Get a Glimpse Inside: Request Sample Pages- https://www.meticulousresearch.com/request-sample-report/cp_id=5108 

The plant-based food market is segmented by type (dairy alternatives [milk, cheese, yogurt, butter, ice cream, creamer, other dairy alternatives], meat substitutes [tofu, textured vegetable protein, burger patties, tempeh, hot dogs & sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, and other meat substitutes], plant-based meals, plant-based baked goods, plant-based confectionery, plant-based beverages, egg substitutes, fish and seafood alternatives, and other plant-based foods), source (soy, almond, wheat, pea, rice, oat, and other sources), distribution channel (business-to-business, business-to-consumer [modern groceries/supermarkets and hypermarkets, convenience stores, specialty stores, online retail stores, other B2C distribution channels], and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Key Findings in the Plant-based Food Market Study:

Among all types studied in the report, in 2024, the dairy alternatives segment is expected to account for the largest share of the plant-based food market. However, the egg substitute segment is expected to register the highest CAGR during the forecast period. This segment's rapid growth is attributed to the increasing consumer demand for egg alternatives, the rising number of investments and food innovations in egg alternatives, the increasing number of new product launches, and the low cholesterol levels provided by egg substitutes.

Among all sources studied in the report, in 2024, the soy segment is expected to account for the largest share of the plant-based food market. The large market share of this segment is attributed to factors such as the easy and wide availability of raw materials, lower cost compared to other sources, significant demand from meat alternatives manufacturers, higher consumer acceptance level, and its wide range of applications in numerous food & beverage sectors, including meat, dairy alternative, and bakery.

Have Specific Research Needs? Request a Customized Report- 
https://www.meticulousresearch.com/request-customization/cp_id=5108

However, the pea segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increasing desire amongst consumers to find sustainable and good-tasting alternatives to animal-based proteins, the rising number of investments from leading manufacturers to increase pea protein production, and the growing adoption of pea protein in plant-based foods. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based food.  

Among all distribution channels studied in the report, the business-to-consumer segment is expected to register the highest CAGR during the forecast period. This segment's rapid growth is mainly attributed to the faster accessibility, convenience, and cost-effectiveness offered by the online retail sector.

Among all the geographies studied in the report, the Asia-Pacific region is expected to register the highest CAGR during the forecast period due to the increasing investment in the plant-based sector and the growing adoption of emerging technologies for product innovation.

Browse In-depth Report Now- https://www.meticulousresearch.com/product/plant-based-food-market-5108 

Scope of the report:

Plant-based Food Market Assessment—by Type

• Dairy Alternatives
  • Milk
  • Cheese
  • Yogurt
  • Butter
  • Ice Cream
  • Creamer
  • Other Dairy Alternatives
• Meat Substitutes
  • Tofu
  • Textured Vegetable Protein (TVP)
  • Burger Patties
  • Tempeh
  • Hot Dogs & Sausages
  • Seitan
  • Meatballs
  • Ground Meat
  • Nuggets
  • Crumbles
  • Shreds
  • Other Meat Substitutes
• Plant-based Meals
• Plant-based Baked Goods
• Plant-based Confectionery
• Plant-based Beverages
• Egg Substitutes
• Fish and Seafood Alternatives
• Others Plant-Based Food

Plant-based Food Market Assessment—by Source

• Soy
• Almond
• Wheat
• Pea
• Rice
• Oat
• Other Sources

Plant-based Food Market Assessment—by Distribution Channel

• Business-to-Business
• Business-to-Consumer
  • Modern Groceries/Supermarkets and Hypermarkets
  • Convenience Stores
  • Specialty Stores
  • Online Retail Stores
  • Other B2C Distribution Channels

Plant-based Food Market Assessment—by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • Spain
  • Italy
  • France
  • Netherlands
  • Belgium
  • Austria
  • Poland
  • Portugal
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Thailand
  • South Korea
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa

Unlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/72926525 

Related Reports:

Vegan Food Market by Type (Dairy Alternatives [Yogurt, Milk, Ice Cream, Cheese, Butter], Meat Substitutes [Tofu, Sausages, Ground Meat, Meatballs, Nuggets]), Distribution Channel (Business-to-Business, Business-to-Consumer) - Global Forecast to 2031

Europe Plant-based Food Market by Type [Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Substitutes, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C (Convenience Store, Online Retail)]- Forecast to 2029

Plant-based Protein Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins, Potato Proteins), Form (Solid, Liquid), Source Process (Conventional, Organic), and Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Global Forecast to 2031

Plant-based Food Processing Equipment Market by Type (Dryers, Mixers & Grinders, Pasteurizers); by Mode of Operation (Semi-automatic, Automatic); by Production Facility Size (Small & Medium Scale, Large Scale); and Geography - Global Forecasts to 2030

Related Blogs:

Top 10 Companies in Plant Based Food Market

About Meticulous Research^®

Meticulous Research^® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe: +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/53/plant-based-food-market-2031

Logo: https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg