Plant Based Food Market Worth $74.2 Billion by 2027- Exclusive Report by Meticulous Research®

LONDON, July 16, 2020 /PRNewswire/ -- According to a new market research report titled "Plant Based Food Market by Product Type (Dairy Alternatives, Meat Substitute, Plant-Based Eggs, Confectionery), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 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.

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Plant based products sector is growing rapidly on the back of key issues such as increased greenhouse gas emissions and increased pressure on land and water usage during the production of animal protein. This has opened a great opportunity for plant-based products, such as meat substitute, dairy alternative, and plant-based eggs, which have the capability to satisfy food need with the high nutrition and environmental sustainability. The shift towards plant-based diets has been predominantly driven by the factors such as increasing incidences of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in plant-based product manufacturers.

Impact of COVID-19 on the Plant Based Food Products Market

The on-going coronavirus (COVID-19) pandemic is re-shaping everything from global economies to product categories, pricing, and stock availability to consumer behavior. This crisis caused people to re-evaluate their diets because it has underlined the link between food, health, and immune responses. The effects of COVID-19 pandemic are providing an unexpected boost for the plant-based products industry. Globally, medical studies shown that the coronavirus disease has an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. From a manufacturing and distributing point of view, this industry has faced unprecedented demand from manufacturers as well as consumers, particularly for some products such as meat analogue and plant-based milk.

COVID-19's association with animal sources will result in a large population shifting from animal-based proteins to plant proteins due to various health and environmental concerns. Moreover, plant-based products are generated with less dependence on labor, making it less prone to staffing scarcity as opposed to red meat, which is relatively labor-intensive, thereby encouraging the production of plant-based products.

The pandemic has also led to some best practice models for the alternative protein industry. Earlier, this industry was too restrictive; however, during the outbreak, regulations are eased temporarily. The government of some countries announced a relaxation in regulatory requirements placed on alternative proteins, mainly for plant-based protein products and insect proteins. For instance, the FDA has relaxed its guidelines for selling plant-based meat products. Earlier, due to labeling concerns, the FDA did not allow direct-to-consumer sales of Impossible's raw plant-based meat burgers.

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As the coronavirus epidemic has conveyed to the forefront the connection between public health and animal meat consumption, which provides consumers a ground to go to a plant-based diet, many companies in the space of plant-based products have already started changing their strategies. For instance, companies like Beyond Meat Inc., Impossible Foods Inc., and Tofukry Co. are ramping up their production, discounting their plant-based alternative products to appeal to more consumers, expanding into more stores, and partnering with the stakeholders. Along with this, to further capitalize on the opportunities in the plant-based product sector over the coming years, expansions, new product launches, diversifications, and acquisitions strategies are being implemented by leading manufacturers, such as Cargill, PepsiCo, Smithfield, and Tyson, among others.

• Q1 and Q2 2020 Investment in the Plant Based Protein Industry is Higher than in 2019 due to COVID-19

Before the outbreak, plant-based food makers were attracting investment from venture capital firms and major established meat supply companies as this time is ripe to jump into plant-based product investing. Investments in plant based product manufacturing companies have risen in recent years, as numerous start-ups sell plant-based protein and experiment vegan products. Companies, including Nestle, Cargill, and Tyson Foods have all been developing plant-based meat brands alongside their more traditional meat products. And even after the pandemic hit, some plant-based meat manufacturing companies announced new investments. The coronavirus pandemic has exposed the vulnerability of industrial meat, from increasing numbers of outbreaks in meat-processing plants and empty supplies of beef and pork in supermarkets to the public health dangers of industrial meat farming. Consumers, now more concerned about food safety than ever before, are now increasingly in favor of plant-based proteins.

According to the Good Food Institute (GFI), 2019 was a record-breaking year for plant-based meat, egg, and dairy companies in the U.S., who received more than $747 million in investments. Global cultivated meat companies raised more than $77 million in capital in 2019, for a total of $824 million in alternative proteins. However, investment in the U.S. plant-based meat, egg, and dairy companies in just the first quarter of 2020 was a staggering $741 million - even as COVID-19 has disrupted global markets - almost as much as for the entirety of 2019.

Some of the latest investment activities include:

• In May 2020, Singapore's plant-based protein company, Growthwell, received US$8 million funding from Singapore's sovereign fund Temasek, alongside a number of institutional investors. The company acquired a stake in Israeli food-tech ChickP to develop a new chickpea protein isolate for Asian-specific vegan products, a move that Growthwell believes is a "timely solution to tackle the food security issue" highlighted by the pandemic.
• In the late April 2020, Beyond Meat experienced a share jump by 49% that analysts attribute to rising widespread consumer interest in plant-based foods, meat supply shocks as a result of the Covid-19 crisis, and multiple high-profile partnerships, particularly its groundbreaking launch across all 3,300 Starbucks locations in China.
• In later April 2020, Israeli food-tech company InnovoPro has raised $15 million in a B round funding, led by Israeli VC firm Jerusalem Venture Partners (JVP), to boost the production of chickpea protein.
• In late March 2020, Impossible Foods raised $500 million in a new funding round, part of which, the nine-year-old company will use to develop new plant-based meat alternatives in categories, including lamb, goat, and fish. Moreover, the company has also been in talks with investors about raising more funds after receiving $500 million in funding.
• In March 2020, a group of investors has pledged approximately $200 million to support the launch of Livekindly Co., a new plant-based food collective, which will predominantly focus on the plant-based meat alternative market.
• In late March 2020, Hong Kong-based early stage investment fund Vectr Ventures led the $4.6 million seed funding round for San Diego-based Plantible Foods.
• In March 2020, Seattle-based Rebellyous Foods raised $6 million in a funding round led by Fifty Years, a San Francisco-based seed fund. Rebellyous currently makes plant-based chicken nuggets as a proof-of-concept for what it touts as a cheaper, more efficient manufacturing process.

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There has been a surge in investor confidence. They have seen the market opportunity and are moving to capitalize on a global shift in the way meat is produced. With historical pressures on conventional meat production, experts predict that the large meat conglomerates are also expected to double down on their plant based product investments.

The global plant-based food market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market study is segmented on the basis of product type, source, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on product type, the dairy alternatives segment is estimated to dominate the overall plant-based food market in 2020, and is also expected to continue its dominance during the analysis 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. The rapid growth of this segment is mainly attributed to the factors such as rising introductions of plant-based eggs across the globe, growing acceptance of vegan convenience foods among consumers due to their hectic lifestyles, allergen reduction properties of plant based eggs, and inclination of millennial population towards ready-to-eat processed foods.

Based on source, the soy protein segment is estimated to command the largest share of the overall plant-based food  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. The fast growth of this segment is mainly attributed to the factors such as growing consumer's desire to find sustainable and good tasting alternatives to animal-based proteins as well as growing investments from leading manufacturers such as Roquette Frères Le Romain (France) and Ingredion Inc. (U.S.) in this space. Along with this, its nutritional qualities as well as its allergen free, gluten free, and lactose free properties are also supporting the growing demand for pea protein sourced plant-based products across the globe.

Based on distribution channel, the Business to Customers (B2C) distribution channel segment is estimated to command the largest share of the overall plant-based food market in 2020. The large share of this market is mainly attributed to the factors such as growing number of supermarkets and hypermarkets and increased overall product sales from these outlets; consumers preference for shopping from brick-and-mortar grocers due to easy access and availability; and increasing consumer expenses on vegan food products. This segment is also expected to grow at the fastest CAGR during the forecast period due to the rapidly growing online retail sector.

Geographically, Europe is estimated to command the largest of the overall plant-based food market in 2020, which is primarily attributed to the well-established food sector in the region with huge demand for processed foods, higher vegan & vegetarian trend, higher awareness on protein rich diet consumption, and high investments into the innovation of plant-based products sector. Numerous countries in the European region have witnessed the worst outcomes of COVID-19 in Q1'2020. As a result, there is an increasing trend of veganism more than ever in Europe, which has further pushed the growth of the plant based products industry. The U.K. hosts the largest vegan population in the world and thereby witnessed the highest demand for plant based meat products in Europe during this pandemic. However, the Asia-Pacific region is projected to grow at a significant pace in the forecast period. The rapid growth in this region is mainly attributed to the factors such as growing adoption of emerging technologies for product innovation, collaboration between international and domestic food companies, increasing government's investment in food R&D sector, and increasing presence of large number of key players in the market. In addition, the growth in the Asia-Pacific market is also supported by the rapid growth in the urbanization, growing middle class population and their rising income level, and growing awareness about the benefits of protein diet in daily nutrition. China is set to drive the industry's growth, and the on-going coronavirus and other public health fears could serve as catalysts. Though still a small business compared to Asia's giant meat supply chain, vegetarian alternatives to meat, dairy, and seafood have started gaining growing customers in the country.

The key players operating in the global plant-based food market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone SA (France), Garden Protein International, Inc. (Canada), Amy's Kitchen Inc. (U.S.), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods (U.S.), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia) among others.

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Scope of the report:

Plant Based Food Market, by Product Type 

• Dairy Alternatives
• Plant Based Milk
• Ice Cream
• Creamer
• Yogurt
• Butter
• Cheese
• Others
• Meat Substitute
• Tofu
• TV
• Tempeh
• Seitan
• Burger Patties
• Sausages
• Ground Meat
• Meatballs
• Nugget
• Crumbles
• Others
• Plant-based Eggs/Egg Substitute
• Confectionery
• Others

Plant Based Food Market, by Source

• Soy Protein
• Almond Protein
• Wheat Protein
• Pea Protein
• Rice Protein
• Others.

Plant Based Food Market, by Distribution Channel 

• Business to Business
• Business to Customers
• Modern Groceries
• Convenience Store
• Specialty Store
• Online Retail
• Others

Plant Based Food Market, by Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• RoE
• Asia-Pacific (APAC)
• China
• Japan
• India
• RoAPAC
• Latin America
• Middle East and Africa

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