The global plant based diet market was valued at $44.9 billion in 2022, and is projected to reach $227.2 billion by 2032, growing at a CAGR of 17.7% from 2023 to 2032.
Meat, poultry, seafood, eggs, and dairy products are completely excluded from a rigorous plant-based diet. Some people Include moderate amounts of animal products as part of a more flexible approach. Food that are whole and have undergone minimum processing are preferable. This refers to preference toward whole grains over refined grains, fresh produce over canned or processed produce, and whole nuts and seeds over oils or butter.
The plant based diet market is segmented on the basis of product type, source, distribution channel, and region. On the basis of product type, the market is divided into plant based dairy products, plant based meat products, and others. Further, plant based dairy products are segmented into plant based yogurt, plant based milk, and plant based frozen desserts. On the basis of source, the market is categorized into legumes, seeds and nuts, whole grains, and fruits and vegetables. On the basis of distribution channel, it is classified into supermarkets/hypermarkets, convenience stores, specialty stores, and online sales channel. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The COVID-19 pandemic had a mixed impact on the plant based diet market. The foodservice industry, which Includes plant-based options, has been heavily impacted by restaurant closures and limits on dining. The drop in restaurant traffic had an impact on several plant-based food enterprises whose revenues were mostly through foodservice channels. On the other hand, there has been a rise in online takeout and delivery orders, which has given plant-based food suppliers more chances to connect with customers. On the other hand, cooking at home and recipe study Increased as a result of more individuals choosing to stay indoors during lockdowns and quarantines. People now have the chance to test new plant-based recipes and ingredients, which will Increase the consumption of plant-based food.
The future of the plant-based diet is being heavily determined by the preferences of younger generations like millennials and Generation Z. These groups of people prioritize ethical, environmental, and health concerns when making food decisions. The demand for plant-based solutions is projected to Increase further when these generations take over as the primary consumer group. Governments all over the world are putting policies in place to encourage the adoption of plant-based diets and acknowledge their advantages. This Includes public awareness efforts, nutritional recommendations, and laws that encourage the use of plant-based meals instead of meat. Such governmental backing has a big impact on consumer behavior and promotes the expansion of the market for plant-based diets.
There is no longer a geographic or cultural barrier to eating a plant-based diet. Vegetarian cuisines are Increasingly being accepted and Incorporated into various culinary traditions. The proliferation of plant-based diets across the globe will be aided by this cultural acceptability and integration. The development and investment in the plant-based food industry are being fueled by collaboration between food companies, startups, and well-established brands. Major firms in the food business are spending money on research, product development, and marketing in order to fulfill the rising demand as they realize the promise of plant-based diets.
The variety of plant-based food products is greatly Increased, and innovative replacements for conventional animal-based ingredients are developed. This covers vegan meat, vegan dairy, vegan fish, vegan eggs, and other vegan items derived from animals. The appeal and variety of plant-based products is Increased by businesses experimenting with new ingredients, flavors, and textures. Due to its perceived health benefits, people who are concerned about their weight are gravitating toward plant-based diets. There is a chance to create plant-based food products that address particular dietary requirements, such as gluten-free, low-sodium, low-sugar, or high-protein alternatives. Furthermore, supplying plant-based products with vital vitamins and nutrients draws in customers who are concerned about their health.
Many people are switching to flexitarian diets, in which they eat mostly plant-based food but occasionally consume products made from animal sources. There is a chance of developing products that are expressly aimed at this market, offering practical and enticing choices for people wishing to cut back on their meat intake without making the whole move to a vegetarian or vegan lifestyle. Significant prospects for plant-based solutions exist in the restaurant, café, and fast-food chains sectors of the foodservice industry. Plant-based food are made more accessible to a larger customer base by working with foodservice businesses to generate new plant-based menu items or by partnering with them on product development.
The major players operating in the global plant based diet market are Atlantic Natural Food LLC, Beyond Meat, Inc., Califia Farms, LLC, Conagra Brands, Inc, Danone S.A., Royal DSM N.V., Glanbia PLC, Harmless Harvest, Impossible Food Inc., Lightlife Food Inc (Maple Leaf Food Inc.), Nestle S.A., Noumi Ltd., SunOpta Inc., The Hain Celestial Group, Inc., and Tyson Food Inc.
Meat, poultry, seafood, eggs, and dairy products are completely excluded from a rigorous plant-based diet. Some people Include moderate amounts of animal products as part of a more flexible approach. Food that are whole and have undergone minimum processing are preferable. This refers to preference toward whole grains over refined grains, fresh produce over canned or processed produce, and whole nuts and seeds over oils or butter.
The plant based diet market is segmented on the basis of product type, source, distribution channel, and region. On the basis of product type, the market is divided into plant based dairy products, plant based meat products, and others. Further, plant based dairy products are segmented into plant based yogurt, plant based milk, and plant based frozen desserts. On the basis of source, the market is categorized into legumes, seeds and nuts, whole grains, and fruits and vegetables. On the basis of distribution channel, it is classified into supermarkets/hypermarkets, convenience stores, specialty stores, and online sales channel. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The COVID-19 pandemic had a mixed impact on the plant based diet market. The foodservice industry, which Includes plant-based options, has been heavily impacted by restaurant closures and limits on dining. The drop in restaurant traffic had an impact on several plant-based food enterprises whose revenues were mostly through foodservice channels. On the other hand, there has been a rise in online takeout and delivery orders, which has given plant-based food suppliers more chances to connect with customers. On the other hand, cooking at home and recipe study Increased as a result of more individuals choosing to stay indoors during lockdowns and quarantines. People now have the chance to test new plant-based recipes and ingredients, which will Increase the consumption of plant-based food.
The future of the plant-based diet is being heavily determined by the preferences of younger generations like millennials and Generation Z. These groups of people prioritize ethical, environmental, and health concerns when making food decisions. The demand for plant-based solutions is projected to Increase further when these generations take over as the primary consumer group. Governments all over the world are putting policies in place to encourage the adoption of plant-based diets and acknowledge their advantages. This Includes public awareness efforts, nutritional recommendations, and laws that encourage the use of plant-based meals instead of meat. Such governmental backing has a big impact on consumer behavior and promotes the expansion of the market for plant-based diets.
There is no longer a geographic or cultural barrier to eating a plant-based diet. Vegetarian cuisines are Increasingly being accepted and Incorporated into various culinary traditions. The proliferation of plant-based diets across the globe will be aided by this cultural acceptability and integration. The development and investment in the plant-based food industry are being fueled by collaboration between food companies, startups, and well-established brands. Major firms in the food business are spending money on research, product development, and marketing in order to fulfill the rising demand as they realize the promise of plant-based diets.
The variety of plant-based food products is greatly Increased, and innovative replacements for conventional animal-based ingredients are developed. This covers vegan meat, vegan dairy, vegan fish, vegan eggs, and other vegan items derived from animals. The appeal and variety of plant-based products is Increased by businesses experimenting with new ingredients, flavors, and textures. Due to its perceived health benefits, people who are concerned about their weight are gravitating toward plant-based diets. There is a chance to create plant-based food products that address particular dietary requirements, such as gluten-free, low-sodium, low-sugar, or high-protein alternatives. Furthermore, supplying plant-based products with vital vitamins and nutrients draws in customers who are concerned about their health.
Many people are switching to flexitarian diets, in which they eat mostly plant-based food but occasionally consume products made from animal sources. There is a chance of developing products that are expressly aimed at this market, offering practical and enticing choices for people wishing to cut back on their meat intake without making the whole move to a vegetarian or vegan lifestyle. Significant prospects for plant-based solutions exist in the restaurant, café, and fast-food chains sectors of the foodservice industry. Plant-based food are made more accessible to a larger customer base by working with foodservice businesses to generate new plant-based menu items or by partnering with them on product development.
The major players operating in the global plant based diet market are Atlantic Natural Food LLC, Beyond Meat, Inc., Califia Farms, LLC, Conagra Brands, Inc, Danone S.A., Royal DSM N.V., Glanbia PLC, Harmless Harvest, Impossible Food Inc., Lightlife Food Inc (Maple Leaf Food Inc.), Nestle S.A., Noumi Ltd., SunOpta Inc., The Hain Celestial Group, Inc., and Tyson Food Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the plant based diet market analysis from 2022 to 2032 to identify the prevailing plant based diet market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the plant based diet market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global plant based diet market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Plant based Dairy Products
- Sub-type
- Plant based Yogurt
- Plant based Milk
- Plant based Frozen Desserts
- Plant based Meat Products
- Others
By Source
- Seeds and Nuts
- Whole Grains
- Fruits and Vegetables
- Legumes
By Distribution Channel
- Supermarkets/hypermarkets
- Convenience Stores
- Specialty Stores
- Online Sales Channel
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Russia
- Netherlands
- Poland
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Thailand
- Malaysia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of LAMEA
Key Market Players
- Above Food Inc.
- Beyond Meat, Inc.
- Conagra Brands, Inc.
- DANONE S.A.
- DSM-Firmenich AG
- Glanbia PLC
- Maple Leaf Foods Inc.
- Nestle S.A.
- The Hain Celestial Group, Inc.
- Tyson Foods, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PLANT BASED DIET MARKET, BY PRODUCT TYPE
CHAPTER 5: PLANT BASED DIET MARKET, BY SOURCE
CHAPTER 6: PLANT BASED DIET MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: PLANT BASED DIET MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Plant based Diet Market,' The plant based diet market was valued at $44.9 billion in 2022, and is estimated to reach $227.2 billion by 2032, growing at a CAGR of 17.7% from 2023 to 2032.Since animal husbandry greatly increases greenhouse gas emissions, deforestation, and water pollution, many people switch to a plant-based diet out of concern for the environment. The decision to adhere to a plant-based diet is also influenced by ethical issues related to animal care and cruelty. A plant-based diet provides advantages, such as a potential reduction in the risk of chronic conditions such as heart disease, type 2 diabetes, and certain cancers. Additionally, it supports appropriate weight management and advances general well-being.
The plant based diet market is segmented on the basis of product type, source, distribution channel, and region. On the basis of product type, the market is divided into plant based dairy products, plant based meat products, and others. Further, plant based dairy products are segmented into plant based yogurt, plant based milk, and plant based frozen desserts. On the basis of source, the market is categorized into legumes, seeds and nuts, whole grains, and fruits and vegetables. On the basis of distribution channel, it is classified into supermarkets/hypermarkets, convenience stores, specialty stores, and online sales channel. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The COVID-19 pandemic had a positive and negative impact on the plant based diet market. The economic uncertainty brought on by the pandemic caused some disruption for plant-based companies and entrepreneurs looking for funding. While overall investment in plant-based companies was still high, several firms had trouble getting finance or had to change their business plans in response to the shifting market conditions. Consumer purchasing habits have changed as a result of the pandemic, including an increase in online shopping and a preference for products seen as healthier and more environmentally friendly. The market for plant-based food has benefited from this change in consumer behavior as consumers are now looking for plant-based substitutes while making grocery purchases.
Many people adopt a plant-based diet because of environmental concerns. Concerns about animal welfare and cruelty have an ethical impact on people's decisions to follow a plant-based diet. In addition to perhaps lowering the risk of chronic diseases including heart disease, type 2 diabetes, and some malignancies, a plant-based diet also has other benefits. It promotes healthy weight management and overall well-being in addition.
Due to the numerous health benefits associated with veganism, including lowering cholesterol, stabilizing blood sugar, reducing inflammation, and supporting the immune system, consumers are becoming more health conscious today. As a result, there is a greater demand for plant-based food and beverages around the world. In addition, companies across all industries are spending a lot of money to buy and create innovative plant-based products. This is mostly brought on by the rise in the popularity of plant-based products. Therefore, the rising popularity of plant-based diets and the major meat processors and manufacturers' announcements of their plans to enter the market with their selection of meat alternatives present a huge opportunity for the consumption of plant-based food and beverages. This tendency is anticipated to continue expanding during the forecast period.
The availability of plant-based products has been aided by the growth of e-commerce and online grocery platforms. Numerous plant-based businesses use online platforms to connect with customers and provide a pleasant buying experience. Direct-to-consumer business strategies also enable businesses to establish closer ties with customers and receive insightful feedback. The global market for plant-based food products is expanding, even though the plant-based diet movement started in Western markets. Growing middle-class populations, growing health consciousness, and shifting consumer preferences are all contributing to a growth in demand for plant-based solutions in countries in Asia, Latin America, and other regions.
The major players analyzed for the global plant based diet industry are Atlantic Natural Food LLC, Beyond Meat, Inc., Califia Farms, LLC, Conagra Brands, Inc, Danone S.A., Royal DSM N.V., Glanbia PLC, Harmless Harvest, Impossible Food Inc., Lightlife Food Inc (Maple Leaf Food Inc.), Nestle S.A., Noumi Ltd., SunOpta Inc., The Hain Celestial Group, Inc., and Tyson Food Inc.
KEY FINDINGS OF STUDY
- On the basis of product type, the plant based dairy products segment was the highest revenue contributor to the market, with $20,513.2 million in 2022, and is estimated to reach $102,127.6 million by 2032, with a CAGR of 17.5%.
- On the basis of source, the legumes segment was the highest revenue contributor to the market, with $17,746.9 million in 2022, and is estimated to reach $87,643.6 million by 2032, with a CAGR of 17.4%.
- On the basis of distribution channel, the specialty stores segment was the highest revenue contributor to the market, with $16,105.7 million in 2022, and is estimated to reach $84,492.4 million by 2032, with a CAGR of 18.2%.
- On the basis of region, Europe was the highest revenue contributor, accounting for $15,399.2 million in 2022, and is estimated to reach $76,078.0 million by 2032, with a CAGR of 17.4%.
Companies Mentioned
- Above Food Inc.
- Beyond Meat, Inc.
- Conagra Brands, Inc.
- DANONE S.A.
- DSM-Firmenich AG
- Glanbia PLC
- Maple Leaf Foods Inc.
- Nestle S.A.
- The Hain Celestial Group, Inc.
- Tyson Foods, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | June 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 44.9 billion |
| Forecasted Market Value ( USD | $ 227.2 billion |
| Compound Annual Growth Rate | 17.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
