Plant-Based Food Market to Grow Rapidly with a 10.64% CAGR, Dominated by North America and Europe

Plant-Based Food and Beverage Market Set for Significant Growth in 2025 and Beyond

The global plant-based food and beverage market, valued at USD 65.44 billion in 2023, is projected to reach USD 132.81 billion by 2030, growing at a remarkable CAGR of 10.64%. This surge is driven by a growing awareness of health benefits, environmental sustainability, and animal welfare concerns. The market is expected to see significant expansion, especially as more companies innovate in product offerings, bringing healthier and eco-friendly alternatives to mainstream food markets.

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Regional Insights:

Plant-Based Consolidation in Japan In Japan, plant-based food products are becoming more mainstream. Major food companies, including Marubeni Corporation and Ajinomoto, are consolidating their operations to increase their footprint in the plant-based market. This consolidation is aimed at addressing the country's aging population's dietary needs while contributing to sustainability goals.

Plant-Based Opportunities in South Korea South Korea is witnessing growth in its plant-based market as younger consumers demand healthier, cruelty-free alternatives. Key developments include an increase in plant-based protein demand and innovative new product lines from major food companies. Investments are focused on improving plant-based offerings that meet local tastes and preferences. Notably, CJ CheilJedang and Ottogi are expanding their plant-based product lines to cater to this growing trend.

Plant-Based Updation in Singapore Singapore is at the forefront of plant-based food innovation in Southeast Asia. The government’s push for a more sustainable food ecosystem, combined with rising consumer awareness about health and environmental issues, is helping fuel the demand for plant-based products. Recent developments, such as the launch of lab-grown meat by Eat Just, further underscore the city's role as a trendsetter in plant-based food.

Plant-Based Growth in the US In the US, the plant-based food market is flourishing, driven by shifting consumer preferences towards vegan and plant-based diets. With companies like Beyond Meat and Impossible Foods leading the charge, the market is experiencing rapid growth. Mergers and acquisitions are becoming more common as companies seek to expand their market presence and diversify product lines to meet increasing consumer demand.

Plant-Based Trends in China China is increasingly embracing plant-based food alternatives, driven by a large, health-conscious middle class and government policies promoting sustainability. Innovations in plant-based meat substitutes, dairy alternatives, and snacks are gaining traction, with large domestic and international brands entering the market to cater to this growing demand. Tingyi Holding and Zhenmeat are notable players expanding their presence in this space.

Plant-Based Updation in Europe Europe continues to lead global plant-based food trends. Countries like Germany, the UK, and the Netherlands have seen a rapid increase in plant-based product offerings across supermarkets and restaurants. The European market is set for growth, driven by a strong commitment to sustainability, ethical eating, and innovative product development in the plant-based sector. Leading companies like Oatly and The Vegetarian Butcher are at the forefront of these developments.

Mergers and Acquisitions:

Several key mergers and acquisitions have recently shaped the plant-based food and beverage landscape. Notably, Beyond Meat acquired PLNT Burger to expand its presence in the fast-casual dining sector. Similarly, Danone's acquisition of WhiteWave Foods bolstered its portfolio with leading dairy-alternative products. These strategic acquisitions aim to capture the growing plant-based food market, indicating the industry’s consolidation and competitive nature.

Key Developments:

• The market is seeing the rise of plant-based meat and dairy alternatives that mimic traditional products' taste and texture, addressing a significant consumer demand for variety.
• Governments worldwide are introducing initiatives and policies that support the transition towards more sustainable, plant-based food systems, providing further opportunities for market growth.

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Plant-Based Food and Beverage Market Segment Analysis:

by Type

Plant-Based Milk Alternatives

Almond milk

Soy milk

Oat milk

Coconut milk

Rice milk

Plant-Based Meat Substitutes

Tofu

Tempeh

Seitan

Others

Others

by Distribution Channel

Retail Stores

E-commerce

Foodservice

The market is divided into several segments based on type, including Plant-Based Meat Substitutes and Plant-Based Milk Alternatives. The market for plant-based milk substitutes was the market leader in 2023 and is anticipated to continue to dominate the plant-based food and beverage industry over the forecast period. Non-dairy substitutes for conventional cow's milk are included in the Plant-Based Milk Alternatives area of the Plant-Based Food and Beverage business. Due to a number of issues, including rising dairy allergies, lactose intolerance, environmental concerns, and the popularity of plant-based diets, this market has grown significantly in recent years.

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Plant-Based Food and Beverage Market, Key Players are:

North America:

1. Beyond Meat, Inc. - El Segundo, California, United States.

2. Impossible Foods Inc. - Redwood City, California, United States.

3. Danone North America - White Plains, New York, United States.

4. Califia Farms - Los Angeles, California, United States.

5. Daiya Foods Inc. - Vancouver, British Columbia, Canada.

6. Ripple Foods - Emeryville, California, United States.

7. Gardein - Richmond, British Columbia, Canada.

8. Oatly AB - Malmo, Sweden (with significant operations in North America).

9. Tofurky - Hood River, Oregon, United States.

10. Sweet Earth Foods - Moss Landing, California, United States.

Europe

11. Quorn Foods - Stokesley, North Yorkshire, United Kingdom.

12. Violife - Thessaloniki, Greece.

13. Alpro - Ghent, Belgium

14. The Vegetarian Butcher - Breda, Netherlands

15. Plenish - London, United Kingdom.

16. Veganz - Berlin, Germany.

17. Wicked Healthy - London, United Kingdom.

18. Naturli' Foods - Copenhagen, Denmark.

19. Moving Mountains - London, United Kingdom.

20. Vivera - Holten, Netherlands.

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