Market Overview:
It is anticipated that the global plant-based food market will record a compound annual growth rate of 10.2% and is estimated to reach US$34,466.1 million by 2026, predicts a market research report published by expert market analysts. The expansion of urbanization, the increase in obesity levels and the rise of the vegan population have guided the market growth.
Many of the market's notable developments include innovations in plant-based foods (ingredient technologies) and successful healthy eating initiatives by the government. However, higher costs of plant-based food and a compulsion to consume meat will be a threat to the market growth.
Market Segmentation
The milk and derivatives segment held a large share in 2018 and is projected to grow at a significant CAGR during the forecast period to hit US$20,047.2 million by 2026. The growing demand for plant-based milk and derivatives is a result of numerous contributing factors, one being the public's growing lactose - intolerance. However, during the forecast timeframe, the plant-based juices segment is expected to register the highest CAGR.
The global market for plant-based food has also been segmented based on distribution channels - store-based and non-store-based channels which are further classified and are studied in depth by analysts. The report provides documented analysis of all these segments which have their own share in the overall market growth.
Regional Overview
With a massive 33.99% share of the plant-based food market in 2019, Europe held the highest market share. The region's demand for plant-based food has been increasing at a fast pace. Rising customer preference for organic and genetic modification (GM) free goods and an overwhelming trend of vegetarian, balanced and vegan diets are expected to fuel demand in the market for plant-based food. The growing demand for commodities based on plants in North America is mainly due to the increase in demand for healthy food and balanced diets. The notion of vegetarianism and the desire and passion for plant-based diets is increasing throughout North America.
On the other side, China is Asia-Pacific's leading country-level market, controlling the largest share of the market during the review period as observed by analysts. During the forecast period, this region is also anticipated to witness the fastest growth.
Competitive Landscape
In the plant-based food market, leading brands are drawing the attention of customers and creating unmatched appeal for plant-based diets. Many key players present in the market are leveraging growth opportunities available in the market and are bringing healthy substitutes to already available popular food items. They are expected to create a pull in the global market. The top companies are trying to get engaged in marketing activities to attract the maximum number of customers. Strategic partnerships, investments, mergers and acquisitions are vital for expansions for new entrants and established players to grow in the plant-based food market.
Industry News
Meat-Tech 3D Ltd. has signed an agreement to acquire Peace of Meat, a leading Belgian supplier of avian-grown goods. The deal was valued at EUR 15 million in cash and share capital of Meat-Tech. The Company says that Peace of Meat's innovations will indeed be enabled to be leveraged, including by innovative hybrid packaged foods supply chain to speed up market entry.
The new Plant Based Food Market report offers a comprehensive study of the current scenario of the market including major market dynamics.
Also, it highlights the in-depth marketing research with the newest trends, drivers, and segments with reference to regional and country.
Further, this report profiles top key players and analyze their market share, strategic development, and other development across the world.The plant-based food market is vast, with a large number of local and global players.
The key leaders follow various strategies to improve their market position, such as mergers, acquisitions, expansions, and improved quality products at the best prices to enhance their market share across the world.
For instance, In May 2020, JUST Inc, a company that implements progressive science and technology to develop more sustainable and healthier food products, combined with Michael Foods, a Post Holdings subsidiary and one of the chief processors of value-added eggs worldwide, in order to provide the top-selling, plant-based JUST Egg to millions of consumers in the U.S.Get more information on "Global Plant Based Food Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/plant-based-food-market/download-sampleMarket SegmentationThe entire horse riding apparel market has been sub-categorized into product, source, distribution channel, and region.
The report provides an analysis of these subsets with respect to the geographical segmentation.
