GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET FORECAST 2021-2028

The global plant-based food and beverage market is expected to reach $95.41 billion by 2028, growing at a CAGR of 9.29% during the forecast years. The base year considered for the studied market is 2020, and the forecasted period is between 2021 and 2028. The market study also analyzes the impact of COVID-19 on the global plant-based food and beverage market, qualitatively as well as quantitatively. 

plant-based-food-and-beverage-market-growth

Key market drivers fueling the global plant-based food and beverage market growth:

  • The rise of vegan culture
    • Hypertension, obesity, and high cholesterol and saturated fats in non-vegetarian food increase the risk of premature death among non-vegetarians. Moreover, concerns about animal welfare, the environment, and personal health are among the main reasons why people accept veganism. Hence, vegan culture has amplified the consumption of plant-based food and beverages.
    • As a vegan diet constitutes higher amounts of magnesium, folic acid, vitamin C, vitamin E, iron, dietary fiber, and others, people are now replacing regular meat with plant-based meat.
  • Increase in awareness about lactose intolerance
  • Nutritional benefits offered by plant-based products

Restraining factors limiting the market growth:

  • High price
    • Since plant-based meat products are produced on a smaller scale, they are more expensive than beef, despite the production process requiring fewer grains, water, and energy than beef burger production. Moreover, animal agriculture subsidies ensure the affordability of animal products, thereby making them relatively cheaper.
    • As a result, offering plant-based products at more affordable rates is a significant challenge.
  • Lack of awareness
  • Perception contrast between dairy and plant-based food and beverages

The report on the global plant-based food and beverage market includes segmentation analysis of product type, source, and distribution channels.

Market by Product Type:

  • Plant-Based Dairy
    • In 2020, the majority of the market share was captured by the plant-based dairy segment under the product type category.
    • While plant-based dairy products are primarily manufactured from the extracts of water-based plants, several plant-based dairy products are sourced from soy, almond, cashew, rice, and oats.
    • Resisting dairy allergens, in addition to the demand for clean label products, the adoption of vegetarian, vegan, and flexitarian lifestyles, as well as sustainability concerns and animal welfare, are among the key factors augmenting the segment’s demand.
  • Plant-Based Meat
  • Plant-Based Other Products

Geographically, the global plant-based food and beverage market has been segmented based on four major regions, which includes:

  • North America: The United States and Canada
    • North America dominated the global market in 2020, with a revenue share of 34.69%. 
    • The region is the largest consumer of plant-based products, owing to the increased demand in major economies, such as the United States and Canada. 
    • Nearly 3% and 2.3% of the total population in the United States and Canada, respectively, are vegan. 
    • In January 2021, Pizza Nova and Greenleaf Field Roast launched plant-based pepperoni across all Pizza Nova locations.
  • Europe: France, The United Kingdom, Germany, Italy, Poland, Belgium, Russia, and Rest of Europe
  • Asia-Pacific: Japan, South Korea, Singapore, China, India, Thailand, Malaysia, Australia & New Zealand, and Rest of Asia-Pacific
  • Rest of World: Latin America, the Middle East & Africa

Major players operating in the global plant-based food and beverage market:

  • Danone SA
  • Blue Diamond Growers 
  • Beyond Meat Inc
  • Impossible Foods
  • Maple Leaf Foods 
  • The Hain Celestial Group Inc

Key strategies adopted by some of these companies:

In January 2021, PepsiCo Inc and Beyond Meat Inc entered into the partnership to form a joint venture, The PLANeT Partnership LLC, to develop food and beverages made from plant extracts. In January 2020, Nestlé entered into a collaboration with Merit Functional Foods and Burcon NutraScience for the development of meat and dairy alternatives. In January 2020, a Russian company, Greenwise, expanded its plant-based meat product line into the European Market. 

Key trends of the global plant-based food and beverage market:

  • People are becoming increasingly aware of animal health and safety concerns. Hence, they proceed to shift to veganism since it is in the best interest of their health as well as animal lives. 
  • Several companies expanded their manufacturing facilities to ensure the sustainable growth of plant-based food and beverages. Moreover, the expansion of facilities works towards the increased profitability and revenue within the global market.
  • Innovations in production improve the taste and quality of plant-based food and beverages and establish the consumables as healthy, enjoyable, and sustainable components of society.

 

Frequently Asked Questions (FAQs):

Almond is set to be the fastest-growing source in the plant-based food and beverage market.
Fermentation, 3D printing technology, plant protein extraction, and purification technology are primarily used in the production of plant-based food.
Plant-based meat products can be purchased from supermarkets, convenience stores, specialty stores, grocery stores, online retail, and others.
TABLE OF CONTENTS
  1. RESEARCH SCOPE & METHODOLOGY    
    1. STUDY OBJECTIVES      
    2. SCOPE OF STUDY          
    3. METHODOLOGY   
    4. ASSUMPTIONS & LIMITATIONS           
  2. EXECUTIVE SUMMARY         
    1. MARKET SIZE & ESTIMATES    
    2. MARKET OVERVIEW      
  3. MARKET DYNAMICS  
    1. KEY DRIVERS       
      1. THE RISE OF VEGAN CULTURE
      2. INCREASE IN AWARENESS ABOUT LACTOSE INTOLERANCE   
      3. NUTRITIONAL BENEFITS OFFERED BY PLANT-BASED PRODUCTS     
    2. KEY RESTRAINTS
      1. HIGH PRICE
      2. LACK OF AWARENESS   
      3. PERCEPTION CONTRAST BETWEEN DAIRY AND PLANT-BASED FOOD AND BEVERAGES 
  4. KEY ANALYTICS          
    1. IMPACT OF COVID-19 ON PLANT-BASED FOOD AND BEVERAGE MARKET 
    2. KEY INVESTMENT INSIGHTS   
    3. PORTER’S FIVE FORCES ANALYSIS 
      1. BUYERS POWER   
      2. SUPPLIERS POWER         
      3. SUBSTITUTION       
      4. NEW ENTRANTS    
      5. INDUSTRY RIVALRY         
    4. OPPORTUNITY MATRIX 
    5. VENDOR LANDSCAPE   
  5. MARKET BY PRODUCT TYPE          
    1. PLANT-BASED DAIRY    
    2. PLANT-BASED MEAT      
    3. PLANT-BASED OTHER PRODUCTS   
  6. MARKET BY SOURCE
    1. SOY 
    2. WHEAT       
    3. ALMOND     
    4. CORN          
    5. OTHER SOURCES           
  7. MARKET BY DISTRIBUTION CHANNELS 
    1. SUPERMARKETS/HYPERMARKETS  
    2. CONVENIENCE STORES           
    3. SPECIALTY STORES      
    4. ONLINE RETAIL    
    5. OTHER DISTRIBUTION CHANNELS   
  8. GEOGRAPHICAL ANALYSIS
    1. NORTH AMERICA
      1. MARKET SIZE & ESTIMATES      
      2. KEY DRIVERS         
      3. KEY CHALLENGES
      4. KEY PLAYERS        
      5. COUNTRY ANALYSIS       
        1. UNITED STATES       
        2. CANADA         
    2. EUROPE     
      1. MARKET SIZE & ESTIMATES      
      2. KEY DRIVERS         
      3. KEY CHALLENGES
      4. KEY PLAYERS        
      5. COUNTRY ANALYSIS       
        1. UNITED KINGDOM    
        2. GERMANY      
        3. FRANCE          
        4. ITALY    
        5. RUSSIA
        6. BELGIUM         
        7. POLAND          
        8. REST OF EUROPE   
    3. ASIA-PACIFIC       
      1. MARKET SIZE & ESTIMATES      
      2. KEY DRIVERS         
      3. KEY CHALLENGES
      4. KEY PLAYERS        
      5. COUNTRY ANALYSIS       
        1. CHINA  
        2. JAPAN 
        3. INDIA    
        4. SOUTH KOREA         
        5. THAILAND       
        6. MALAYSIA      
        7. SINGAPORE   
        8. AUSTRALIA & NEW ZEALAND      
        9. REST OF ASIA-PACIFIC      
    4. REST OF THE WORLD   
      1. KEY DRIVERS         
      2. KEY CHALLENGES
      3. REGIONAL ANALYSIS      
        1. LATIN AMERICA
        2. MIDDLE EAST & AFRICA                            
  9. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS   
      1. PRODUCT LAUNCHES & DEVELOPMENTS   
      2. PARTNERSHIPS & AGREEMENTS        
    2. COMPANY PROFILES     
      1. AMY’S KITCHEN     
      2. BEYOND MEAT INC           
      3. BLUE DIAMOND GROWERS       
      4. CALIFIA FARMS     
      5. CONAGRA BRANDS         
      6. DAIYA FOODS INC.
      7. DANONE SA
      8. FIELD ROAST GRAIN MEAT CO INC
      9. IMPOSSIBLE FOODS INC
      10. KIKKOMAN CORPORATION      
      11. MORNINGSTAR FARMS
      12. MOVING MOUNTAINS    
      13. PACIFIC FOODS OF OREGON 
      14. QUORN FOODS   
      15. SUNFED     
      16. SWEET EARTH INC         
      17. THE HAIN CELESTIAL GROUP INC
      18. YOFIX PROBIOTICS        
LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – PLANT-BASED FOOD AND BEVERAGE

TABLE 2: VEGANISM AROUND THE WORLD

TABLE 3: POPULATION PERCENTAGE OF LACTOSE INTOLERANT PEOPLE ACROSS THE WORLD

TABLE 4: ANNUAL CONSUMPTION OF COW MILK WORLDWIDE, BY COUNTRY

TABLE 5: NEW PRODUCT LAUNCHES OF PLANT-BASED PRODUCTS

TABLE 6: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY PRODUCT TYPE, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 7: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY PRODUCT TYPE, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 8: GLOBAL PLANT-BASED DAIRY MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 9: GLOBAL PLANT-BASED DAIRY MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 10: GLOBAL PLANT-BASED MEAT MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 11: GLOBAL PLANT-BASED MEAT MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 12: GLOBAL PLANT-BASED OTHER PRODUCTS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 13: GLOBAL PLANT-BASED OTHER PRODUCTS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 14: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY SOURCE, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 15: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY SOURCE, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 16: GLOBAL SOY MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 17: GLOBAL SOY MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 18: GLOBAL WHEAT MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 19: GLOBAL WHEAT MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 20: GLOBAL ALMOND MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 21: GLOBAL ALMOND MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 22: GLOBAL CORN MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 23: GLOBAL CORN MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 24: GLOBAL OTHER SOURCES MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 25: GLOBAL OTHER SOURCES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 26: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY DISTRIBUTION CHANNELS, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 27: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY DISTRIBUTION CHANNELS, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 28: GLOBAL SUPERMARKETS/HYPERMARKETS, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 29: GLOBAL SUPERMARKETS/HYPERMARKETS, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 30: GLOBAL CONVENIENCE STORES MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 31: GLOBAL CONVENIENCE STORES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 32: GLOBAL SPECIALTY STORES MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 33: GLOBAL SPECIALTY STORES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 34: GLOBAL ONLINE RETAIL MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 35: GLOBAL ONLINE RETAIL MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 36: GLOBAL OTHER DISTRIBUTION CHANNELS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 37: GLOBAL OTHER DISTRIBUTION CHANNELS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 38: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 39: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY GEOGRAPHY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 40: NORTH AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 41: NORTH AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 42: KEY PLAYERS IN NORTH AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET

TABLE 43: EUROPE PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 44: EUROPE PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 45: KEY PLAYERS IN EUROPE PLANT-BASED FOOD AND BEVERAGE MARKET

TABLE 46: ASIA-PACIFIC PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 47: ASIA-PACIFIC PLANT-BASED FOOD AND BEVERAGE MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 48: KEY PLAYERS IN ASIA-PACIFIC PLANT-BASED FOOD AND BEVERAGE MARKET

TABLE 49: REST OF THE WORLD PLANT-BASED FOOD AND BEVERAGE MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 50: REST OF THE WORLD PLANT-BASED FOOD AND BEVERAGE MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 51: KEY PLAYERS IN REST OF THE WORLD PLANT-BASED FOOD AND BEVERAGE MARKET

TABLE 52: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 53: LIST OF PARTNERSHIPS & AGREEMENTS

LIST OF FIGURES

FIGURE 1: KEY INVESTMENT INSIGHTS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, GROWTH POTENTIAL, BY PRODUCT TYPE, IN 2020

FIGURE 6: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED DAIRY, 2021-2028 (IN $ MILLION)

FIGURE 7: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED MEAT, 2021-2028 (IN $ MILLION)

FIGURE 8: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY PLANT-BASED OTHER PRODUCTS, 2021-2028 (IN $ MILLION)

FIGURE 9: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, GROWTH POTENTIAL, BY SOURCE, IN 2020

FIGURE 10: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY SOY, 2021-2028 (IN $ MILLION)

FIGURE 11: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY WHEAT, 2021-2028 (IN $ MILLION)

FIGURE 12: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY ALMOND, 2021-2028 (IN $ MILLION)

FIGURE 13: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY CORN, 2021-2028 (IN $ MILLION)

FIGURE 14: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY OTHER SOURCES, 2021-2028 (IN $ MILLION)

FIGURE 15: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, GROWTH POTENTIAL, BY DISTRIBUTION CHANNELS, IN 2020

FIGURE 16: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY SUPERMARKETS/HYPERMARKETS, 2021-2028 (IN $ MILLION)

FIGURE 17: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY CONVENIENCE STORES, 2021-2028 (IN $ MILLION)

FIGURE 18: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY SPECIALTY STORES, 2021-2028 (IN $ MILLION)

FIGURE 19: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY ONLINE RETAIL, 2021-2028 (IN $ MILLION)

FIGURE 20: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, BY OTHER DISTRIBUTION CHANNELS, 2021-2028 (IN $ MILLION)

FIGURE 21: GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 22: NORTH AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 23: UNITED STATES PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 24: CANADA PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 25: EUROPE PLANT-BASED FOOD AND BEVERAGE MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 26: UNITED KINGDOM PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 27: GERMANY PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 28: FRANCE PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 29: ITALY PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 30: RUSSIA PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 31: BELGIUM PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 32: POLAND PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 33: REST OF EUROPE PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 34: ASIA-PACIFIC PLANT-BASED FOOD AND BEVERAGE MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 35: CHINA PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 36: JAPAN PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 37: INDIA PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 38: SOUTH KOREA PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 39: THAILAND PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 40: MALAYSIA PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 41: SINGAPORE PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 42: AUSTRALIA AND NEW ZEALAND PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 43: REST OF ASIA-PACIFIC PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 44: REST OF THE WORLD PLANT-BASED FOOD AND BEVERAGE MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 45: LATIN AMERICA PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

FIGURE 46: MIDDLE EAST & AFRICA PLANT-BASED FOOD AND BEVERAGE MARKET, 2021-2028 (IN $ MILLION)

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