Plant-Based Food Market 2022 Size, Share, Technological Innovations and Growth Forecast To 2032
According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of Plant Based food are estimated to reach a value of USD 34.5 Bn by 2032, surging at 12.2% CAGR through the decade.
Plant-based food firms are projected to experience development prospects over the years, despite supply chain interruptions, panic purchasing, and storage. The vegan ingredients industry has experienced an upsurge in innovation in recent years. The development of innovative products, such as plant-based milk, eggs, and meat, is a growth-promoting factor. These products are abundant in essential nutrients and taste almost identical to those made from animals.
Multiple other reasons, such as extensive promotional events by athletes and celebrities to promote the consumption of plant-based food products so as to maintain a healthy lifestyle, and the easy availability of these items due to increasing number of online sales channels, are expected to further fuel the market.
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During the pandemic’s early stages, consumers decreased their time in stores and supermarkets, by stocking up on food and packaged products high in nutritional content as a precautionary measure, which had additionally increased demand for plant-based food in the market.
Key Takeaways from Market Study
“ The growing focus on the consumption of plant based foods in developed regions such as Europe and North America is likely to open lucrative opportunity for market players in the long run”, –says a lead analyst at Future Market Insights.
Competitive Landscape
Plant-based food manufacturers have received funding from venture capital firms and significant established meat substitute supply companies in recent years. Plant-based food manufacturing enterprises have seen a significant increase in investment in recent years, as numerous start-ups have begun selling plant-based food and experimenting with various vegan items.
Some of the leading companies offering plant-based food are Amy’s Kitchen, Danone S.A., Atlantic Natural Foods LLC, Beyond Meat Inc., Garden Protein International Inc, Impossible Foods Inc, Lightlife Foods Inc (Maple Leaf Foods Inc.), Nestle S.A., Tyson Foods Inc, Vbite Food Ltd among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the plant-based food presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
Plant-based Food Market By Category
By Type, Plant-based Food Market is Segmented as:
By Source, Plant-based Food Market is Segmented as:
By Sales Channel, Plant-based Food Market is Segmented as:
By Region, Plant-based Food Market is Segmented as:
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Frequently Asked Questions
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 12, 2022