Key Plant-Based Food Market Players (impact of COVID – 19) Growth, Overview with Detailed Analysis 2030
Plant-Based Food Market Overview:
Plant-Based Food Market is expected to register a CAGR of 4.72%
to reach USD 40.24 billion by 2030.
Market Dynamics:
Veganism's carbon footprint is declining as more people
become environmentally conscious. The foreign market and its expansion provide
the clearest evidence of this. The globe has been searching for new,
alternative meals to eat, and its preferences mirror the development of the
global market. We humans have long used plants and their products as food.
However, plant-based foods are the more refined version of plant products that
are marketed for commercial use.
The Plant-Based
Food Market has seen the impact of the pandemic on its grades, just
like other other market segments. There are holes in the supply chain and
manufacturing since the immediate market impact was a sharp slowdown. In the
meantime, there were issues with the global supply chain, and sales in the
whole retail sector declined. The manufacturing of plant-based foods was also
negatively impacted. However, once the retail and production network had been
trained to acclimate itself to a post-pandemic environment, the global market
looked at clear growth forecasts.
There are a few restrictions that apply to the market for
plant-based foods. For instance, products made from plants don't taste the same
as those made from animals. As a result, employing plant-based food products
may result in throwing away a portion of the world's population. Additionally,
certain people may be extremely sensitive to the minerals and proteins found in
plants. Therefore, it's possible that plant-based foods won't be widely
recognized as a food alternative.
The Plant-Based Food Market is subject to several
limitations. For instance, items made from plants don't taste the same as those
made from animals. As a result, some people may object to the consumption of
food made from plants. Additionally, some people may even be allergic to the
minerals and proteins found in plants. As a result, plant-based foods might not
be a widely recognized food option.
Market Segmentation:
The plant-based food market is segmented by type, Category, Distribution
Channel, and By Region
The market is divided by type into plant-based juices, RTD
tea and coffee, RTE; RTC meals, bakery & confectionery, sweet & savory
snacks, plant-based milk & derivatives, and others.
The market is divided into organic and conventional
categories.
The market is divided into store-based and non-store-based
segments according to distribution channel.
Regional Evaluation:
The Plant-Based Food Market is thought to be dominated by
North America. Due to factors like high consumer awareness of the value of diets
high in protein, rising consumer health consciousness, a firmly established
food sector, higher adoption of technological advancements in the food &
beverage industry, and significant investments in the plant-based sector, North
America currently holds the top spot in the global market for plant-based
foods.
The Plant-Based Food Market in Asia-Pacific, however, is
rapidly growing and developing. The Asia-Pacific market is showing promise for
rapid future expansion. The high market growth in the Asia-Pacific region is
attributed to a number of factors, including the increasing adoption of
emerging technologies for product innovation, partnerships between domestic and
international food companies, rising government R&D expenditures in the
food sector, the presence of numerous significant market players, and the rise
in the number of vegan restaurants. The increasing urbanization rate, the
expanding middle-class population and income level, and the growing knowledge
of the advantages of diets high in protein all contribute to the Asia-Pacific
region's high market growth. The COVID-19 pandemic epidemic and other public
health concerns may act as drivers for the industry's expansion, which is
expected to be led by China. Vegetarian substitutes for meat, dairy, and
seafood have started to gain more and more popularity in the nation, despite
the industry still being modest in comparison to Asia's enormous meat supply
chain.
Competitive Analysis:
The global Key
Plant-Based Food Market Players are Tyson Foods, Inc. (US), Nestle
SA (Switzerland), Clara Foods (US), Keystone Natural Holdings (US), Premier
Foods PLC (UK), Danone S.A. (France), Del Monte Fresh Produce N.A., Inc. (US),
General Mills Inc. (US), and Amy's Kitchen (US).
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