Plant-Based Foods Market Growth, Size, Share, Trends, and Forecast 2032

Plant-Based Foods Industry Prospective:

The global plant-based foods market size was evaluated at $12.8 billion in 2023 and is slated to hit $36.2 billion by the end of 2032 with a CAGR of nearly 13.1% between 2024 and 2032.

Request Free Sample

Plant-Based Foods Market: Overview

Plant-based foods are derived from plant components including herbs, oils, vegetables, legumes, whole grains, seeds, fruits, beans, and nuts. These foods have become popular globally owing to the health benefits offered by them. Moreover, plant-based food consists of a low amount of animal products and a high proportion of fiber-rich plant products.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based foods market is projected to expand annually at the annual growth rate of around 13.1% over the forecast timespan (2024-2032)
• In terms of revenue, the global plant-based foods market size was evaluated at nearly $12.8 billion in 2023 and is expected to reach $36.2 billion by 2032.
• The global plant-based foods market is anticipated to grow rapidly over the forecast timeline owing to a surging veganism & flexitarian trend along with a growing intake of meat & dairy alternatives.
• In terms of type, the dairy alternatives segment is slated to register the highest CAGR over the forecast period.
• Based on distribution channel, the food retail segment is expected to dominate the segmental growth over the analysis timeline.
• Based on source, the soy segment is anticipated to dominate the segmental surge in the ensuing years.
• Region-wise, the Asia-Pacific plant-based foods industry is projected to register the fastest CAGR during the projected timespan.

Request Free Sample

Plant-Based Foods Market: Growth Factors

Rise in the vegan & vegetarian population globally to uplift the global market landscape by 2032

Surging veganism & flexitarian trends along with surging intake of meat & dairy alternatives are a few of the major growth drivers of the global plant-based foods market. Allergy to animal protein and an increase in the vegan population is projected to embellish the global market expansion. Furthermore, a surge in the allocation of funds in the form of loans and financial aid for plant-based food firms from various governments across the globe for promoting vegan & vegetarian diets is likely to help the global market reach new heights of growth.

Growing empathy for animals has translated into a humongous demand for plant-based foods. Launching of innovative products is likely to make notable contributions towards the growth of the market over the forthcoming years. For instance, in August 2023, Nestle S.A., a Switzerland-based food & drink processing firm, introduced Maggi faux-meat products made from soy and certified as vegan. The move is likely to help the firm expand its plant-based product line under the Maggie veg brand.

Plant-Based Foods Market: Restraints

Escalating costs of plant-based foods can impede the growth of the global industry

A rise in the costs of a plant-based diet in comparison to animal-based food products can restrict the expansion of the global plant-based food industry. An increase in the cases of lactose intolerance due to the consumption of dairy products can hinder the global industry expansion by 2032.

Plant-Based Foods Market: Opportunities

Surging demand for nutritive diet & meat substitutes can open a plethora of growth opportunities for the global market

Growing consumer preference towards healthy food alternatives and intake of various kinds of ingredients is likely to open new growth avenues for the global plant-based foods market. Surging demand for healthy substitutes for animal products such as red meat will promulgate the scope of the expansion of the global market.

Plant-Based Foods Market: Challenges

Interruptions in the supply chain activities can pose a huge challenge for the global industry over 2024-2032

The flavor and texture of plant-based foods need not be at par with animal food products and this can challenge the growth of the global plant-based foods industry. Supply chain fluctuations can further decline the expansion of the industry across the globe. Huge raw material prices can deter the elevation of the industry globally.

Plant-Based Foods Market: Segmentation

The global plant-based foods market is sectored into type, nature, distribution channel, source, and region.                                         

In type terms, the plant-based foods market across the globe is segregated into plant-based meat, dressings, plant-based fish, condiments, mayo, and dairy alternatives segments. Furthermore, the dairy alternatives segment, which accumulated nearly 59% of the global market earnings in 2023, is projected to record the fastest gains over the period from 2024 to 2032. The expansion of the segment over the forecast timeline can be owing to a surge in the number of lactose intolerant persons along with empathy towards animals along with health benefits provided by plant-based dairy items.

Based on the distribution channel, the global plant-based foods industry is sectored into e-commerce, food retail, and food service segments. Additionally, the food retail segment, which garnered a major share of the global industry in 2023, is expected to dominate the segmental elevation in the coming eight years. The segmental expansion from 2024 to 2032 can be attributed to large-scale sales of plant-based products in supermarkets & hypermarkets. 

Based on the source, the global plant-based foods market is divided into almond, soy, pea, coconut, wheat, and others segments. Additionally, the soy segment, which led the global market in 2023, is predicted to maintain segmental domination over the time interval of 2024 to 2032. The growth of the segment in the coming eight years can be due to the easy availability of raw components and low product costs along with the use of soy in food & beverages. 

Based on nature, the plant-based foods industry globally is bifurcated into organic and conventional segments.

Plant-Based Foods Market: Report Scope

Plant-Based Foods Market: Regional Insights

North America is anticipated to retain the dominating position in the global plant-based foods market in the forecast timeline

North America, which accounted for nearly 78% of the global plant-based foods market revenue in 2023, will be a leading region in the years to come. In addition to this, the regional market surge over the forecast timeline can be attributed to a rise in the awareness about the health benefits derived from to intake of protein-rich foods along with growing awareness about the health & fitness among the people of the sub-continent.

The Asia-Pacific plant-based foods industry is anticipated to register the fastest annual growth rate in the forecast timespan. The expansion of the industry in the APAC zone can be due to the large-scale acceptance of new technologies for developing nutrient-rich plant-based diets. An increase in the new plant-based food firms establishments in the region will further contribute towards the industry size in the APAC zone. A rise in capital investments made by regional governments for research activities in the food sector along with a prominent bulge in the vegan hotels in the region will proliferate the earnings of the industry in the Asia-Pacific.

Key Developments

• In February 2024, MYCO, a UK-based plant food manufacturer, is predicted to introduce one of the greenest burgers in the country post-investment of about £1.5 million.
• In the first half of 2024, Danone S.A., a France-based food products firm, set up a production unit for producing plant-based food products.

Plant-Based Foods Market: Competitive Space

The global plant-based foods market profiles key players such as:

• The Hain Celestial Group Inc.
• Lightlife Foods Inc.
• Beyond Meat Inc.
• Sanitarium Health and Wellbeing Company
• Nestlé S.A.
• Impossible Foods Inc.
• Danone SA
• VBIte Food Ltd
• Earth's Own Food Company Inc.
• Garden Protein International Inc.
• Atlantic Natural Foods LLC
• Amy's Kitchen Inc.
• Marlow Foods Ltd.
• Sahmyook Foods
• Axiom Foods
• Daiya Foods Inc.
• Plamil Foods Ltd.
• Taifun –Tofu GmbH
• Nutrisoy Pty Ltd.
• Unilever PLC.

The global plant-based foods market is segmented as follows:

By Type

• Plant-Based Meat
• Dressings
• Plant-Based Fish
• Condiments
• Mayo
• Dairy Alternatives

By Distribution Channel

• E-Commerce
• Food Retail
• Food Service

By Nature

• Organic
• Conventional

By Source

• Almond
• Soy
• Pea
• Coconut
• Wheat
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa