Plant Based Diet Market Anticipated to Surpass USD 31.1 Bn by 2032, With a Sustained CAGR of 8.2% | Market.us Report

New York, April 04, 2023 (GLOBE NEWSWIRE) — According to Market.us, Global Plant Based Diet Market is expected to reach USD 31.1 Billion in 2032, up from USD 14.4 Billion by 2022. It will grow at a CAGR of 8.2% over the 2023-2032 forecast period. The plant-based diet consists of various types of plant-based food products like vegetables, fruits, legumes, and grains. These plant-based foods are low in calories and fat but have a high amount of fiber, minerals, and vitamins. The individuals consuming a plant-based foods diet are less probable to have heart-related diseases than others. These health benefits are shifting the food preference of individuals from other foods to plant-based foods.

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Key Takeaway:

• By Type, dairy substitute products lead the market.
• By Source, the soybean segment is dominating with 39% of the total market share among the other sources of plant-based diet food products.
• By Distribution Channel, the offline sales channel dominates over the online sales channel.
• By Category, organic plant-based food products are mostly preferred by individuals over conventional products.
• North America held a revenue share of approximately 42.6% in 2022
• Asia Pacific market is anticipated to grow at a significant rate over the forecast period.

The growth of this market is also driven by individuals who have an intolerance for animal protein and animal-based products. The rising number of lactose intolerant individuals prefer plant-based foods over animal-based foods. Also, with the rising adoption of plant-based foods, individuals prefer plant-based foods for a healthy lifestyle. Many key companies across the world are investing in the research and development of plant-based food and option for animal-based foods. This is driving the growth of the plant-based diet market.

Factors affecting the growth of the Plant Based Diet Market

Several factors can affect the growth of the plant based diet market. Some of these factors include:

• Increasing Health Consciousness: With changing lifestyles, individuals are becoming more health-conscious. The fact that people consuming plant-based foods are found to be less probable to have high blood pressure, heart-related diseases, and other chronic diseases than others. This is forcing individuals to adopt plant-based food products in their diet.
• Increasing Animal Rights: Many non-government organizations are working for animal rights across the world. These organizations are promoting the use of plant-based food products to reduce the killing of animals for food. This is boosting the growth of the plant-based diet market.
• Rising Lactose Intolerance Population: The number of lactose intolerance individuals is rising significantly in the past few years. Due to this, lactose-intolerant individuals are adopting plant-based food products like oat milk for their convenience.

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Top Trends in the Global Plant-Based Diet Market

The trends like the rising promotion of animal rights by various non-government organizations for animal welfare and increasing consumer interest in plant-based food products are boosting the growth of the plant-based diet market. The increasing health consciousness among individuals is helping to switch the preferences of individuals from animal-based food products to plant-based food products. People are moving towards vegetarian products and vegan food products for better and healthy lifestyles to avoid dependence on animal-based food products and decrease the carbon footprint at the domestic level. These trends are expected to boost the growth of the plant-based die market during the forecast period.

Market Growth

The rising number of lactose-intolerant individuals over the past few years is boosting the growth of the plant-based diet market. Lactose intolerance individuals are adopting plant-based food products like oat milk for their convenience. Also, with changing lifestyles, individuals are becoming more health conscious. The fact that people consuming plant-based foods are found to be less likely to have high blood pressure, heart-related diseases, and other chronic diseases than others. This is forcing individuals to adopt plant-based food products in their diet. Many non-government organizations are working for animal rights across the world. These organizations are promoting the use of vegan food products to reduce the killing of animals for food. This is boosting the growth of the plant based diet market.

Regional Analysis

The North American region leads the market by covering the major revenue share of 42.6% in the plant-based diet market. The rising awareness of health consciousness and nutrient-rich diet among individuals in the North American region is driving the growth of the region in the plant-based diet market. The increasing health-related concerns are forcing individuals to adopt a healthy lifestyle. 

Also, the Asia Pacific region is expected to grow significantly during the forecast period. The growth of this region is attributed to the presence of a large number of major companies in the Asia Pacific region that are investing in food innovation and the development of plant-based food products.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include NOW Foods, Danone S.A., Amy’s Kitchen Inc., Atlantic Natural Foods LLC, Impossible Foods Inc, Beyond Meat Inc, Nestle S.A., Garden Protein International Inc, RiceBran Technologies, Vbite Food Ltd, Premier Nutrition Corporation, and other key players.

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Scope of the Report

Market Drivers

The changing food preferences among individuals from animal-based foods to plant-based foods and rising awareness about health consciousness are driving the growth of the plant-based diet market. According to a study, people consuming plant-based foods are found to be less likely to have a heart-related disease than others. Due to this, a wide number of the population is shifting towards plant-based food. Also, the increasing number of individuals with lactose intolerance and other animal protein intolerance are more inclined towards plant-based foods than animal-based foods. These factors are propelling the growth of the plant-based diet market.

Market Restraints

The high prices of plant-based foods and a large number of individuals prefer animal-based food products for food. The lack of taste and flavor of animal-based food in plant-based food is restraining the growth of the plant-based diet market. The difference in taste and flavor between animal-based foods and plant-based food is restricting individuals from switching to plant-based food. Also, many people are allergic to plant-based nutrients and proteins. This restricts them from adopting plant-based food in their diet.

Market Opportunities

The increasing number of individuals with lactose intolerance is creating many opportunities in the plant-based diet market for new players. Lactose intolerance individuals are widely adopting plant-based food products in the die. It provides the same amount of vitamins and nutrients as animal-based food products. Moreover, a wide number of the population is focusing on environmental awareness by switching to plant-based food products and reducing the consumption of animal-based food products. It also helps to reduce the carbon footprint on the domestic level. These factors are expected to create lucrative opportunities in the global plant-based diet market during the forecast period.

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Report Segmentation of the Plant-Based Diet Market

Type Insight

The dairy substitute leads the market by accounting for major revenue share in the type segment of the plant-based diet market. The growth of dairy substitute products is owing to the increasing number of individuals with lactose intolerance. Individuals with lactose intolerance are adopting plant-based milk products like oat milk as a substitute for milk. This is fueling the growth of dairy substitute products in the plant-based diet market.

After dairy substitutes, meat substitute products are also expected to grow significantly during the forecast period. The growth of this segment is due to the increasing focus of major companies on the development of plant-based meat substitute products that have similar flavors to meat and the same taste.

Source Insight

The soybean dominates the plant-based diet market by covering a major share of the market. The domination of soybean-based products is due to their benefits as a raw material for plant-based food products, like easy availability and low cost. Due to these benefits, soybean is used as raw material in many plant-based food products. This is driving the growth of the soybean in the source segment of the plant-based diet market. Also, the pea is projected to grow at the fastest CAGR during the forecast period. The rising demand for protein-rich plant-based food products and increasing developments by major companies in the pea as a source for plant-based food products are expected to propel the growth of the pea as a source in the plant-based diet market.

Distribution Channel Insight

The offline sales channel dominates the distribution channel segment in the plant-based diet market. The increasing retail sales of plant-based food products in offline sales channels like supermarkets and hypermarkets are driving the growth of the offline distribution channel in the plant-based diet market.

Category Insight

The organic segment dominates over the conventional category of plant-based food products. The rising demand for organic food is driving the growth of the organic category. However, the conventional category is expected to grow at the fastest rate during the forecast period due to its ability to high production in less time.

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Market Segmentation

Based on Type

• Dairy Substitute
• Meat Substitute
• Egg Substitute
• Seafood Substitute
• Other Types

Based on Source

• Soybean
• Nuts
• Wheat
• Pea
• Other Sources

Based on Distribution Channel

• Offline Sales Channel
• Online Sales Channel

Based on Category

Based on Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Key Players

• Beyond Meat Inc
• Impossible Foods Inc
• Nestle S.A.
• RiceBran Technologies
• Amy’s Kitchen Inc
• Danone S.A.
• Atlantic Natural Foods LLC
• NOW Foods
• Garden Protein International Inc
• Vbite Food Ltd
• Premier Nutrition Corporation
• Other Key Players

Recent Development of the Plant-Based Diet Market

• In March 2022, Good milk acquired the PRO2FIT to produce plant-based food products like vegan protein powder and other products across India.

• In September 2022, Beyond Meat launched its plant-based steak. This steak is said to be a delicious, sustainable, and nutritious plant-based food product.

Browse More Related Reports

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• Liquid Dietary Supplements Market size is expected to be worth around USD 5,988.60 million by 2032 from USD 3,072.9 million in 2022, growing at a CAGR of 6.9% during the forecast period from 2022 to 2032.
• Plant Based Milk Market was worth USD 19.8 billion in 2023 and is projected to grow at a CAGR of 9.9% between 2023 and 2032.
• Plant-Based Beverages Market was valued at USD 19.67 billion in 2023, and this market is expected to reach USD 61.09 billion growing at a CAGR of 12%, from 2023.
• Ketogenic Diet Food market was valued at USD 9,570 Million in 2021. It is projected to grow at a (CAGR of 5.9%) between 2022 and 2032.
• Dietary Fiber Nutritional Supplements market size is expected to be worth around USD 34.18 Billion by 2032 from USD 18.21 Billion in 2022, growing at a CAGR of 6.5 % during the forecast period 2022 to 2032.

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