Global Plant-Based Food Market is projected to be valued at USD 38.28 billion by 2025, expanding at a CAGR of 13.10% between 2019 and 2025. Plant-based diets have been gaining popularity over the years since it acts as a rich source of Fibre, Complex Carbohydrates and Water which helps in avoiding several health issues such as high blood pressure, bad cholesterol, and type 2 diabetes. Certain health benefits of consuming plant-based food include healthy weight and improved insulin sensitivity among others.
Some of the key players profiled in the Global Plant-Based Food Market are Tyson Foods, Inc. (US), Nestle SA (Switzerland), Clara Foods (US), Keystone Natural Holdings (US), Danone S.A. (France), Del Monte Fresh Produce N.A., Inc. (US), General Mills Inc. (US), Amy's Kitchen (US), Hormel Foods Corporation (US), Premier Foods PLC (UK), Blue Diamond Growers (US) and Unilever Group (UK)
North America: North America accounted for nearly 31% of the global plant-based food market in 2018. It is projected to maintain a significant growth during the forecast period. Wide variety of plant-based ingredients has offered North American consumers a variety of food options with exciting flavours, as well as ensuring the dietary requirements. Rising demand for plant-based ingredients such as tempeh, pea, almond, seitan and soy products have directly fuelled the demand for plant-based food in the region. Furthermore, the region’s dedication towards canned and frozen food has influenced the overall sales of plant-based food in North America.
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US: The US is the largest consumer of plant-based food in the world. Ready-to-cook meals and ready-to-eat products has gained immense popularity owing to its convenience and busy work schedule of consumers in the US. Europe: The European plant-based food market has grown in terms of market size over the years and is anticipated to dominate the global market in 2018 due to growing concerns over sustainability, climate and self-sufficiency. UK: The market in the UK accounted for a dominant share in Europe due to high demand for plant-based baked products as well as snacks and ready-to-eat meals.
France: The market in France is expected to grow at an exponential rate due to changing eating habits and rising preference for substitutes of animal-based protein. Asia-Pacific: The plant-based food market in Asia-Pacific is in its growth stage and is projected to be the fastest growing market. It is anticipated to expand at a CAGR of approximately 12.5% between 2019 and 2025. Japan: Japan is a highly developed country in Asia-Pacific, due to which it attracts many tourists and Expat population. Rising number of vegans among the Expat population is further aiding to the sales of plant-based food in Japan. India: Increasing health consciousness among the consumers has turned out to be a major factor for the rising growth of plant-based food market in India. Consumers are increasingly opting for more value-added products. Rest of the World: The market in the rest of the world (RoW) is expected to witness sluggish growth during the forecast period. Low product distribution and low spending power in underdeveloped countries of the region are hindering the demand for plant-based food.