Global Plant Based Diet Market By Type (Dairy Substitute, Egg Substitute, Meat Substitute, Seafood Substitute, and Other Types), By Source, By Distribution Channel, By Category, By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Plant Based Diet Market size is expected to be worth around USD 31.1 billion by 2032 from USD 14.4 Billion in 2023, growing at a CAGR of 8.2% during the forecast period 2023 to 2032.

The plant-based diet is entirely a plant-based food-containing diet. The plant-based diet includes a wide range of diet foods containing high amounts of plant products and low amounts of animal products.

The plant-based diet consists of various types of plant foods 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. Individuals consuming a plant-based foods diet are less likely to have a heart-related disease than others.

These health benefits are shifting the food preferences of individuals from other foods to plant-based foods. With the rising adoption of plant-based foods, individuals prefer plant-based foods for a healthy lifestyle. This is driving the growth of the plant-based diet market.

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. This is driving the growth of plant-based foods in the plant-based diet market.

Many key companies across the world are investing in the research and development of plant-based food and options for animal-based foods. This is also expected to boost the market growth of the plant-based diet market during the forecast period.

Key Takeaways

• Market Growth: In 2022, the global plant-based diet market reached USD 14.4 billion; by 2032 it is projected to hit an astonishing CAGR of 8.2% from 2023-2032.
• Diet Types: Over time, various plant-based diets – particularly vegan and vegetarian regimens – have grown increasingly mainstream. Flexitarian eating plans (composed predominantly of plant-based food but allowing occasional animal products) have also gained ground.
• Type Analysis: Dairy substitute is the leading market, accounting for most of the revenue in the diet-based-on-plants category segment.
• Analysis: Soybeans dominate vegan food sources and items due to their availability and low price points in manufacturing foods made with plants. It is believed that soybean-derived products play such a prominent role because their use as raw material for creating food made of plants provides many advantages that make their dominance hard to deny.
• Market Drivers: Increased health awareness, environmental concerns, and ethical considerations have all played an integral part in driving the growth of the plant-based diet market.
• Restraints: Taste preferences, nutritional concerns, and access issues surrounding plant-based foods can prevent market expansion.
• Opportunities: Advances in food technology have resulted in the development of plant-based foods that closely resemble animal-derived counterparts in terms of taste and texture, offering significant market growth potential to market players.
• Trends: This market exhibits trends such as increasing use of plant-based ingredients and fast food offerings; plant-based product launches from both established food companies, as well as startups, are increasingly commonplace.
• Regional Dominance: North American region appears to dominate the plant-based food diet market with a 42.66% share in terms of revenue; its rise can be attributed to increasing awareness about diets rich in essential vitamins and nutrients among its people residing there.
• Key Players in the Plant-based Diet Market: Amy’s Kitchen Inc., Danone S.A, Atlantic Natural Foods LLC, Now Foods, Beyond Meat Inc. and others are key companies involved.

Driving Factors

Rising Health Consciousness and Changing Food Habits are Driving the Growth of the Market.

The rising awareness about health consciousness and changing food preferences among individuals from animal-based foods to plant-based foods are the key drivers in the growth of the plant-based food industry. According to a study, people consuming plant-based foods are found to be less likely to have heart-related diseases 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. This is propelling the growth of the plant-based diet market.

Moreover, many NGOs are promoting the adoption of plant-based foods in the lifestyle to avoid the killing of animals for food. Due to this many people are changing their food habits by switching to plant-based food.

Many key companies are implementing different strategies like promoting plant-based food by hiring celebrities for its marketing on social media platforms and other sites. Due to this more people are adopting plant-based food. These all factors are fueling the growth of the plant-based diet market.

Restraining Factors

High Cost and Difference in Taste are Obstructing the Growth of the Plant Based Diet Market.

A large number of individuals prefer animal-based food products for food. Due to the lack of taste and flavor of animal-based food in plant-based food. 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.

The high prices of plant-based foods are also hindering the growth of the plant-based diet market. Many key companies in the plant-based diet market are offering plant-based food products but at a very high price.

Companies are increasing the prices of plant-based food products by selling them under the labels like organic and vegan.

These plant-based food products cost more than animal-based food products. Therefore, a large share of the population is not able to adopt plant-based food products. These factors are restraining the growth of the plant-based diet market.

Type Analysis

The Increasing Number of Lactose Intolerance Individuals are Opting for Plant-Based Diary Products.

The plant-based diet market is classified into many types like dairy substitutes, egg substitutes, meat substitutes, seafood substitutes, and other types. From these types, the dairy substitute dominates the market by accounting for a 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 boosting the growth of dairy substitute products in the plant-based diet market.

The meat substitute products are also expected to grow significantly during the forecast period. The increasing focus of major companies on the development of plant-based meat substitute products which have similar flavors to meat and the same taste is driving the growth of the meat substitute products in the plant-based diet market.

Source Analysis

Soybean Dominates the Source Segment in the Plant-Based Diet Market.

Based on source, the plant-based diet market is classified into nuts, peas, wheat, soybean, and other sources. Among these sources of plant-based diet food products, the soybean holds the largest share in the plant-based diet 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 a 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.

Although, the pea is anticipated 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 Analysis

Offline Sales Channel Dominates Over the Online Sales Channel.

Distribution Channels are divided into the offline sales channel and online sales channel for the plant-based diet market. From these distribution channels, the offline sales channel dominates over the online sales channel.

The domination of the offline sales channel is attributed to the increasing retail sales of plant-based food products in offline sales channels like supermarkets and hypermarkets. These offline stores are driving the growth of the offline distribution channel in the plant-based dirt market.

Category Analysis

Rising Consumer Demand for Organic Food is Driving the Growth of the Organic Category in the Plant-Based Diet Market.

Based on category, the plant-based diet market is divided into organic and conventional categories of plant-based food products. Among these categories, the organic segment leads ahead of 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.

Key Market Segments

Type

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

Source

• Soybean
• Nuts
• Wheat
• Pea
• Other Sources

Distribution Channel

• Offline Sales Channel
• Online Sales Channel

Category

• Organic
• Conventional

Growth Opportunity

Increasing Environmental Awareness and a Rising Number of Lactose-intolerant Individuals are Expected to Create Many Opportunities in the Market.

The rising 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.

Furthermore, many major companies in the plant-based diet market are focusing on the development of plant-based food products that taste the same as animal-based food products and also have the same flavor. This move from the major companies in the plant-based diet market is anticipated to create lucrative opportunities in the market.’

Also, 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 many opportunities in the global plant-based diet market.

Latest Trends

Changing Food Habits and Implementation of Animal Rights are Anticipated to Boost the Growth of this Market.

The trend of rising consumer interest in plant-based food products and the promotion of animal rights by various organizations working for animal welfare are propelling 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 a better and healthier lifestyle to avoid dependence on animal-based food products and decrease the carbon footprint at the domestic level. Trends like these are anticipated to propel the growth of the plant-based diet market over the forecast period.

Regional Analysis

North America Leads the Market with Major Revenue Share in Account.

The North American region dominates the market by accounting for a major revenue share of 42.6% in the global plant-based diet market. The growth of this region is due to rising awareness of health consciousness and nutrient-rich diets among individuals in the North American region.

The rising health-related concerns are forcing individuals to adopt a healthy lifestyle. This is promoting the adoption of plant-based food products in the North American region. These key factors are boosting the growth of the North American region in the global plant-based diet market.

After North America, Asia Pacific is anticipated to show significant growth in the market during the forecast period. The presence of a large number of major companies in the Asia Pacific region is investing in food innovation and the development of plant-based food products. This is expected to propel the growth of the plant-based diet market over the forecast period.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Player Analysis

The plant-based diet market is fragmented into many small and big companies. The major players in the market are implementing different strategies to expand their market share across various regions.

The prominent players are adopting strategies like partnership, collaboration, mergers, and acquisitions. Some of the key companies in the plant-based diet market are Amy’s Kitchen Inc., Atlantic Natural Foods LLC, NOW Foods, Danone S.A., 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.

Top Key Players

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

Recent Developments

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

Report Scope