The global plant-based diet market size was valued at $94.2 billion in 2023, according to a new report by GlobalData Plc. Companies operating in the market are focusing on product innovations revolving around improving the food and beverages’ texture, taste, aroma, and functional benefits to cater the dynamic consumers’ demands who are looking for novel products in the market.
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Plant-based Diet Market FAQs
- What will be the global plant-based diet market size in 2023?
The global plant-based diet market size is estimated to be valued at $94.2 billion in 2023.
- What is the plant-based diet market growth rate?
The global plant-based diet market is expected to grow at a CAGR of 7.2% during the forecast period (2023-2027).
- What are the key plant-based diet market drivers?
Increasing health consciousness, environmental concerns, rising intolerance towards animal cruelty, and rise in investment and product innovation is anticipated to drive the plant-based diet market.
- What are the key plant-based diet market segments?
Plant-Based Diet Product Type Segments: Meat Substitutes, Dairy Alternatives, and Nuts & Seeds Snacks
Plant-Based Diet Source Type Segments: Grain-Based, Soy-Based, Nuts & Seeds-Based, Vegetable-Based and Single Cell-Based
Plant-Based Diet Distribution Type Segments: Hypermarkets & Supermarkets, Convenience Stores, Food & Drinks Specialists, and eRetailers
- Which are the leading plant-based diet companies globally?
The leading plant-based diet companies are Hebei Yangyuan Zhihui Beverage Co.; Blue Diamond Growers; Danone Group; Three Squirrels Co Ltd; Coconut Palm Group Co. Ltd.; PepsiCo, Inc.; The Kraft Heinz Company; Dairy Farmers Of America, Inc.; Valsoia S.p.A.; and Nestle.
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Plant-based Diet Market Dynamics
Post the COVID-19 pandemic, consumers are exhibiting increasing concerns regarding their personal health and are looking for ways to cut down their consumption of anismal-derived food and beverages. The increasing awareness regarding the animal welfare coupled with adverse impact of livestock farming on the environment are motivating the consumers to replace their meat and dairy products with plant-based food and beverages.
Furthermore, the introduction of emerging technologies, including 3D printing and nanotechnology is enabling the food and beverages manufacturers to develop innovative products by tailoring the plant-based products with specific flavors, shape, and functional benefits to suit the targeted consumers.
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Plant-Based Diet Market Report Highlights
- The plant-based diet market is projected to witness a CAGR of 7.2% from 2023 to 2027. Rising health-consciousness, growing awareness regarding animal cruelty, and sustainability are some of the key factors driving the market.
- The dairy alternatives segment accounts for a significant share in 2023 owing to increasing cases of lactose intolerance, cardiovascular disorders, and increasing concerns regarding animal welfare are the major factors favoring to the segment growth.
- Asia Pacific is expected to be the dominant market over the forecast period owing to the presence of a large base of vegetarian population in the region exhibiting increasing health-consciousness is driving the regional market.
- The leading plant-based diet companies are Hebei Yangyuan Zhihui Beverage Co., Blue Diamond Growers, Danone Group, Beyond Meat, Three Squirrels, Coconut Palm Group, PepsiCo, Dairy Farmers of America, Valsoia, and Nestle.
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Plant-based Diet Market Scope
GlobalData Plc has segmented the plant-based diet market report by device type and region:
Global Plant-Based Diet Product Type Outlook (Revenue, $ Million, 2017-2027)
- Meat Substitutes
- Dairy Alternatives
- Nuts & Seeds Snacks
Global Plant-Based Diet Source Type Outlook (Revenue, $ Million, 2017-2027)
- Nuts & Seeds-Based
- Single Cell-Based
Global Plant-Based Diet Distribution Type Outlook (Revenue, $ Million, 2017-2027)
- Hypermarkets & Supermarkets
- Convenience Stores
- Food & Drinks Specialists
- Department Stores
Global Plant-Based Diet Regional Outlook (Revenue, $ Million, 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South & Central America
- Rest of South & Central America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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