Plant-Based Food Market: Growth and Future Outlook (2024)

FAQs

Plant-Based Food Market: Growth and Future Outlook? ›

The global Plant-Based Food market size was valued at USD 42241.06 Million in 2022 and will reach USD 132207.38 Million in 2028, with a CAGR of 20.94% during 2022-2028.

The Plant-based Food Market is expected to reach $113.1 billion by 2031, at a CAGR of 12.3% during the forecast period of 2024 to 2031.

The Global Plant Based Food Market was valued USD 43.77 Billion in 2023 and projected to reach USD 85 Billion by 2030, growing at a CAGR of 9.95% during the forecast period of 2023-2030.

Plant-based food is an important and growing category in the food industry. According to Grand View Research, the global vegan food market is expected to grow at 10.6% compound annual growth rate (CAGR) per year between 2022 and 2030, reaching $37.45bn by 2030.

In the Food market, volume is expected to amount to 3,087.00bn kg by 2029. The Food market is expected to show a volume growth of 3.9% in 2025. The average volume per person in the Food market is expected to amount to 340.10kg in 2024.

With many problems in the industrial farming industry, including animal cruelty, many people choose to eat fewer animal foods in protest of the outrageous harm that comes to animals for our food. A plant-based diet is much better for the environment than one that is heavy in meat and dairy.

It's important to note that the plant-based market encapsulates a variety of buyers, including vegetarians, vegans and flexitarians. Flexitarians refer to the demographic of flexible vegetarians.

The global plant-based food market is expected to reach 77.8 billion U.S. dollars in 2025. Further growth is expected. The forecast projects that by 2030 the market will have more than doubled. For 2022, the model expects a market worth 44.2 billion U.S. dollars.

So what went wrong with the plant-based meat promises? It comes down to price, taste, and the health factor, according to industry analysts and former workers. Price is a major factor. It's far cheaper to make a pot of rice and beans than a steak.

Are plant-based foods here to stay? ›

With the global plant-based food market projected to rise and the conscious consumer demographic remaining on the uptrend, plant-based diets are here to stay and grow for consumers around the world.

With good planning and an understanding of what makes up a healthy, balanced vegan diet, you can get all the nutrients your body needs. If you do not plan your diet properly, you could miss out on essential nutrients, such as calcium, iron, vitamin B12, iodine and selenium.

A report by CNBC last year, on efforts being made by plant-based giants Beyond Meat and Impossible Foods to reach price parity with meat, explains that some of the economic obstacles for alternatives brands include small-scale production, supply chain issues (only a few countries produce pea protein, including Canada) ...

By 2050, global food demand will increase between around 60% to 100%. This significant increase means that we'll need to get better at increasing crop production worldwide.

Plant-based food continues to be one of the most important food trends in 2024. This trend is driven by growing climate and environmental consciousness, especially in the younger generation. The trend is also strengthened by the rejection of mass meat production, which many no longer considered ethically acceptable.

Global Vegan Food Market size was valued at around USD 16.5 Billion in 2022 and is poised to grow from USD Billion 18.23 in 2023 to USD 40.53 Billion by 2031, at a CAGR of 10.5% over the forecast period (2024–2031).

New York, August 11, 2021 – The plant-based foods market could make up to 7.7% of the global protein market by 2030, with a value of over $162 billion, up from $29.4 billion in 2020, according to a new report by Bloomberg Intelligence (BI).

Unit sales growth of plant-based meat and seafood were down 19% on 2022 and 26% on 2021 at 215m. The household penetration rates were also negative or flat in 2023, the report said, with plant-based meat and seafood dropping four percentage points to 15%, showing the “need to reengage consumers”.

Globally, the foodservice industry will grow 16.5% in 2023, reaching a value of US$3.6 trillion. The overall value has surpassed 2019 levels, and the industry can be considered fully recovered (at least in value) from the effects of the pandemic.