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Base Year
Historical Year
Forecast Year
Global Plant Based Food and Beverage Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 23.96 |
Market Size 2032 | USD Billion | 54.23 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 9.4% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 10.2% |
CAGR 2024-2032 - Market by Country | India | 10.7% |
CAGR 2024-2032 - Market by Country | USA | 9.8% |
CAGR 2024-2032 - Market by Category | Organic | 11.3% |
CAGR 2024-2032 - Market by Distribution Channel | Online | 14.7% |
Market Share by Country 2023 | Australia | 2.6% |
Plant based food and beverages refer to products derived from plants including soy, coconut, wheat, almond, vegetables, nuts, legumes, seeds, and fruits, among others. Due to their environmentally sustainable nature, these products are gaining popularity in various regions across the globe.
The increasing adoption of vegan diets due to rising health concerns and increasing incidences of allergies is supporting the growth of the plant based food and beverage industry. The exclusion of animal-based products from diets decreases the consumption of trans and saturated fats, reducing the risk of hypertension, heart diseases, diabetes, and obesity, among others.
The plant based food and beverage industry growth is driven by expanding contracts with different channels. Distribution channels such as supermarkets, hypermarkets, convenience stores, and online platforms offers a range of flavours, which is creating attractive growth opportunities for the plant based food and beverage market.
The plant based food and beverage market dynamics and trends are being driven by the increasing prevalence of lactose intolerance, which is boosting the demand for plant-based beverages worldwide. This disorder, caused by a deficiency in the enzyme lactase, is leading more people to seek plant-based alternatives.
According to industry reports, investment in plant-based companies from 2010 to 2022 demonstrated significant capital inflows, particularly in the United States, which led to USD 4.1 billion invested across 43 deals. Israel followed with USD 325 million in investments through 12 deals whereas Singapore's investment totalled USD 240 million with 5 deals. China's investment totalled USD 147 million across 3 deals, while France and Switzerland invested USD 119 million and USD 120 million, respectively, through 4 and 3 deals. The United Kingdom's investment was USD 292 million spread over 15 deals, fuelling the plant based food and beverage market revenue as, companies in this sector are driving innovation with a variety of products, such as plant-based milks, meat substitutes, and snacks, to meet diverse consumer preferences.
As per the Good Food Institute, in 2023, the United States led global investments in plant-based meat and seafood with USD 240 million, solidifying its dominant position in the market with a total of 45 deals. Sweden followed with significant investments totalling USD 429 million whereas the United Kingdom attracted USD 35 million in investments across 11 deals. France secured USD 76 million through 5 deals and Australia's investment reached USD 9 million, spread over 3 deals. Canada spent USD 68 million in investment through 6 deals while Spain spent USD 7 million across 7 deals. Austria, Finland, and Italy, with respective investments of USD 13 million, USD 9 million, and USD 5 million, each with a single deal, demonstrated an emerging interest in plant-based solutions.
As per the World Population Review, in 2021, India led the global vegan population with 9% of its population identifying as vegan. Germany, the United Kingdom, Austria, and Finland each reported a 2% vegan population whereas Spain had a percentage of 0.8%. By 2022, Greece and Hungary joined the ranks of countries with a 2% vegan population whereas Austria and Finland maintained their 2% vegan population. Germany and the United Kingdom had a steady 2% vegan population from 2021 to 2022, while India's 9% vegan population in 2021 continued to significantly impact the plant based food and beverage industry revenue as the rising number of individuals adopting vegan diets for health, ethical, and environmental reasons is driving increased demand for plant-based products.
Nestle S.A.
Conagra Brands, Inc.
Campbell Soup Company
Danone S.A.
“Global Plant Based Food and Beverage Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Source
Market Breakup by Category
Market Breakup by Distribution Channel
Market Breakup by Region
CAGR 2024-2032 - Market by | Country |
India | 10.7% |
USA | 9.8% |
UK | 9.7% |
Brazil | 9.5% |
Germany | 8.8% |
Canada | XX% |
France | XX% |
Italy | XX% |
China | XX% |
Japan | XX% |
Saudi Arabia | XX% |
Mexico | 8.8% |
Australia | 7.8% |
As per the plant based food and beverage market analysis, organic plant-based food and beverages are expected to witness significant growth in the coming years. The increasing availability of organic products across different distribution channels and growing awareness about the various negative health effects associated with the consumption of food products produced using pesticides is boosting the segment expansion. The increase in environmental concerns is further supporting the production of organic produce driving the plant based food and beverage demand growth.
The companies emphasise providing nutritious, high-quality products and creative solutions that cater to a wide range of consumer needs and preferences.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a value of approximately USD 23.96 billion in 2023.
The market is projected to grow at a CAGR of nearly 9.4% in the forecast period of 2024-2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 54.23 billion by 2032.
The major market drivers include increasing consumption of plant based beverages due to growing prevalence of lactose intolerance and rising concerns about animal welfare.
The key trends fuelling the growth of the market include increasing adoption of vegan diets and rising availability of plant based food and beverages across different distribution channels including supermarkets and hypermarkets, convenience stores, and online, among others in multiple flavours.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The distribution channels include supermarkets and hypermarkets, convenience stores, and online, among others.
The competitive landscape consists of Nestle S.A., Conagra Brands, Inc., Campbell Soup Company, Danone S.A., Beyond Meat Inc., Hain Celestial Group Inc., Noumi Ltd., Blue Diamond Growers, Tofutti Brands, Inc., and Eden Foods, Inc., among others.
The categories of plant-based food and beverages in the market are organic and conventional.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Source |
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Breakup by Category |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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