A recent report from Future Market Insights, a source of market research and competitive data, projects that sales of plant-based foods would increase at a 12.2 percent CAGR during the decade to reach a value of USD 34.5 billion by 2032.
Despite supply chain disruptions, irrational buying, and storage, plant-based food companies are expected to see growth opportunities throughout time. Recent years have seen a rise in innovation within the vegan ingredients sector. A component that encourages growth is the creation of novel goods like milk, eggs, and meat made from plants. These foods taste almost comparable to those prepared from animals and are rich in critical nutrients.
The market is anticipated to be fueled by several additional factors, including widespread promotional campaigns by athletes and celebrities to encourage the consumption of plant-based food products to maintain a healthy lifestyle and the simple accessibility of these products due to the expansion of online sales channels.
Consumers reduced their time in stores and supermarkets during the early stages of the pandemic by stockpiling food and packaged goods with high nutritious contents as a precaution, which also increased demand for plant-based food on the market.
Key Market Study Conclusions
- 38 percent of the global market for plant-based foods is anticipated to be in North America.
- In the North American market, the US owns a 65 percent market share for plant-based foods.
- A market share of 31% for plant-based foods is anticipated for Europe.
- In the European market, Germany enjoys a 22 percent market share for plant-based foods.
- Asia is predicted to hold a 20 percent market share for plant-based foods.
- In the Asian market, China enjoys a market share of 32% for plant-based foods.
- Players on the market are experimenting with novel approaches to boosting production capacity as well as engaging in research and innovation to develop new products.
According to a research analyst at Future Market Insights, “The increased emphasis on the consumption of plant-based meals in developed nations like Europe and North America is projected to provide the the the the the the the the the the the the the the the the the the the profitable potential for market players in the long term.”
In recent years, major established meat substitute supply corporations and venture capital firms have funded the production of plant-based foods. As many start-up businesses have started selling plant-based food and experimenting with diverse vegan products, plant-based food manufacturing businesses have experienced a major surge in investment in recent years.