Plant-based food market to be worth US$113.1 billion by 2031, according to new Meticulous Research report

According to a new market research report called Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Alternatives, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C [Convenience Store, Online Retail] – Global Forecast to 2031, the plant-based food market is expected to reach US$113.1 billion by 2031, at a CAGR of 12.3% from 2024 to 2031.

The growth of this market is driven by the increasing intolerance for animal-derived protein amongst consumers, the growing vegetarian population, the rising number of venture investments in plant-based food companies, innovation in food technology, and the growing focus on animal welfare and sustainability. In addition, the increasing number of R&D and new product launches by plant and protein alternative manufacturers and emerging economies, such as Asia-Pacific, Latin America, and the Middle East & Africa, are expected to create lucrative opportunities for players operating in this market.

However, factors such as the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to a notable extent.

The plant-based food market is segmented by type (dairy alternatives [milk, cheese, yogurt, butter, ice cream, creamer, other dairy alternatives], meat substitutes [tofu, textured vegetable protein, burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, and other meat substitutes], plant-based meals, plant-based baked goods, plant-based confectionery, plant-based beverages, egg substitutes, fish and seafood alternatives, and other plant-based foods), source (soy, almond, wheat, pea, rice, oat, and other sources), distribution channel (business-to-business, business-to-consumer [modern groceries/supermarkets and hypermarkets, convenience stores, specialty stores, online retail stores, other B2C distribution channels], and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Among all types studied in the report, in 2024, the dairy alternatives segment is expected to account for the largest share of the plant-based food market. However, the egg substitute segment is expected to register the highest CAGR during the forecast period. This segment's rapid growth is attributed to the increasing consumer demand for egg alternatives, the rising number of investments and food innovations in egg alternatives, the increasing number of new product launches, and the low cholesterol levels provided by egg substitutes.

Among all sources studied in the report, in 2024, the soy segment is expected to account for the largest share of the plant-based food market. The large market share of this segment is attributed to factors such as the easy and wide availability of raw materials, lower cost compared to other sources, significant demand from meat alternatives manufacturers, higher consumer acceptance level, and its wide range of applications in numerous food & beverage sectors, including meat, dairy alternative, and bakery.

However, the pea segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increasing desire amongst consumers to find sustainable and good-tasting alternatives to animal-based proteins, the rising number of investments from leading manufacturers to increase pea protein production, and the growing adoption of pea protein in plant-based foods. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based food.  

Among all distribution channels studied in the report, the business-to-consumer segment is expected to register the highest CAGR during the forecast period. This segment's rapid growth is mainly attributed to the faster accessibility, convenience, and cost-effectiveness offered by the online retail sector.

Among all the geographies studied in the report, the Asia-Pacific region is expected to register the highest CAGR during the forecast period due to the increasing investment in the plant-based sector and the growing adoption of emerging technologies for product innovation.

The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2021–2024). The key players profiled in the plant-based food market are Beyond Meat Inc (USA), Impossible Foods Inc (USA), Danone (France), Garden Protein International, Inc (Canada), Amy's Kitchen Inc (USA), Plamil Foods Ltd (UK), The Hain Celestial Group, Inc (USA), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Daiya Foods Inc (Canada), Earth's Own Food Company Inc (Canada), Lightlife Foods, Inc (USA), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (USA), VBIte Food Ltd (UK), Nutrisoy Pty Ltd (Australia), Nestlé (Switzerland), Unilever PLC (UK), Sophie's Kitchen (USA), and Eat Just, Inc (USA).