A recent study by Triton Market Research titled ‘Global Plant-based Food and Beverage Market’ includes the Global Analysis and Forecasts by Type (Meat, Dairy, Other Types), by Source (Wheat, Soy, Corn, Almond, Other Sources), by Distributors (Specialty Stores, Convenience Stores, Supermarkets/Hypermarkets, Online Retail, Other Distributors), and by Geography (Middle East and Africa, Europe, Asia-Pacific, North America, Latin America).
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As per Triton’s research report, the global plant-based food and beverage market is forecasted to grow at a CAGR of 8.71% through the examined years 2021-2028. Besides, the market is likely to gather revenue worth $81538.73 million by 2028.
Lactose intolerance has become increasingly common in recent years. The condition causes symptoms, such as bloating, abdominal pain, gas, diarrhea, and nausea, among others. This happens due to the lack of the enzyme lactase, which is important for digestion. These days, various milk alternatives, such as rice milk, coconut milk, almond milk, etc., are available. They are more suitable for people affected by this condition, than other dairy products. Thus, the growing lactose intolerance is supporting the growth of the market studied.
However, a large section of the consumers is still not well aware of the health benefits offered by plant-based products. This is hindering the market growth process.
The plant-based food and beverage market is segmented into type, source, and distributors. In terms of type, it is divided into meat, dairy, and other types. Based on source, it is divided into wheat, soy, corn, almond, and other sources. Further, the distributors section is trifurcated into specialty stores, convenience stores, supermarkets/hypermarkets, online retail, and other distributors.
Globally, the Asia-Pacific is anticipated to grow the fastest in the plant-based food and beverage market over the forecasted period. The region is becoming a growing market for “flexitarian” dieters. Such individuals occasionally substitute meat with plant-based protein in their diet. This newfound interest in plant-based foods and beverages shows that there are lucrative growth opportunities in this segment. Also, research has proved that vegan diets help prevent some illnesses. This is another factor driving the market growth in the APAC.
The Hain Celestial Group Inc, Sunfed, Sweet Earth Inc, Beyond Meat Inc, Yofix Probiotics, Danone SA, Pacific Foods Of Oregon, Daiya Foods Inc, Blue Diamond Growers, Califia Farms, Moving Mountains, Amy’s Kitchen, Field Roast Grain Meat Co Inc, Quorn Foods, Impossible Foods Inc, Kikkoman Corporation, Conagra Brands, and Morningstar Farms are well-known companies operating in the plant-based food and beverage market.
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Question & Answer: Plant-based Food and Beverage Market
Question 1: What factor is supporting the growth of the plant-based food and beverage market?
Answer: Lactose intolerance has become increasingly common in recent years. The condition causes symptoms, such as bloating, abdominal pain, gas, diarrhea, and nausea, among others. This happens due to the lack of the enzyme lactase, which is important for digestion. These days, various milk alternatives, such as rice milk, coconut milk, almond milk, etc., are available. They are more suitable for people affected by this condition, than other dairy products. Thus, the growing lactose intolerance is supporting the growth of the market studied.
Question 2: What factor is hindering the market growth process?
Answer: A large section of the consumers are still not well aware of the health benefits offered by plant-based products. This is hindering the market growth process.
Question 3: Which region is anticipated to to grow the fastest in the plant-based food and beverage market?
Answer: Globally, the Asia-Pacific is anticipated to grow the fastest in the plant-based food and beverage market over the forecasted period. The region is becoming a growing market for “flexitarian” dieters. Such individuals occasionally substitute meat with plant-based protein in their diet. This newfound interest in plant-based foods and beverages shows that there are lucrative growth opportunities in this segment. Also, research has proved that vegan diets help prevent some illnesses. This is another factor driving the market growth in the APAC.
Question 4: Which are the well-known companies operating in the plant-based food and beverage market?
Answer: The Hain Celestial Group Inc, Sunfed, Sweet Earth Inc, Beyond Meat Inc, Yofix Probiotics, Danone SA, Pacific Foods Of Oregon, Daiya Foods Inc, Blue Diamond Growers, Califia Farms, Moving Mountains, Amy’s Kitchen, Field Roast Grain Meat Co Inc, Quorn Foods, Impossible Foods Inc, Kikkoman Corporation, Conagra Brands, and Morningstar Farms are well-known companies operating in the plant-based food and beverage market.
Related Report:
Global Cannabis Food and Beverage Market
The global cannabis food and beverage market is projected to experience growth at a CAGR of 15.15% during the period of 2021-2026, while garnering $839.94 million in revenue by 2026.
Although consuming cannabis for recreational purposes was banned in most countries, in recent years, its use for both recreational and medical purposes has supported the growth of the cannabis food and beverage market. The governments of several countries, after knowing about the benefits of cannabis for health, have legalized the substance. Therefore, the market has been observing substantial growth over the past couple of years. Moreover, considering that major countries are legalizing cannabis, several smaller countries are also expected to follow suit, which is anticipated to drive further development in the market in the coming years.
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