Plant-Based Food and Beverages Market Worth USD 40,697.2 Million by 2028 at 10.92% CAGR – Report by Market Research Future (MRFR)
New York, US, July 21, 2021 (GLOBE NEWSWIRE) — Plant-Based Food & Beverages Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Plant-Based Food and Beverages Market by Product Type, Source, Category, Distribution Channel and Region – Forecast to 2028”, the market is anticipated to cross USD 40,697.2 Million by 2028 at a CAGR of 10.92%.
The growth scope of the plant-based good and beverages market looks promising with the sales continuing to scale across the globe. Surge in disposable income, expanding white-collar population, rising urbanization, and mounting awareness about the health benefits of plant-based products will ensure a rapid upward growth trajectory for the global market in the following years.
Top Growth Boosters:
The plant-based food and beverages industry is presently in the early stages of lifecycle, but with the continuous surge in investments and product innovations, the demand is projected to boom considerably in the years to come. Steady improvements in texture and taste, combined with the evolving consumer preferences and values, the plant-based food and beverages market will note further growth in the coming years. Studies reveal that third of the total population in North America has adopted a flexitarian diet, while more than 50% of the UK consumers are striving to bring down their meat consumption and are therefore, opting for vegan options.
Over the years, the overall food and beverage sector has seen incredible growth, backed by the supportive trade policies as well as the booming population. This has helped widened the scope of plant-based beverages and foods, further favored by the soaring demand for a healthier alternative to meat products. A major reason for the escalating demand for meat alternatives can be the mounting cases of heart diseases, diabetes, obesity and more. Majority of the players have now understood the magnitude of opportunities and are aggressively merging, acquiring, or investing in the market.
Furthermore, significant rise in the lactose intolerance level worldwide has favored the plant-based food and beverages industry. Partially or undigested lactose results in abdominal bloating, diarrhea, stomach pain, vomiting, sleep disturbances, tiredness, and several other health issues. Ethnicity plays a big role in the development of lactose intolerance, with American, Asian, and African ethnicities experiencing 75% – 95% rate of lactose intolerance while northern Europeans witness a rate of 18% – 26% lactose intolerance. As these cases continue to surge rapidly in various parts of the world, the demand for plant-based beverages and food among such consumers would continue picking up speed in the following years.
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The key industry participants covered in the MRFR study are:
- General Mills Inc. (US)
- Clara Foods (US)
- Keystone Natural Holdings (US)
- Premier Foods Plc (UK)
- Del Monte Fresh Produce NA Inc. (US)
- Amy’s Kitchen (US)
- Blue Diamond Growers (US)
- Danone SA (France)
- Nestlé S.A. (Switzerland)
- Tyson Foods Inc (Arkansas)
These vendors are focused on expanding their regional presence while launching newer and more innovative products via strategies that include collaborations, agreements, and partnerships. To illustrate, in March 2021, Clara Foods along with Ingredion, introduced the first-ever animal-free pepsin. It is completely pig-free and is an enzyme ingredient that has numerous applications in not only food products but pharmaceutical products as well.
Several researches have concluded that a plant-based diet can lead to nutritional deficiency, especially iron, resulting in health problems. Long-term consumption of plant-based food and beverages can cause iron deficiency, and this may weaken the market demand in the years ahead.
Browse In-depth Market Research Report (100 Pages) on Plant-Based Food & Beverages: https://www.marketresearchfuture.com/reports/plant-based-food-beverages-market-10596
COVID 19 Analysis of Plant-Based Food & Beverages Market
The lockdown imposed following the COVID-19 outbreak resulted in a massive economic downfall worldwide. Several companies and businesses had to be shut down while a number of industries faced with financial restraints.
However, major plant-based food and beverages manufacturers have gone into survival mode and are adopting strategies that could help them remain resilient. As a result, the global industry continues to note steady demand despite the rapid spread of the pandemic.
In terms of product type, the key categories are plant-based milk, RTD tea & coffee, plant-based milk & derivatives, bakery & confectionery, plant-based meat, plant-based juices, sweet & savory snacks, and others.
Various sources of plant-based food & beverages include wheat, almond, soy, coconut, pea, cashew, and others.
The categories covered in the MRFR study are organic as well as conventional. The organic segment can project better growth rate of 11.47% over the ensuing period.
Most of the distribution channels worldwide are either store-based or non-store-based, with the latter gaining traction at a better rate in the global market.
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Europe has a total share of 37.41% in the global market, making it the leading region. Meanwhile, it is also presumed that the region can capture the highest growth rate between 2021 and 2028, thanks to the burgeoning consumer population going for nutritious and healthy foods and drinks instead of high-calorie drinks and foods. Surge in technical upgrades with respect to manufacturing and major brands competing on the basis of prices and quality gives a significant boost to the plant-based food & beverages market in the region. Moreover, the heightened preference for genetically modified (GM)-free and organic supply chains coupled with the mounting number of vegetarians, vegans and flexitarians in the region has fostered the market size.
North America can dominate the global aerospace 3D printing market and the trend is expected to continue over the assessment period owing to the existence of reputed players, such as; Aerojet Rocketdyne and 3D Systems Corporation. The substantial investments made by them in the upgradation and development of aerospace 3D printers and their components can support expansion of the market in North America. In Europe, the surging adoption of UAVs and fighter jets by military forces to deploy in tactical missions can drive the aerospace 3D printing market in the assessment tenure. In Asia Pacific, the aerospace 3D printing market can rise at a high CAGR in the forecast term due to surge in demand for new aircraft and escalating defense expenditures in regions, such as, China and India.
In Middle East & Africa, the surge in defense expenditures of Saudi Arabia, Israel, and the UAE, can favor the growth of the aerospace 3D printing market in the review tenure. The presence of reputed airlines, such as; Saudi Arabian Airlines and Etihad Airways, can drive the market in the review tenure.
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