Sustainability Trend Drive Plant-Based Food and Beverage Market

Triton Market Research presents the Global Plant-Based Food and Beverage Market report segmented by Type (Plant-Based Dairy Derivatives [Plant-Based Ice Cream and Frozen Desserts, Plant-Based Cheese, Plant-Based Yogurt, Plant-Based Creamer, Plant-Based Dairy Spreads and Dips], Plant-Based Meat Substitutes [Textured Vegetable Protein, Tofu, Tempeh, Mycoprotein, Seitan, and Other Meat Substitutes], Plant-based Nutrition/Snack Bars, Plant-based Bakery Products, Plant-based Beverages [Plant-Based Milk, Packaged Smoothies, Coffee, Tea, Other Plant-Based Beverages], Other Plant-Based Products), Ingredient (Soy, Wheat, Pea, Coconut, Almond, Cashew, Other Ingredients), Storage (Frozen, Refrigerated, Shelf-stable), Sales Channel (Offline Sales channel [Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Other Offline Sales Channels], Online Sales channel), and Regional Outlook (North America, Middle East and Africa, Asia-Pacific, Europe, Latin America). 

The report further includes the Market Summary, Industry Outlook, Impact Analysis, Key Insights, Porter’s Five Forces Analysis, Market Maturity Analysis, Industry Components, Regulatory Framework, Key Market Strategies, Market Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

According to Triton’s analysis, the revenue of the plant-based food and beverage market is predicted to rise with a CAGR of 10.91% during the forecast period 2023-2030.

Plant-based food is a final product comprising ingredients like vegetables, fruits, whole grains, nuts, seeds, and legumes (peas, beans, pulses, etc.). Animal welfare, health consciousness, and sustainability trends have increased the demand for plant-based alternatives.

Due to the production process requiring specialized equipment and technology, the market faces the major challenge of the high cost of plant-based products. Companies trying to meet the demand for plant-based alternatives need substantial investments in research and development. These factors contribute to higher product costs, creating barriers for consumers seeking affordable plant-based options.

Despite these challenges, the availability of sustainable products, recyclable packaging, revolutionary manufacturing procedures, and innovation in plant-based product offerings creates lucrative opportunities for the plant-based food and beverage market.

Asia-Pacific is expected to witness the fastest growth in the plant-based food and beverage market. The region’s large population and rising disposable incomes drive the demand for varied food options. In this regard, growing awareness of the environmental impact of animal agriculture and concerns about animal welfare drive consumers towards plant-based alternatives. Governments promote plant-based diets as part of their sustainable development strategies, further boosting market growth.

The key companies thriving in the plant-based food and beverage market are Nestlé SA, General Mills Inc, Danone SA, Conagra Brands Inc, The Hain Celestial Group Inc, Blue Diamond Growers, The Archer-Daniels-Midland Company (ADM), Meatless Farm, Amy’s Kitchen Inc, Beyond Meat Inc, Campbell Soup Company, Impossible Foods Inc, Daiya Foods Inc, Living Harvest Foods Inc, and KeVita Inc.