Plant-based Meals Market size to exceed $230.84 bn by 2032, Says Global Market Insights Inc.
Major plant-based meals market participants include Beyond Meat, Sweet Earth, Impossible Foods, The Vegetarian Butcher, Danone, SunOpta, Unilever, Cargill, Kellogg, Archer Daniels Midland (ADM), The Hain Celestial Group, and Campbell Soup.
Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) --
The plant-based meals market valuation is predicted to reach USD 230.84 billion by 2032, as reported in a research study by Global Market Insights Inc.
The industry growth is favored by the increasing awareness of the health benefits associated with plant-based diets. With rising concerns about lifestyle-related diseases and environmental sustainability, there is a demand for plant-based meals that offer nutritional value while reducing the environmental footprint. Additionally, changing consumer preferences towards sustainable and ethical food choices are reshaping the food industry. In August 2023, Nestlé expanded its portfolio of plant-based products by launching shelf-stable SKUs in Chile under the Maggi Veg brand, including shelf-stable plant-based minced meat.
Moreover, the influence of celebrity endorsements, social media influencers, and celebrity chefs advocating for plant-based diets is further driving consumer interest for the product. The industry is experiencing significant growth, with notable players investing in R&D, marketing campaigns, and strategic partnerships to capitalize on this burgeoning trend. Overall, the convergence of health, sustainability, and taste preferences is fueling the market demand.
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The plant-based meals market from the seafood substitutes segment is slated to record high demand throughout 2024-2032, driven by the growing concerns about overfishing, environmental degradation, and the depletion of ocean ecosystems. Plant-based seafood substitutes offer a guilt-free and eco-friendly option for seafood lovers, providing a similar taste and texture without the ethical and ecological drawbacks associated with conventional fishing practices. Additionally, the increasing awareness of the health benefits of reducing meat consumption and incorporating more plant-based foods into the diet is driving demand for seafood alternatives.
Lactose intolerant segment is poised to generate substantial revenues during 2024 to 2032. There is a growing demand for dairy-free alternatives among individuals seeking relief from digestive issues related to lactose intolerance while still enjoying nutritious and flavorful meals. Plant-based meals offer a wide range of lactose-free options, including plant-based milk, cheese, yogurt, and other dairy substitutes, providing consumers with a diverse selection of delicious and satisfying alternatives. Additionally, the increasing availability of plant-based products tailored to dietary restrictions is driving industry expansion.
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Asia Pacific plant-based meal market is anticipated to expand at a rapid pace through 2032, attributed to shifting dietary preferences towards healthier and more sustainable food options. With rising concerns about health, environmental sustainability, and animal welfare, consumers are turning to plant-based alternatives for their nutritional needs. Additionally, the growing middle-class population and rising disposable incomes in countries like China, India, and Japan are fueling the demand for premium plant-based products and innovative plant-based cuisines. The government initiatives & policies promoting sustainable agriculture with negligible or minimal carbon footprint are further stimulating regional market revenue.
Key Players involved in the plant-based meals market are Beyond Meat, Sweet Earth, Impossible Foods, The Vegetarian Butcher, Danone, SunOpta, Unilever, Cargill, Kellogg, Archer Daniels Midland (ADM), The Hain Celestial Group, and Campbell Soup.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Plant-based Meals Market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Type trends
2.5 Distribution Channel trends
2.6 End User trends
Chapter 3 Plant-based Meals Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 China-U.S. trade war impact
3.4 Industry ecosystem analysis
3.5 Type & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.2 Industry pitfalls & challenges
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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