The global plant-based food and beverage market is anticipated to reach USD 75.2 billion by 2020 growing at a CAGR of 13.5% during the forecasting period, 2020-2028. Plant-based production has become the biggest trend to impact the food and beverage industry. The demand for healthier lifestyles is one of the main drivers. It has been observed that there is a direct link between plant-based diets and decreasing risk of chronic diseases such as heart disease, type 2 diabetes, and cancer, and has also been linked to lower cholesterol and weight loss. Increasing food safety concerns and the growing number of health-conscious consumers are some of the major factors driving the market of plant-based food and beverage market.
The global plant-based food and beverage market is segmented into product type, source, type, distribution channel, and geography
The product type segment is sub-segmented into plant-based dairy and plant-based food
Source segment is sub-segmented into soy, wheat, almond, corn, potato, lentils, and nuts
On the basis of source, the almond segment is expected to dominate the market for plant-based food and beverage market during the forecast period 2020-2028
The type segment is sub-segmented into flavoured and unflavoured
The distribution channel segment is sub-segmented into supermarkets/hypermarkets, convenience stores, specialty stores, online stores and others
On the basis of distribution channel, supermarkets/hypermarkets segment is expected to dominate the market for plant-based food and beverage market during the forecast period 2020-2028
Geographically, the global plant-based food and beverage market is sub-segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America and insights are provided for each region and major countries within the regions.
Europe region has come up as the prominent region for the leading share in the overall global market during the forecast period 2020-2028.
Key players in the global plant-based food and beverage market are Atlantic Natural Foods LLC, Beyond Meat Inc., Garden Protein International Inc, Tyson Foods Inc, Glanbia plc., Now Health Group, Inc., Nutiva Inc, The Simply Good Food Co, Iovate Health Sciences International Inc., MusclePharm Corporation, Kerry Group Plc, CytoSport, Inc., The Nature's Bounty Co., Reliance Vitamin Company, Inc., Herbalife Nutrition, Inc., Danone SA, General Nutrition Centers (GNC) Holdings, Inc., Orgain Inc., and True Nutrition among others
The companies have come up with various promotional activities in from of launch, investment, acquisition, and other, for instance:
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