Plant-based foods and beverages consist primarily or exclusively of plant-based ingredients, such as grains, legumes, nuts, fruits, and vegetables. Customers who follow a vegetarian or vegan diet prefer them due to the absence of animal-derived ingredients. The demand for healthy eating habits propels the rapid expansion of the global market for plant-based foods and beverages. Vegan culture is gaining popularity among consumers due to its numerous health benefits, including lowering cholesterol, stabilizing blood sugar, reducing inflammation, and boosting the immune system, increasing global demand for plant-based foods and beverages.
The trend among consumers is moving toward healthier lives. Consumers have been adopting more beneficial eating practices because of the surge in obesity, diabetes, and cardiovascular disease brought on by unhealthy lifestyles. The best strategy to achieve healthy eating is to follow a plant-based diet, commonly defined as a regimen that prioritizes whole, plant-based foods and beverages and opposes all meats, dairy products, and eggs, as well as any refined and processed foods. People are also growing more conscious of how their purchases and way of life influence the environment.
More people are switching to plant-based diets for several reasons, including concern for animal welfare, environmental conservation, general health issues, and changing taste preferences. The growing concern about the environment, human health, and animal welfare has given rise to the current trend of veganism. It offers a range of advantageous health outcomes, such as better heart health, reduced obesity rates, and better diabetes control. Israel, Sweden, Japan, Poland, the U.S., Germany, and the U.K. have the highest vegan populations.
There have been many product line expansions for plant-based meals and beverages in recent years. New products have started appearing on the market due to increased R&D spending and technological advancement. Food and beverage producers have started concentrating more on the variety of plant-based product options and developing products with plant-based flavors as a result of the assurance of a steady and established vegetarian market in developed countries like the U.K., the US, Germany, and France as well as the growing stability of the vegetarian population globally.
Businesses are expanding their customer bases by focusing on plant-based protein ingredients and avoiding animal products as much as possible. Even meat companies are expanding their product lines with meat alternatives to appeal to the vegetarian population to avoid alienating a growing market niche.
Europe is the largest source of revenue and is anticipated to grow at a CAGR of 11.20% over the projected period. The public is switching from high-calorie soft drinks to more healthy options. Throughout the projected period, technological development advances will favor the expansion of the market for plant-based meals and beverages in European countries. Demand for plant-based foods and beverages is expected to rise as flexitarian, vegetarian, and vegan diets become more popular, as well as consumer preferences for organic and supply chains free of genetically modified organisms (GMOs). Additionally, the allure of varied cuisines has facilitated a movement in consumer behavior toward plant-based foods and beverages.
North America is anticipated to grow at a CAGR of 10.80% during the projection period. The increased demand for plant-based food and beverage products in North America is primarily due to the desire for nutrient-dense foods and healthy diets. The popularity of veganism and plant-based diets is rising across North America. The report shows that more than 9.5 million Americans eat and drink plant-based items. According to data from the Good Food Institute and the Plant-Based Foods Association, consumption of plant-based food and beverages, such as meat substitutes, fruit juices, plant-based eggs, and dairy substitutes, has surpassed that of conventional animal products in the U.S. It is also growing at a rate six times faster than that of animal products.
The global plant-based food and beverages market's major key players are Tyson Foods, Inc., Nestle SA, Clara Foods, Keystone Natural Holdings, Premier Foods PLC, and Danone S.A.