[FURL=https://www.industryarc.com/Research/Plant-based-Food-Market-Research-507383?utm_source=freeprnow&utm_medium=pressrelease&utm_campaign=paidpressrelease]Plant-based Food Market[/FURL] Plant-based Food Market size is forecast to reach $68.4 billion by 2026, growing at a CAGR of 14.3% during the forecast period 2021-2026. Plant-Based Food consists of minimally processed fruits, vegetables, whole grains, legumes, nuts, seeds, herbs and spices and excludes all animal products including red meat, poultry, fish, and eggs. The increasing awareness regarding cruelty towards animals and their health in the food industry has been encouraging people to shift their source of nutrition from animal-based to plant-based ingredients. According to The Vegan Society, from 2012 to 2019, the meat-free food demand grew by 990%. This in turn signifies the increasingly growing popularity of plant-based products across the globe.Key Takeaways
North America dominated the Plant-based Food Market in 2020 owing to increased concerns about animal cruelty in the food industry and its negative impact on the environment. The Plant-based Food Market scope for different regions will be provided in the final report.
Growing awareness regarding health benefits of consuming plant-based food coupled with growing awareness regarding animal cruelty are likely to aid the market growth of the Plant-based Food Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Plant-based Food Market report.
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Plant-based Food Market Segment Analysis – By Geography
North America dominated the Plant-based Food Market with a major share of 40.4% in 2020. This is attributed to the factors like growing concerns regarding animal cruelty in the food industry and its negative impact on the environment. Additionally, the U.S. has a large number of lactose intolerant people, which fuels the demand for alternative dairy products. In 2019, Cal-Maine Foods, Inc. reported a loss of more than USD 75 million because of growing preference for plant-based alternatives.
Plant-based Food Market Drivers
Increasing awareness regarding health benefits of consuming plant-based food is driving the market growth
Growing awareness regarding animal cruelty is poised to increase the growth of the market
Plant-based Food Market Landscape
The Plant-based Food Market, top 10 companies are Beyond Meat, Califia Farms, Dream, Gardener Cheese Company, Impossible Foods Inc., Kite Hill, Mason Co., Oatly, So Delicious Dairy Free
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