Plant-based Food and Beverages- Growth, Trends, and Forecasts (2023 - 2028)

The Plant-based Food and Beverages Market is segmented by Product Type (Meat Substitutes, Dairy Alternatives Beverages, Non-dairy Ice Cream, Non-dairy Cheese, Non-dairy Yogurt, and Non-dairy Spreads), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Online Retail Stores, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report offers market sizes and values (in USD million) during the forecast period for the above segments.

Plant-Based Food & Beverages Industry Overview

Plant-based Food and Beverages Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 9.28 %

Major Players

Plant-based Food and Beverages Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Plant-Based Food & Beverages Market Analysis

The plant-based food and beverages market is projected to register a CAGR of 9.28% during the next five years.

Consumers are more aware of their health nowadays, and vegan culture is growing more popular among consumers due to the various health benefits associated with it, such as lowering cholesterol, stabilizing blood sugar, reducing inflammation, and supporting the immune system, thereby increasing the demand for plant-based food and beverages across the globe. Additionally, companies from all sectors are making significant investments to acquire and develop new plant-based products. This is primarily due to the increasing demand for plant-based products. For instance, in June 2021, Nestle launched plant-based pea milk in its UK stores. The product is made from protein-packed yellow peas.

Thus, the growing preference for plant-based diets and the major meat processors and manufacturers announcing their intentions to join the competition with their line of meat alternatives present a massive opportunity for plant-based food and beverage consumption. This trend is expected to keep growing in the forecast period.

Plant-Based Food & Beverages Industry Segments

Plant-based food and beverages are primarily products made from plants, vegetables, grains, nuts, legumes, and fruit sources, which provide nutrients including iron, magnesium, folic acid, vitamin C, vitamin E, and dietary fiber.

The global plant-based food and beverage market is segmented by type, distribution channel, and geography. The market is segmented by type into plant-based dairy, meat substitutes, plant-based nutrition/snack bars, plant-based bakery products, and plant-based beverages. Plant-based dairy has been segmented further into yogurt, cheese, frozen desserts and ice cream, and other plant-based dairy products. Also, meat substitutes have been segmented further into tofu, tempeh, textured vegetable protein, and other meat substitutes.

Moreover, plant-based beverages are further segmented into packaged milk, packaged smoothies, coffee, tea, and other plant-based beverages. By distribution channel, the plant-based food and beverages market is segmented into on-trade and off-trade channels, while off-trade is further segmented into hypermarkets/supermarkets, convenience stores, online stores, and other distribution channels. By geography, the report provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

Plant-based Dairy
Frozen Desserts and Ice-Cream
Other Plant-based Dairy
Meat Substitutes
Textured Vegetable Protein
Other Meat Substitutes
Plant-based Nutrition/Snack Bars
Plant-based Bakery Products
Plant-based Beverages
Packaged Milk
Packaged Smoothies
Other Plant-based Beverages
Other Food and Beverages
Distribution Channel
Convenience Stores
Online Stores
Other Off-trade Distribution Channels
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
South America
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa

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Plant-Based Food & Beverages Market Trends

This section covers the major market trends shaping the Plant-Based Food & Beverages Market according to our research experts:

Growing Popularity of Vegan Culture

The emergence of the plant-based food and beverage market clearly demonstrates a shift in customers’ demands from animal-based products to plant-based products. This incremental shift toward a plant-based diet is primarily influenced by ecological concerns, health consciousness, ethical or religious beliefs, and awareness about environmental issues and animal rights.

Furthermore, consumer awareness of allergies, hormones, and unethical animal husbandry practices utilized in the dairy industry has led to an increase in the popularity of veganism. Therefore, the demand for plant-based food and beverages is constantly increasing, mainly due to consumers' perception that these products are healthier and safer than conventional foods. Along with this, dairy alternatives hold wide scope for product development, pulling significant attention from manufacturers to contribute to the market. As a result, food companies are increasingly investing in catering to the appeal that novel flavors and taste profiles provide. For instance, in November 2022, Kraft Heinz launched plant-based cheese slices called NotCheese, which is the first product launched by the joint venture of Kraft Heinz and Chilean food tech firm NotCo and is expected to be rolled out across the United States in 2023.

Plant-based Food and Beverages Market : Production Volume of Soy Milk Japan, in Kiloliters, 2019-2021

Asia-Pacific Holds the Largest Share

Plant-based food and beverages are becoming increasingly popular in Asia-Pacific countries such as China, Thailand, Vietnam, Japan, and Australia. According to a recent study conducted by DuPont, over 75% of APAC consumers are willing to spend a similar price spent on meat for plant-based alternatives. Meanwhile, protein has been rated as an essential element by 83% of respondents behind consuming plant-based food and beverages.

Plant-based burgers, meats, and dairy-alternative beverages have been accepted well by Asians. Furthermore, consumers look forward to plant-based Asian cuisines and beverages with clean labels, as they value health and nutrition with convenience. Moreover, soy is currently the most widely consumed plant-based beverage in Asia, with China, Taiwan, Japan, and Thailand leading the growth of dairy-alternative beverages, which include almond milk, oat milk, hemp milk, pea milk, and rice milk.

Plant-based Food and Beverages Market : Market Size(%), by Geography, 2021

Plant-Based Food & Beverages Market Competitor Analysis

The market is highly competitive with the presence of small-scale and global companies such as Danone SA, The Hain Celestial Group Inc., Conagra Brands Inc., Nestle SA, Campbell Soup Company, and Blue Diamond Growers. These companies have been the front runners in terms of expansion of their production capacity and product launches to cater to the increasing demand for plant-based food and beverages around the world. Owing to the rapidly developing market, product innovation in terms of packaging, advertisement, and infusion of healthy ingredients is the major strategy adopted by companies.

Furthermore, companies such as Conagra Brands Inc., Unilever, and Danone SA, are also focusing on partnerships, mergers, and acquisitions to expand their market shares and product portfolios by leveraging on the expertise of the acquired companies.

Plant-Based Food & Beverages Market Top Players

  1. Danone S.A

  2. Tofutti Brands, Inc

  3. Conagra Brands, Inc,

  4. Beyond Meat, Inc.

  5. Nestle SA

*Disclaimer: Major Players sorted in no particular order

Plant-based Food and Beverages Market Concentration

Plant-Based Food & Beverages Market Recent Developments

  • May 2022: Danone launched the new Dairy & Plants Blend baby formula to meet parents’ demand for feeding options suitable for vegetarian, flexitarian, and plant-based diets, while still meeting their baby’s specific nutritional requirements.
  • January 2022: A new biotech company, Gaia’s Farming Co., launched its first two milk alternatives made with hemp and oats to cater to the growing vegan population.
  • May 2021: Conagra Brands expanded its Gardein meat alternatives in Canada with the introduction of a new Suprême Plant-Based Burger.

Plant-Based Food & Beverages Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Type

      1. 5.1.1 Plant-based Dairy

        1. Yogurt

        2. Cheese

        3. Frozen Desserts and Ice-Cream

        4. Other Plant-based Dairy

      2. 5.1.2 Meat Substitutes

        1. Tofu

        2. Tempeh

        3. Textured Vegetable Protein

        4. Other Meat Substitutes

      3. 5.1.3 Plant-based Nutrition/Snack Bars

      4. 5.1.4 Plant-based Bakery Products

      5. 5.1.5 Plant-based Beverages

        1. Packaged Milk

        2. Packaged Smoothies

        3. Coffee

        4. Tea

        5. Other Plant-based Beverages

      6. 5.1.6 Other Food and Beverages

    2. 5.2 Distribution Channel

      1. 5.2.1 On-Trade

      2. 5.2.2 Off-Trade

        1. Supermarkets/Hypermarkets

        2. Convenience Stores

        3. Online Stores

        4. Other Off-trade Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.3.2 Europe

        1. United Kingdom

        2. Germany

        3. Spain

        4. France

        5. Italy

        6. Russia

        7. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. Rest of Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle East and Africa


    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 DANONE SA

      2. 6.3.2 Blue Diamond Growers

      3. 6.3.3 Campbell Soup Company

      4. 6.3.4 Nestle SA

      5. 6.3.5 Conagra Brands Inc.

      6. 6.3.6 Tofutti Brands Inc.

      7. 6.3.7 Beyond Meat Inc.

      8. 6.3.8 Vbites

      9. 6.3.9 The Hain Celestial Group Inc.

      10. 6.3.10 Eden Foods Inc.

    4. *List Not Exhaustive


**Subject to Availability
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Plant-Based Food & Beverages Market Research FAQs

The Plant-Based Food and Beverages Market is studied from 2018 - 2028.

The Plant-Based Food and Beverages Market is growing at a CAGR of 9.28% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Danone S.A , Tofutti Brands, Inc, Conagra Brands, Inc,, Beyond Meat, Inc., Nestle SA are the major companies operating in Plant-Based Food and Beverages Market.

Plant-Based Food and Beverages Industry Reports

In-depth industry statistics and market share insights of the Plant-Based Food and Beverages sector for 2020, 2021, and 2022. The Plant-Based Food and Beverages research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Plant-Based Food and Beverages report PDF.

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