Plant Based Food Market by Product Type (Dairy Alternatives, Meat Substitute, Plant-Based Eggs, Confectionery), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 2027

  • Report ID:MRFB - 104412
  • Pages: 214
  • Sep 2020
  • Formats*: PDF
  • Category: Food & Beverages
  • Delivery: 2 to 4 Hours

1. Introduction 
    1.1. Market Ecosystem 
    1.2. Currency 
    1.3. Key Stakeholders 

2. Research Methodology 
    2.1. Research Approach 
    2.2. Data Collection & Validation 
           2.2.1. Secondary Research 
           2.2.2. Primary Research 
    2.3. Market Assessment 
           2.3.1. Market Size Estimation 
                    2.3.1.1. Bottom-Up Approach 
                    2.3.1.2. Top-Down Approach 
                    2.3.1.3. Growth Forecast 
           2.3.2. Market Share Analysis 
    2.4. Assumptions for the Study
    2.5. Limitations for the Study

3. Executive Summary 
    3.1. Introduction 
    3.2. Market Dynamics 
    3.3. Segmental Analysis 
           3.3.1. Market by Product Type 
                    3.3.1.1. Dairy Alternatives Product Market 
                    3.3.1.2. Meat Substitute Products Market 
           3.3.2. Market by Source 
           3.3.3. Market by Distribution Channel 
           3.3.4. Regional Analysis 
           3.3.5. Competitive Landscape & Key Market Competitors 

4. Market Insights 
    4.1. Introduction 
    4.2. Drivers 
           4.2.1. Increasing Incidences of Intolerance for Animal Protein 
           4.2.2. Growing Urbanization with New Consumer Aspirations 
           4.2.3. Significant Venture Investments in Plant-Based Product Companies
           4.2.4. Increasing Vegan Population 
    4.3. Restraints 
           4.3.1. Comparatively Higher Price Range for Some of the Meat Substitutes
           4.3.2. Significant Preference for Animal Based Products 
           4.3.3. Consumer Preference to Soy and Gluten Free Products 
    4.4. Opportunities 
           4.4.1. Research & Development and New Product Launches by Plant based Products Manufacturers 
           4.4.2. Emerging Economies- Asia-Pacific, Latin America, and Middle East and Africa 
    4.5. Trend 
           4.5.1. Rising Industry Concentration with Growth in Mergers and Acquisitions in the Plant-Based Products Space 

5. COVID-19 Impact Analysis on Plant-Based Food Market 

6. Investment and Funding Scenario 
    6.1. Introduction 
    6.2. Investments/Funding Scenario 

7. Global Plant-Based Food Market, by Product Type 
    7.1. Introduction 
    7.2. Dairy Alternatives 
           7.2.1. Plant-Based Milk 
           7.2.2. Cheese 
           7.2.3. Yogurts 
           7.2.4. Butter 
           7.2.5. Ice-Cream 
           7.2.6. Creamer 
           7.2.7. Others 
    7.3. Meat Substitutes 
           7.3.1. Tofu 
           7.3.2. TVP 
           7.3.3. Tempeh 
           7.3.4. Seitan 
           7.3.5. Burger Patties 
           7.3.6. Sausages 
           7.3.7. Ground Meat 
           7.3.8. Meatballs 
           7.3.9. Nuggets 
           7.3.10. Crumbles 
           7.3.11. Others 
    7.4. Plant-Based Eggs/Egg Substitutes 
    7.5. Confectionery 
    7.6. Others 

8. Global Plant-Based Food Market, by Source 
    8.1. Introduction 
    8.2. Soy Protein 
    8.3. Almond Protein 
    8.4. Wheat Protein 
    8.5. Pea Protein 
    8.6. Rice Protein 
    8.7. Others 

9. Global Plant-Based Food Market, by Distribution Channel 
    9.1. Introduction 
    9.2. Business to Business 
    9.3. Business to Customers 
           9.3.1. Modern Groceries
           9.3.2. Convenience Store 
           9.3.3. Specialty Store
           9.3.4. Online Retail 
           9.3.5. Others 

10. Plant-Based Food Market, by Geography 
      10.1. Introduction 
      10.2. North America 
              10.2.1. U.S. 
              10.2.2. Canada 
      10.3. Europe 
              10.3.1. U.K. 
              10.3.2. Germany 
              10.3.3. France 
              10.3.4. Italy 
              10.3.5. Spain 
              10.3.6. Rest of Europe 
      10.4. Asia-Pacific 
              10.4.1. China 
              10.4.2. Japan 
              10.4.3. India 
              10.4.4. Rest of Asia-Pacific 
      10.5. Latin America 
      10.6. Middle East and Africa 

11. Competitive Landscape 
      11.1. Introduction 
      11.2. Key Growth Strategies 
      11.3. Competitive Benchmarking 

12. Company Profiles (Includes Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
      12.1. Beyond Meat Inc. 
      12.2. Impossible Foods Inc. 
      12.3. Danone Sa 
      12.4. Garden Protein International Inc.
      12.5. Amy's Kitchen, Inc. 
      12.6. Follow Your Heart 
      12.7. The Hain Celestial Group, Inc. 
      12.8. Sahmyook Foods 
      12.9. Sanitarium Health and Wellbeing Company 
      12.10. Axiom Foods Inc. 
      12.11. Daiya Foods Inc. 
      12.12. Earth's Own Food Company Inc. 
      12.13. Lightlife Foods, Inc. 
      12.15. Taifun-Tofu GmbH 
      12.16. Atlantic Natural Foods, Llc 
      12.17. Vbite Food Ltd 
      12.18. Nutrisoy Pty Ltd 

13. Appendix 
      13.1. Questionnaire 
      13.2. Available Customization 

List of Tables

Table 1 Plant-Based Food Market Drivers: Impact Analysis (2020–2027) 
Table 2 Plant-Based Food Market Restraints: Impact Analysis (2020–2027) 
Table 3 Recent Mergers and Acquisitions in the Plant-Based Products Space (2017-2020) 
Table 4 Plant-Based Food Market Size, by Product Type, 2018-2027 ($Million) 
Table 5 Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 6 Plant-Based Dairy Alternatives Market Size, by Country/Region, 2018-2027 ($Million)
Table 7 Plant-Based Milk Market Size, by Country/Region, 2018-2027 ($Million) 
Table 8 Plant-Based Cheese Market Size, by Country/Region, 2018-2027 ($Million) 
Table 9 Plant-Based Yogurts Market Size, by Country/Region, 2018-2027 ($Million) 
Table 10 Plant-Based Butter Market Size, by Country/Region, 2018-2027 ($Million) 
Table 11 Plant-Based Ice-Cream Market Size, by Country/Region, 2018-2027 ($Million)
Table 12 Plant-Based Creamer Market Size, by Country/Region, 2018-2027 ($Million)
Table 13 Other Plant-Based Dairy Alternatives Market Size, by Country/Region, 2018-2027 ($Million) 
Table 14 Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 15 Plant-Based Meat Substitutes Market Size, by Country/Region, 2018-2027 ($Million) 
Table 16 Tofu Market Size, by Country/Region, 2018-2027 ($Million)
Table 17 TVP Market Size, by Country/Region, 2018-2027 ($Million)
Table 18 Tempeh Market Size, by Country/Region, 2018-2027 ($Million)
Table 19 Seitan Market Size, by Country/Region, 2018-2027 ($Million) 
Table 20 Plant-Based Burger Patties Market Size, by Country/Region, 2018-2027 ($Million)
Table 21 Plant-Based Sausages Market Size, by Country/Region, 2018-2027 ($Million)
Table 22 Plant-Based Ground Meat Market Size, by Country/Region, 2018-2027 ($Million) 
Table 23 Plant-Based Meatballs Market Size, by Country/Region, 2018-2027 ($Million)
Table 24 Plant-Based Nuggets Market Size, by Country/Region, 2018-2027 ($Million)
Table 25 Plant-Based Crumbles Market Size, by Country/Region, 2018-2027 ($Million)
Table 26 Other Plant-Based Meat Substitutes Market Size, by Country/Region, 2018-2027 ($Million) 
Table 27 Plant-Based Eggs/ Egg Substitutes Market Size, by Country/Region, 2018-2027 ($Million) 
Table 28 Plant-Based Confectionery Market Size, by Country/Region, 2018-2027 ($Million) 
Table 29 Other Plant-Based Food Market Size, by Country/Region, 2018-2027 ($Million) 
Table 30 Plant-Based Food Market Size, by Source, 2018-2027 ($Million) 
Table 31 Soy Protein Based Plant-Based Food Market Size, by Country/Region, 2018-2027 ($Million) 
Table 32 Almond Protein Based Plant-Based Food Market Size, by Country/Region, 2018-2027 ($Million) 
Table 33 Wheat Protein Based Plant-Based Products Market Size, by Country/Region, 2018-2027 ($Million) 
Table 34 Pea Protein Based Plant-Based Products Market Size, by Country/Region, 2018-2027 ($Million) 
Table 35 Rice Protein Based Plant-Based Products Market Size, by Country/Region, 2018-2027 ($Million) 
Table 36 Other Sources based Plant-Based Products Market Size, by Country/Region, 2018-2027 ($Million) 
Table 37 Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 38 Plant-Based Products Market Size for B2B Channel, by Country/Region, 2018-2027 ($Million) 
Table 39 Plant-Based Food Market Size for B2C Channel, by Type, 2018-2027 ($Million)
Table 40 Plant-Based Food Market Size for B2C Channel, by Country/Region, 2018-2027 ($Million) 
Table 41 Plant-Based Food Market Size for Modern Groceries, by Country/Region, 2018-2027 ($Million)
Table 42 Plant-Based Food Products Market Size for Convenience Stores, by Country/Region, 2018-2027 ($Million)
Table 43 Plant-Based Food Products Market Size for Specialty Store, by Country/Region, 2018-2027 ($Million) 
Table 44 Plant-Based Food Products Market Size for Online Retail, by Country/Region, 2018-2027 ($Million) 
Table 45 Plant-Based Food Products Market Size for Other B2C Channels, by Country/Region, 2018-2027 ($Million)
Table 46 Plant-Based Food Products Market Size, by Country/Region, 2018-2027 ($Million)
Table 47 North America: Plant-Based Products Market Size, by Country, 2018-2027 ($Million)
Table 48 North America: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 49 North America: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 50 North America: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 51 North America: Plant-Based Products Market Size, by Source, 2018-2027 ($Million)
Table 52 North America: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 53 North America: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 54 U.S.: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 55 U.S.: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 56 U.S.: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 57 U.S.: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 58 U.S.: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 59 U.S.: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 60 Canada: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million)
Table 61 Canada: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million)
Table 62 Canada: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million)
Table 63 Canada: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 64 Canada: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 65 Canada: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million)
Table 66 Europe: Plant-Based Products Market Size, by Country/Region, 2018-2027 ($Million)
Table 67 Europe: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million)
Table 68 Europe: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million)
Table 69 Europe: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million)
Table 70 Europe: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 71 Europe: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 72 Europe: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 73 U.K.: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 128
Table 74 U.K.: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 75 U.K.: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 76 U.K.: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 77 U.K.: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 78 U.K.: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 79 Germany: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million)
Table 80 Germany: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million)
Table 81 Germany: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 82 Germany: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 83 Germany: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 84 Germany: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 85 France: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million)
Table 86 France: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million)
Table 87 France: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million)
Table 88 France: Plant-Based Products Market Size, by Source, 2018-2027 ($Million)
Table 89 France: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 90 France: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 91 Italy: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 92 Italy: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 93 Italy: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 94 Italy: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 95 Italy: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 96 Italy: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 97 Spain: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 98 Spain: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million)
Table 99 Spain: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 100 Spain: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 101 Spain: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 102 Spain: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 103 Rest of Europe: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million)
Table 104 Rest of Europe: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 105 Rest of Europe: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 106 Rest of Europe: Plant-Based Products Market Size, by Source, 2018-2027 ($Million)
Table 107 Rest of Europe: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 108 Rest of Europe: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 109 Asia-Pacific: Plant-Based Products Market Size, by Country/Region, 2018-2027 ($Million) 
Table 110 Asia-Pacific: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 111 Asia-Pacific: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 112 Asia-Pacific: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 113 Asia-Pacific: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 114 Asia-Pacific: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 115 Asia-Pacific: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 116 China: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 117 China: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million)
Table 118 China: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 119 China: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 120 China: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 121 China: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 122 Japan: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million)
Table 123 Japan: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million)
Table 124 Japan: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 125 Japan: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 126 Japan: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 127 Japan: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 128 India: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 129 India: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 130 India: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 131 India: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 132 India: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 133 India: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 134 Rest of Asia-Pacific: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million)
Table 135 Rest of Asia-Pacific: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 136 Rest of Asia-Pacific: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 137 Rest of Asia-Pacific: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 138 Rest of Asia-Pacific: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 139 Rest of Asia-Pacific: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 140 Latin America: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 141 Latin America: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 142 Latin America: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 143 Latin America: Plant-Based Products Market Size, by Source, 2018-2027 ($Million)
Table 144 Latin America: Plant-Based Products Market Size, by Distribution Channel, 20182027 ($Million) 
Table 145 Latin America: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 
Table 146 Middle East and Africa: Plant-Based Products Market Size, by Product Type, 2018-2027 ($Million) 
Table 147 Middle East and Africa: Plant-Based Dairy Alternatives Market Size, by Type, 2018-2027 ($Million) 
Table 148 Middle East and Africa: Plant-Based Meat Substitutes Market Size, by Type, 2018-2027 ($Million) 
Table 149 Middle East and Africa: Plant-Based Products Market Size, by Source, 2018-2027 ($Million) 
Table 150 Middle East and Africa: Plant-Based Products Market Size, by Distribution Channel, 2018-2027 ($Million) 
Table 151 Middle East and Africa: Plant-Based Products Market Size for B2C Channel, by Type, 2018-2027 ($Million) 

List of Figures

Figure 1 Research Process
Figure 2 Key Secondary Sources 
Figure 3 Primary Research Techniques 
Figure 4 Key Executives Interviewed 
Figure 5 Breakdowns of Primary Interviews (Supply Side & Demand Side) 
Figure 6 Market Sizing and Growth Forecast Approach 
Figure 7 Egg Substitutes to Witness Significant Growth in the Plant-Based Products Market During 2020-2027 
Figure 8 Pea Proteins to Witness Significant Growth in the Plant-Based Products Market During 2020-2027 
Figure 9 B2C Distribution Channel to Witness Significant Growth in the Plant-Based Products Market During 2020-2027 
Figure 10 Global Plant Based Food Market Share, by Geography, 2019
Figure 11 Asia-Pacific: Lucrative and Growing Market for Plant-Based Manufacturers 
Figure 12 Competitive Landscape, 2016-2020 
Figure 13 Market Dynamics 
Figure 14 World Populations and Growth Rate, by Region, 2010-2050 
Figure 15 A Lighthouses for the Future Food Consumption 
Figure 16 Meat Producers Hedge Against Animal Free Future 
Figure 17 Current Prices of Different Food Types 
Figure 18 Global Plant Based Food Market Size, by Product Type, 2020-2027 ($Million) 
Figure 19 Global Plant Based Food Market Size, by Source, 2020-2027 ($Million) 
Figure 20 Plant-Based Products: Value Chain with Key Business Activities 
Figure 21 Global Plant Based Food Market Size, by Distribution Channel, 2020-2027 ($Million) 
Figure 22 Global Plant Based Food Market Size for B2C Channel, by Type, 2020-2027 ($Million) 
Figure 23 Global Plant-Based Food Market Size, by Region, 2020-2027 ($Million) 
Figure 24 North America: Plant-Based Food Market Snapshot 
Figure 25 Plant-Based Food Retail Sales in the U.S., 2017-2019 ($ Billion) 
Figure 26 The U.S. Consumers View on the Purchase of Plant-Based Products 
Figure 27 Market Dynamics: European Alternative Protein
Figure 28 Europe: Plant-Based Food Market Snapshot 
Figure 29 Numbers of Vegans in Great Britain, 2014-2018 (In Thousands) 
Figure 30 Veganism Trends in the U.K. 
Figure 31 Asia-Pacific: Plant-Based Food Market Snapshot 
Figure 32 China: Consumer Views for the Purchase of Plant-Based Meat (2018) 
Figure 33 India: Consumer Views On the Purchase of Plant-Based Meat (2018)
Figure 34 Challenges Faced by Latin American Plant-Based Products Market 
Figure 35 Key Growth Strategies Adopted by Leading Players, 2016-2020 
Figure 36 Plant Based Food Market: Competitive Benchmarking, by Product 
Figure 37 Beyond Meat Inc.: Financial Overview (2015-2017) 
Figure 38 Danone SA: Financial Overview (2017-2019) 
Figure 39 Conagra Brands, Inc.: Financial Overview (2015-2017) 
Figure 40 The Hain Celestial Group, Inc.: Financial Overview (2016-2018) 

COVID-19

This report provides pre & post COVID-19 market estimates

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The plant-based food market is expected to reach $74.2 billion by 2027, at a CAGR of 11.9% during the forecast period of 2020 to 2027. Increasing incidences of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in plant-based product manufacturers are some of the key factors driving the growth of the plant based products market. Moreover, the growing focus on research & development and new product launches by plant-based products and alternative protein manufacturers; and growing demand from emerging economies - Asia-pacific, Latin America, and the Middle East and Africa - are expected to create lucrative growth opportunities for the players operating in this market.

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Impact of COVID-19 on Plant Based Food Products Market

COVID-19 pandemic has adversely hit many economies around the globe. The pandemic has affected more than 200 countries infecting more than 12,880,565 people and killing 568,573 as of 14th July 2020 (Source: WHO). COVID-19, the disease spread by the novel coronavirus SARS-nCoV-2, has quickly spread to number of countries and caused a public health emergency. The pandemic has led to some best practice models for plant based products industry as the coronavirus epidemic has conveyed to the forefront the connection between public health and animal meat consumption, which provides consumers a ground to go for a plant-based diet. From a manufacturing and distributing point of view, this industry has faced unprecedented demand from manufacturers as well as consumers, particularly for some products such as meat analogue and plant-based milk. Many companies in the space of alternative protein products have already started changing their strategies, owing to the sudden growth in demand.

  • Skyrocketing Sales for Plant based Food Products during COVID-19

COVID-19 is providing a surprising increase in sales for plant  based food products. Beyond Meat and Impossible Foods, makers of plant-based meat alternatives, have seen surge in sales due to a shortage of beef and pork during the coronavirus pandemic. Beyond Meat reported that its first quarter (Q1 2020) net revenue increased by 141 percent from the previous year to more than $97 million, compared to more than $40 million in the first quarter in 2019. According to the Good Food Institute, Plant Based Foods Association, IRI, and Nielsen data, in April 2020, in the U.S., retail sales of fresh plant-based meats grew by 279.8% in the week ending March 14, beating a 206.4% jump the week before. Also, sales of oat milk grew 476.7% in the week ending March 14, while dairy milk sales grew 32.4%. Additionally, retail sales of meat grew 77% in the week of March 15.

Some instances include:

  • In May 2020, Green Monday (China), a plant-based product start-up, claimed that its online sales have more than doubled in the last two months, citing the impact of COVID-19. Among the most popular purchases was a pork substitute called Omnipork, used in dumplings, noodles, and rice.
  • In May 2020, Califia Farms, U.S., witnessed a 50% increase in grocery sales as compared to 2019. An upsurge in sales was mainly attributed to increased sales of oat milk and nutritional plant-based butter.
  • In May 2020, Beyond Meat, a plant-based meat producer, witnessed a 141% increase in its revenue over the previous year.
  • In May 2020, Tofurky, which sells 35 different plant-based alternative meat products, reported that their sales have increased by 40% in the last twelve weeks, with the sale of its plant-based ham growing 631% compared to the same period last year.
  • In April 2020, JUST (U.S.), a company that makes egg products from mung beans, claimed that its sales on Chinese e-commerce platforms JD.com and Tmall of JUST Egg had surged 30% since the coronavirus outbreak.
  • Conagra’s Gardein, fish, chicken, and beef alternatives manufacturers reported that their sales increased by 65% from March 13, 2020, to April 19, 2020, compared the same period in 2019.
  • In April 2020, Kellogg’s plant-based meat brand MorningStar Farms reported that its sales increased by 66% in March, driven by frozen vegetable proteins.

  • Strategies to Capitalize on the Growth Opportunities

To cater to the sudden growth in the demand, many companies in the space of alternative protein have already started changing their strategies. Companies like Beyond Meat Inc., Impossible Foods Inc., and Tofukry Co. are ramping up their production, discounting their plant-based alternative products to appeal to more consumers, expanding into more stores, and partnering with the stakeholders. Along with this, to further capitalize on the opportunities in the plant based products sector over the coming years, expansions, new product launches, diversifications, and acquisitions strategies are being implemented by leading manufacturers, such as Cargill, PepsiCo, Smithfield, and Tyson, among others.

Some of the key strategic developments include:

  • Beyond Meat plans to expand its manufacturing capabilities to Asia in 2020, despite potential headwinds associated with the novel coronavirus outbreak that has disturbed global commerce.
  • In May 2020, JUST Inc, a company that applies cutting-edge science and technology to create healthier, more sustainable food products, partnered with Michael Foods, a subsidiary of Post Holdings and one of the largest processors of value-added eggs in the world, to bring the top-selling, plant-based JUST Egg to millions of more consumers in the U.S.
  • In April 2020, Impossible Foods announced to expand into 777 more grocery stores throughout the U.S., as Americans are doing more cooking at home amid the pandemic.
  • In March 2020, the Plant-Based Foods Association (PBFA), the trade association representing 180 plant-based food companies, partnered with Dot Foods, the North American food company, to increase the access to plant-based foods in North America.
  • In May 2020, the Spanish meat analogue brand, Heura, expanded its distribution in supermarkets despite lockdowns. Heura has expanded its retail distribution by 13.7% in Spain during the lockdown with more supermarkets.
  • In later April 2020, REFILE-Cargill also expanded its plant-based protein food for China following a successful trial of plant-based nuggets by Yum China Holdings Inc.’s KFC. The company also plans to offer more plant-based products to the foodservice sector and also introduce a consumer brand called PlantEver at the end of June with both online and offline retailers in China.
  • In February 2020, PepsiCo, for instance, acquired Bai Cao Flavour for $705 million, a local snack company that launched meat-free sausages made using soybeans and konjac.
  • Major meat producers such as Tyson, Smithfield, and Hormel Foods have already been investing in plant-based alternatives before the pandemic. Still, they will be aggressively rolling out more vegan options in a bid to diversify their business model and weather external shocks like the coronavirus. Tyson’s own brand of vegan meat is slated to launch in the summer this year.

Increasing Incidence of Intolerance for Animal Protein

The world is registering a huge incidence & prevalence of food allergies and intolerance, creating the need for alternative food sources to ensure daily nutrition requirement. Some of the statistics on food intolerance in many countries across the globe are as follows:

  • According to the World Allergy Organization (2018), 220 to 520 million people around the world are living with a food allergy, of which two-thirds are associated with egg allergy. The prevalence of food allergies has been estimated in 2015 to be around 1-3.5% in adults and 4.5-6.5% in children.
  • According to the estimates by the U.S. Food and Drug Administration (FDA), around 30,000 emergency room visits, 2,000 hospitalizations, and 150 deaths take place every year in the United States due to the severe, life-threatening food allergies in the country. According to the National Institute of Allergy and Infectious Diseases, around 90% of these food allergies is caused by eggs, milk, fish, red meat, soy, and nuts.
  • According to the Association of UK Dietitians (BDA), an estimated 1-10% of adults and children in the country have a food hypersensitivity, though as many as 20% of the population experience some reactions to foods which help them trust that they do have a food hypersensitivity. The source has also mentioned that the most common eight food allergies are from cow’s milk, chicken eggs, shellfish, soy, peanuts, and wheat, which accounts for around 90% of the total allergies with first five being most common in the country.
  • According to the reference list of allergen data collection, the allergen from chicken meat ranges from 0.5-5% in Southern Europe.

Therefore, due to the major contribution of animal protein in overall food allergies, most of the meat consumers are inclined towards meat substitutes made of vegan protein, which ultimately drives the demand for plant-based protein products. Moreover, the increasing recognition of plant-based products in offering the similar comprehensive protein, vitamin, and amino acid profiles like animal protein products is further expected to enhance its demand. For instance, pea protein, which is recognized as a complete protein with the essential amino acid profile that can be incorporated into several egg-based products, pasta, vermicelli, cakes, and cookies.

Thus, the increasing incidence of intolerance for animal protein and rising appreciation of plant-based products to offer similar nutrition is significantly driving the growth of the plant based products market.

Key Findings in the Global Plant-Based Food Products Market Study:

Dairy alternatives to dominate the overall plant based food market in 2020

Based on product type, the dairy alternatives segment is estimated to command the largest share of the overall plant-based products market in 2020. The dominant position of this segment is mainly attributed to the factors such as increased number of lactose-intolerant people, growing awareness on ethical concerns about animal abuse in modern dairy farming practices, and nutritional benefits offered by plant based dairy products. However, the plant-based egg/egg substitute segment is expected to grow at the fastest CAGR during the forecast period.

Plant based milk to command the largest share in the overall dairy alternatives market in 2020

Based on type, the plant-based milk segment is estimated to command the largest share of the overall dairy alternatives market in 2020. The large share of this segment is mainly due to the increased animal milk allergies, calorie concerns with rising obese population, and prevalence of hypercholesterolemia. However, the plant-based yogurt market is expected to grow at the fastest CAGR during the forecast period. Primarily, the demand for plant-based yogurt is increasing at a higher rate in developed countries due to the growing number of vegan and health conscious consumers.

Tofu to dominate the overall meat alternatives market in 2020

Based on type, the tofu segment is estimated to account for the largest share of the overall meat alternatives market in 2020, due to its higher adoption with low cost; easy availability; and presence of wide variety of types and flavours. However, the burger patties market is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing popularity and new product launches in the plant-based burger patties segment and their increasing availability in many restaurants.

Pea protein segment to witness the fastest growth during the forecast period as a preferred source of plant-based products

Based on source, the pea protein segment is expected to grow at the fastest CAGR during the forecast period due to the growing consumer’s desire to find sustainable and good tasting alternatives to animal-based proteins as well as growing investments from leading manufacturers such as Roquette Frères Le Romain (France) and Ingredion Inc. (U.S.) in this space. Along with this, its nutritional qualities as well as its allergen free, gluten free, and lactose free properties are also supporting the growing demand for pea protein sourced plant-based products across the globe.

B2C distribution segment to dominate the overall plant-based food products market in 2020

Based on distribution channel, the Business to Customers (B2C) distribution channel segment is estimated to command the largest share of the overall plant-based products market in 2020. The large share of this channel is mainly attributed to the factors such as growing number of supermarkets and hypermarkets and increased overall product sales from these outlets; consumers preference for shopping from brick-and-mortar grocers due to easy access and availability; and increasing consumer expenses on vegan food products. This segment is also expected to grow at the fastest CAGR during the forecast period due to the rapidly growing online retail sector.

Asia-Pacific: The fastest growing regional market

At regional level, the plant-based food food market is estimated to be dominated by Europe in 2020, while, Asia- Pacific plant-based products market is developing and expanding at a significant pace. The rapid growth of this region is mainly attributed to the factors such as growing adoption of emerging technologies for product innovation, collaboration between international and domestic food companies, increasing government’s investment in food R&D sector, and increasing presence of large number of key players in the market. In addition, the growth in the Asia-Pacific market is also supported by the rapid growth in the urbanization, growing middle class population and their rising income level, and growing awareness about the benefits of protein diet in daily nutrition. China is set to drive the industry’s growth, and the on-going coronavirus and other public health fears could serve as catalysts. Though still a small business compared to Asia's giant meat supply chain, vegetarian alternatives to meat, dairy, and seafood have started gaining growing customers in the country.

Key Players

The plant-based food products market is highly fragmented with the presence of many small private vendors in the market. Some of the key players operating in the global plant-based food market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Danone SA (France), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods (U.S.), Daiya Foods Inc. (Canada), Earth's Own Food Company Inc. (Canada), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia) among others.

Scope of the report

Plant-Based Food Market, by Product Type

  • Dairy Alternatives
    • Plant-Based Milk
    • Ice Cream
    • Creamer
    • Yogurt
    • Butter
    • Cheese
    • Others
  • Meat Substitute
    • Tofu
    • TVP
    • Tempeh
    • Seitan
    • Burger Patties
    • Sausages
    • Ground Meat
    • Meatballs
    • Nuggets
    • Crumbles
    • Others
  • Plant-based Eggs/Egg Substitute
  • Confectionery
  • Others

Plant-Based Food Market, by Source

  • Soy Protein
  • Almond Protein
  • Wheat Protein
  • Pea Protein
  • Rice Protein

Plant-Based Food Market, by Distribution Channel

  • Business to Business
  • Business to Customers
    • Modern Groceries
    • Convenience Store
    • Specialty Store
    • Online Retail
    • Others

Plant-Based Food Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • RoE
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • RoAPAC
  • Latin America
  • Middle East and Africa

Key questions answered in the report:

The global plant-based food products market projected to reach $74.2 billion by 2027, at a CAGR of 11.9% during the forecast period.
Based on the type, the dairy alternative segment is estimated to command the largest share of the overall plant-based products market in 2020. However, the plant-based eggs segment is expected to grow at the fastest CAGR during the forecast period.
Based on source, the soy protein segment is estimated to command the largest share of the overall plant-based protein products market in 2020. However, the pea protein segment is expected to grow with the fastest CAGR during the forecast period.
Based on distribution channel, the business to customers segment is projected to create more traction with the fastest CAGR during the forecast period owing to the growing number of supermarkets and hypermarkets and rising overall plant-based product sales from these outlets; and rapidly growing online retail sector.
The rising launch of vegan food products, increasing health concerns regarding animal protein, increased base of vegan and vegetarian population, rising investments in plant-based product facilities, and rising technological advancements are the key drivers of this market. However, the growing demand from emerging Asia-Pacific and Latin American economies are expected to create lucrative opportunities for the players operating in this market.
The key players operating in the global plant based food market are Beyond Meat, Impossible Foods, Danone, Garden Protein International, Amy’s Kitchen, Follow Your Heart, The Hain Celestial, Sahmyook Foods, Sanitarium Health and Wellbeing, Axiom Foods, Daiya Foods, Earth's Own Food Company, Lightlife Foods, Marlow Foods Ltd., Taifun-Tofu GmbH, Atlantic Natural Foods, VBIte Food, and Nutrisoy Pty.
The emerging countries from Asia, Latin America, and Middle East and Africa are projected to offer significant growth opportunities for the vendors in this market due to the rising shift of manufacturing industries to these regions with strong availability of raw material, large population base, growing vegetarian population, and increasing presence of global players.
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Tags: Food and Agriculture Technologies Food Testing Plant Based Food Market Plant Based Food Plant Based Foods Dairy Alternatives Meat Substitute Plant-Based Eggs
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