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MARKET OUTLOOK

Triton, in its report on the global plant-based food and beverage market, estimates the industry to grow with a CAGR of 8.71% in the forecast years from 2021 to 2028.

Factors such as the growing shift towards veganism, increase in patients being affected by lactose intolerance, and the benefits of consuming plant-based diets are driving the growth of this market. However, the high cost of plant-based products is a major factor hindering this growth process. Further, the limited awareness among people, as well as the disparity in perception of dairy & plant-based foods & beverages, is also restraining market growth. On a positive note though, the availability of sustainable products & recyclable packaging, innovation in manufacturing procedures, and the introduction of brand new products are creating new avenues for the plant-based food and beverage market growth.

REGIONAL OUTLOOK

The global market for plant-based food and beverage covers the regions of Europe, North America, Latin America, the Middle East and Africa, and the Asia-Pacific.

The market in the Asia-Pacific is currently the largest in the world, and is expected to maintain its reigning position over the coming years. The region has been witnessing a growing demand for plant-based meat alternatives. APAC is home to more than 4.3 billion people, who constitute approx. 60% of the world’s total population. 

Nearly over a third of this population already consumes low- or no-meat diets. In fact, there are close to 5 million vegetarians in the region, with India accounting for the largest vegetarian population of 3.68 million people. Therefore, they are more open to switching over to a completely plant-based diet. Factors such as these are mainly responsible for the growth of the plant-based food and beverage market.

COMPETITIVE OUTLOOK

Danone SA, The Hain Celestial Group Inc, Kikkoman Corporation, Sunfed, Impossible Foods Inc, Califia Farms, Moving Mountains, Conagra Brands, Sweet Earth Inc, Quorn Foods, Yofix Probiotics, Pacific Foods Of Oregon, Field Roast Grain Meat Co Inc, Blue Diamond Growers, Daiya Foods Inc, Amy’s Kitchen, Beyond Meat Inc, and Morningstar Farms are some of the established names operating in the plant-based food and beverage market.

Amy’s Kitchen is an organic food company offering products such as bowls, soups, beans, chili, pot pies, wraps, pasta, salsa, burritos, pizzas, snacks, veggie burgers & meats, etc. The company offers a variety of organic packaged and frozen food, with various options, such as gluten-free, plant-based/ vegan, lactose-free, dairy-free, soy-free, corn-free, tree nut-free, Kosher D, Kosher DE, and low-sodium. Amy's products are available in more than 28 other countries across the globe.