The increasing awareness about vegan food options has resulted in the steady growth of the global plant-based food market. The overall market has been growing at a steady pace and the future is predicted to hold promise. Plant-based food include meat alternative snacks, salted snacks, fruit and nut snacks, snack bars, and cereal/ grain-based snacks.
Transparency Market Research is bringing out a report that discusses in detail the trends in the global plant-based food market. It also sheds light on the major drivers of the market and its deterrents. The report also gives you a detailed breakdown of the geographical distribution and the competitive dynamics of the market.
Global Plant-Based Food Market: Drivers and Deterrents
Plant-based foods are as tasty as meat-based foods or regular foods. This, coupled with growing ethical concerns of people pertaining to animal slaughter is expected to provide major boost to the global plant-based food market
Another important factor driving the global plant-based food market is the growing health consciousness among consumers. With rise in incidence of diabetes, obesity, hypertension, and cardiovascular diseases, people are particular about eating healthy. And plant-based food products are considered to be a good healthy food option.
Besides lifestyle diseases, a large section of the population suffers from food-borne allergies and intolerances. This has also driven up demand in the global plant-based foods market. This is because plant-based foods possess high nutritional value and are safe to consume.
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Availability of information through social media channels and increased per capita income are also driving the global plant-based food market.
Cost is one of the major deterrents for the growth of this market. Many consumers reject meat products due to their price. Plant-based food is also believed to be expensive.
Developed regions like North America and Europe are expected to post the highest growth in the coming years. The population shifting to vegan lifestyle is expected to grow in the U.S., Canada, Mexico, the U.K., Germany, and France. The Asia Pacific region is predicted to become one of the most promising areas for the global plant-based food market. The focus will remain on developing nations like India and China.
The global plant-based food market has numerous players. Some of the renowned ones are: Danone, Kellogg’s, SunOpta, The Campbell Soup Company, and The Hain Celestial Group. Many players are trying to replicate the flavor, aroma, and texture of meat-based products to stay ahead in the market.