Ever-rising vegan population facilitating plant-based food and beverages market

Date: 8 May 2020

According to a research report published by Azoth Analytics in April 2020, the Global Plant-Based Food & Beverage Market was valued at USD 42.3 billion during the year 2019. Global Plant-Based Food & Beverage market is expected to grow due to a number of factors which include growing geriatric population across the globe, increasing awareness coupled with rising demand for healthy and nutritious products.

Global Plant-Based Food & Beverage Market is primarily driven by growing urbanization, promptly improving healthcare services, growing vegan populace globally and increasing awareness about environmental crisis. Presence of various kind of plant-based food and beverage and flavors in the market is also one of the major factors fueling the market globally. The ever-rising vegan population where consumers are turning vegan and embracing vegetarianism as their lifestyle will also drive the market for the plant-based food & beverages market during the forecast period. 

Factors such as increasing geriatric population in some countries, market players investing heavily in those countries and try to capture the major share and millennials anticipated to fuel the market growth in forecast period. The Asia-Pacific region holds the largest market of Plant-Based Food & Beverage and is estimated that it will continue to dominate the market share in forecasted period. However, the region may lose its market share to North American region which will also grow with highest growth rate among the regions.

Upsurge in the popularity of products equipped with desirable customization & various attractive flavours, textures will propel the industry. Companies having high investment opportunity with the new edge technologies for research and development, will likely to gain market share in the forecast period.

The Azoth Analytics research report titled Global Plant-Based Food & Beverage Market has analysed and segmented the Plant-Based Food & Beverage market By Value (USD Million). The report has analysed the market By Product Type (Plant-Based Meat & Plant-Based Dairy), By Source Type (Wheat, Soy, Almond & Others), By Region (North America, Europe & APAC) and By Country (US, Canada, Spain, France, UK, Germany, China, Japan, Thailand, South Korea) for the historical period of 2015-2019 and the forecast period of 2020-2025.