Plant Based Food Market will be valued over 4.6 billion in 2018, finds Bekryl Market Analysts.
The industry will register a CAGR of 7% CAGR to create high incremental opportunity for engaged companies. Increasing demand for plant-based protein over animal-based protein is creating favorable business environment for companies.
Various factors are expected to drive the global sales of plant based foods product. Increasing demand for natural and organic products has further boosted the overall plant based food market in the world. These food are deemed to be environmentally safe as it leads to lesser carbon credits compared to meat based counterpart.
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On the basis of product type, the plant based food market size is segmented into Tofu and tempeh, meat alternatives, milk alternatives, egg substitutes and mayo, and others. Milk alternatives and meat alternatives are expected to account for over 69% of overall global shares. Much of the demand is expected to generate from U.S.
On the basis of application, plant based food market revenue is analyzed across food and beverage industry, feed industry, pharmaceutical industry and others. Food and beverage segment contributes highest revenue in the global plant-base protein market among all the application segments. The main revenue generating segments are non-dairy beverages (refrigerated and shelf stable), cheese alternatives, meat alternatives (frozen and refrigerated), and tofu products.
By region, North America is expected to account for major market share worldwide. US is the largest plant based food market and to facilitate the trade, it has set up The Plant Based Foods Association which represents nearly 75 of the nation’s leading plant-based food companies and currently total market for the plant-based sector (excluding Whole Foods Market) tops nearly $5 billion in sales.
Some key key global plant based food market companies are Archer Daniels Midland Company, Cargill, Incorporated, E. I. du Pont de Nemours and Company, Fonterra Co-Operative Group, Kerry Group plc , Beyond Meat, Sun Brothers, LLC., Vega, AMCO Proteins, Hilmar Cheese Company, Inc., and Omega Protein Corporation. Just this year, Healthcare firm Otsuka Pharmaceutical has signed a definitive agreement to purchase a 100% stake in Canadian plant-based foods manufacturer Daiya Foods for C$405m which is a clear indication of steady growth of the plant-based foods because of consumers shift away from animal products towards plant-based options and a complete change in market scenario.
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