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Reports Show Global Plant-Based Food Market to Reach 103.56B by 2027

Reports Show Global Plant-Based Food Market to Reach 103.56B by 2027


DUBLIN, IRELAND
Wednesday, November 9th, 2022

This just in! The plant-based food market is growing, and there is new research to prove it. We recently learned of Research and Market's "Global Plant-Based Food Market: Analysis By Type (Dairy, Meat, Egg, and Others), By Distribution Channel (Supermarkets & Hypermarkets, Online, Convenience Stores, and Other Store-Based), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report, which revealed new insights on the sector.

According to a press release, in 2021, the global plant-based food market was valued at $39.42 billion and is anticipated to grow to $103.56 billion by 2027. The report refers to a wide range of plant-based food products derived from natural plant ingredients like fruits, vegetables, nuts, oils, whole grains, and legumes. The press release stated that a plant-based diet has less cholesterol and saturated fat; is an excellent source of the vitamins B1, C, and E; folic acid, magnesium, and iron; and may help lower the risk of having certain types of cancer, diabetes, obesity, high blood pressure, heart disease, and metabolic disorders.

According to a recent report, the plant-based food market is anticipated to grow to $103.56 billion by 2027

New iterations of plant-based meat, eggs, and dairy products are increasingly competitive with animal products in terms of taste, price, and accessibility. The fear of an increase in animal-borne diseases, rising health concerns, and demand for clean label and natural products are the primary drivers behind this trend. The plant-based food market is expected to grow at a CAGR of 17.52 percent over the forecast period of 2022-2027.

Supermarkets and hypermarkets dominated the plant-based market in 2021 with almost 46 percent share of the global market

Other highlights from the report include:

  • In 2021, the dairy segment led the plant-based food market, accounting for more than 60 percent share of the market
  • Supermarkets and hypermarkets dominated the market in 2021 with almost 46 percent share of the global market. The online segment is expected to grow at the highest CAGR during the forecast period
  • The Asia Pacific dominated the market in 2021 with more than 40 percent share of the global market. The increased use of innovative technologies for product innovation, partnerships between domestic and international food companies, and rising government R&D expenditures in the food sector are the key factors

Further details can be found in the press release here.

Deli Market News will continue to keep an eye on the market, so stay tuned.

Research and Markets
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