Plant-based Food Market to be Worth $113.1 billion by 2031
Source: The DairyNews
According to a new market research report titled, 'Plant-based Food Market by Type, Source, Distribution Channel - Global Forecast to 2031,' the plant-based food market is expected to reach $113.1 billion by 2031, at a CAGR of 12.3% from 2024 to 2031.
The growth of this market is driven by the increasing intolerance for animal-derived protein amongst consumers, the growing vegetarian population, the rising number of venture investments in plant-based food companies, innovation in food technology, and the growing focus on animal welfare and sustainability. In addition, the increasing number of research & development and new product launches by plant and protein alternative manufacturers and emerging economies, such as Asia-Pacific, Latin America, and the Middle East & Africa, are expected to create lucrative opportunities for players operating in this market.
However, factors such as the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to a notable extent.
However, factors such as the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to a notable extent.
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