The expected growth of the plant-based food globally can be attributed to the impact of non-vegetarian and dairy food on environment and human health. One of the major contributors to global warming is the livestock industry, and, relative to plant-based agriculture, meat production has a much higher environmental impact in relation to freshwater use, amount of land required, and waste products generated. Promoting increased consumption of plant-based foods is a recommended strategy to reduce human impact on the environment and is also now recognized as a potential strategy to reduce the high rates of some chronic diseases such as cardiovascular disease and certain cancers. Roughly 387 Mn people are living with diabetes, and according to the International Diabetes Federation, that number is expected to soar to nearly 600 Mn by 2035. Studies claim a whole food, plant-based diet can prevent and even reverse a litany of food and lifestyle-borne illnesses, including heart disease and type 2 diabetes. Bakery item and snacks also contribute to these health issues. Thus, it is important for this section to be moved to plant-based food.
Based on by product segment, plant-based food market has been segmented into Plant Based Dairy & Dairy Alternatives, Plant-Based Nutrition and Plant -Based Meat Substitutes.
Global Plant based Dairy & Dairy Alternatives market stood at US$ 12,958.1 million in 2018. Europe dominated the segment market with 35.5% share. Europe is expected to generate revenue of US% 7,862.9 million by 2025. Cow’s milk boasts an impressive nutrient profile. But people always do not prefer dairy products. Americans say they are consuming less dairy for health reasons. The intake of plant-based drinks is increasing in the UK. In fact, the sector is predicted to rise by 43% by 2021.
With the growth of social media as a platform to share information, plant-based diet is becoming more visible, and could be more accepted in sports and in the health and fitness industry. When it comes to plant- based nutrition, people have moved towards alternative protein sources, with the traditional dominance of whey and other dairy proteins now being challenged by plant-based products. This trend is apparent across the food and drinks market, and sports nutrition is no exception. Global Plant based Nutrition market stood at US$ 4,486.1 million in 2018. Europe dominated the segment market with 35.9% share. Europe is expected to generate revenue of US% 2,741.0 million by 2025. When it comes to plant- based meet substitutes, Global Plant based Meat Substitutes market stood at US$ 3,743.9 million in 2018. Europe dominated the segment market with 33.6% share.
Under the application segment, Plant based food was majorly used under Beverages application segment. The segment generated revenue of US$ 13,197.7 million in 2018 and is expected to grow at a CAGR of 8.01% during the forecast period 2019-2025 to reach market size of US$ 22,575.9 million by 2025. However, Bakery & Snacks segment would witness highest growth during 2019-2025. Based on source bifurcation, Plant based food was majorly derived from Soy. The segment generated revenue of US$ 12,728.9 million in 2018 and is expected to grow at a CAGR of 8.20% during the forecast period 2019-2025 to reach market size of US$ 22,031.1 million by 2025. However, Pea source segment would witness highest growth of 10.70% during 2019-2025.
Regionally, Europe dominated the market with 35.2% share. Europe is expected to generate revenue of US$ 12,947.7 million by 2025. However, Asia-Pacific is expected to witness highest CAGR of 10.19% during the forecast period 2019-2025. UK dominated the European Plant Based food market, generating revenue of US$ 2,518.1 million in 2018. UK is expected to witness CAGR growth of 7.07% during the forecast period 2019-2025 to reach a market size of US$ 4,050.6 million by 2025. However, rest of Europe would witness highest CAGR growth of 9.84% during the analysed period.
FIG. 3 Europe Plant Based Food Market, by Product 2019-2025 (US$ Mn)
Source: UnivDatos Market Insights
Plant Based Dairy & Dairy Alternatives segment dominated the Europe Plant based food market, generating revenue of US$ 4,602.5 million in 2018. The segment is expected to grow at a CAGR of 7.99% during the forecast period to reach a market size of US$ 7,862.9 million by 2025.