Plant-Based Food Market Size, Share, Trends and Future Opportunities

Plant-Based Food Market Size, Share and Growth Forecast

The global plant-based food market size stood at USD 50.15 billion in 2024 with projections indicating a rise from USD 56.37 billion in 2025 to approximately USD 161.41 billion by 2034, expanding at a CAGR of 12.40% throughout the forecast period from 2025 to 2034. The market is attributed to the increasing consumer preference towards vegetarian food.

Key Highlights

• By region, Asia Pacific dominated the global plant-based food market in 2024, due to the growing vegetarian and vegan population. 
• By region, North America is expected to grow at a notable CAGR from 2025 to 2034 during the forecast period which is driven by the rising investment in the plant-based sector. 
• By type, the dairy alternatives segment held a major market share in 2024, driven by increasing demand for dairy products.
• By type, the egg substitute segment is projected to grow at a CAGR between 2025 and 2034, driven by the increasing consumer preference towards protein-rich food.
• By source, the soy segment contributed to the biggest market share in 2024, due to the increasing popularity of sports, excercise and vegan diets. 
• By source, the pea segment is expanding at a significant CAGR between 2025 and 2034, due to the increasing demand for sustainable alternatives. 
• By distribution channel, the business-to-consumer (B2C) segment held a major market share in 2024, driven by the increased sales of plant-based food. 
• By distribution channel, the business to business (B2B) segment is projected to grow at a CAGR between 2025 and 2034, driven by the faster accessibility offered by the online retail industry.

Industry Coverage

How Plant-Based Foods Helps Consumers to Enhance their Health and Wellbeing? 

The plant-based food market deals with a combination of ethical, environmental, and health factors. The increasing concerns related to resource-intensive livestock farming, deforestation, and climate are encouraging consumers to seek sustainable additives. The increasing consumer consciousness towards health risks also led to an increased preference for plant-based foods. The market for plant-based food is experiencing rapid growth due to factors such as the increasing demand for sustainable food options, rising number of venture investments, growing focus on animal welfare, rising innovation in food technology, and increasing consumer preference towards gluten and soy-free products.

One of the major factors driving the growth of the market is the increasing consumer demand for sustainable food options. The global market is experiencing growth in the integration of alternative protein alternatives, with materials such as jackfruit, lentils, and pea protein gaining popularity among customers looking for health-conscious and sustainable dietary options. In addition, the rising innovation in food technologies, including cellular agriculture and precision fermentation which further enhance nutritional flavors and profiles, is further expected to enhance the growth of the market.

Plant-Based Food Market Trends

• Increasing trend of clean-label products: The increasing consumer preference towards clean-label products such as recognizable and simple ingredients, which focus on minimal processing and transparency, contributed to propelling market growth. 
• Increasing preference towards healthier options: Due to the increased shift away from traditional animal-based products, there is awareness of the health benefits connected to plant-based foods are further expected to drive the growth of the plant-based food market during the forecast period. 
• Supports the immune system: The increased presence of antioxidants, phytochemicals, minerals, and vitamins in plants helps keep consumers healthy, which increases the demand for plant-based food.

Market Opportunity

Advancements in Plant-Based Food Technology

The development of high-quality plant-based protein is one of the most significant advancements in plant-based food technology. These proteins are derived from various sources, such as hemp, rice, peas, and soy, each offering unique applications and benefits. In the evolution of plant-based foods, advancements in cultivation and fermentation technologies play an important role. To create dairy heme and proteins, various companies are using precision fermentation. These innovations allow the production of plant-based products that are similar to the nutritional profile, texture, and taste of their animal-based counterparts.

In addition, extrusion technology also played an important role and revolutionized the production of plant-based meat additives. The resulting products can be transformed into various forms, including nuggets, sausages, and burgers, and offer consumers a familiar eating experience, which is further expected to enhance the growth of the plant-based food market.

Market Challenge

Nutrient Deficiency Risk and Health Risks

There are some challenging factors that restrain market growth and increasing consumer awareness of health risks and nutrient deficiency is one of them. Plant-based diets may have insufficient nutrients found in animal products, including protein, omega-3, fatty acids, calcium, iron, and vitamin B12, without careful planning, which may create major challenges in the market. In addition, health concerns are also a major challenge in the market. Plant-based diets can be healthy, but they contain extreme versions such as strict veganism without a lack of supplementation, which may cause health risks, especially for vulnerable populations such as children, pregnant women, or the geriatric population. These factors are expected to restrain the growth of the plant-based market.

Regional Insights

How did Asia Pacific dominated the plant-based food market revenue in 2024?

Asia Pacific dominated plant-based food market in 2024. The growth of the market is attributed due to increasing dietary diversity, a growing middle-class population, increasing consumer preference towards health and well-being, and increasing demand for plant-based foods. China, India, Japan, and South Korea are dominating countries driving the market growth.

India is the largest country in the food and beverage industry.

The well-known and most important parts of Indian food are veggies, beans, dals, and spices, and which market has witnessed a transformational shift. The market is also experiencing growth through cross-industry collaborations and product innovations. The market is growing at 18% and reached a value of INR 300 Crore in 2024, which further drives the demand for the market in India.

North America plant-based food market trends

North America expected to grow fastest in the market during the forecast period. The market growth in the region is attributed to the combination of technological, ethical, environmental, and health factors. Due to concerns over lactose intolerance and chronic diseases, health-conscious people are minimizing dairy and meat intake. In addition, increased availability in food service and retail sectors, increasing government initiatives, including promoting plant-based choices in public institutions and schools, rising technological advancements in tastes and flavors, and increasing adoption of sustainable options are expected to drive the growth of the market in the region. The U.S. and Canada are the fastest growing countries driving the market growth across the region.

Segmental Insights

Type Insights

Why did dairy alternatives segment held the largest share in the plant-based food market revenue in 2024?

The dairy alternatives segment held a major market share in 2024 driven by increasing growth in health awareness, rising technological advancements and innovations, an increasing number of plant-based options for ethical, environmental, and health reasons, increasing demand for dairy alternatives, and an increasing number of lactose-intolerant consumers. Various food and beverage products are concentrating on increasing and implementing dairy alternative products. Plant-based dairy alternatives, including soy milk and almond milk, are typically lower in calories and fat than traditional dairy products, which further drives the segment's growth.

The egg substitute segment is expected to grow fastest during the predicted period.

The segment growth in the market is driven by the growing number of new product launches, rising technological advancements and innovations in egg alternatives, increasing consumer demand for egg alternatives, and increasing demand for protein-rich foods. Eggs are incredibly versatile and healthy and are a popular food choice across the globe. Egg substitutes are rich in antioxidants, which can prevent inflammation and regulate blood pressure, which is expected to increase the demand for egg substitutes.

Source Insights

Why did the soy segment dominated the plant-based food market revenue in 2024? 

The soy segment dominated the market share in 2024. The segment growth in the market is attributed to the increasing consumer trend towards fitness and sports, rising innovation in product development and processing, rising environmental advantages and sustainability, increasing consumer preferences towards nutritional and health benefits, and increasing demand for vegan and plant-based products.

The pea segment expects significant growth in the market during the forecast period.

The segment growth in the plant-based food market is attributed to the increasing demand for sustainable alternatives. Peas are a good source of zinc, vitamins C and E, and other antioxidants that improve the immune system. Other nutrients help lower the risk of chronic diseases such as arthritis, heart disease, and diabetes, and reduce inflammation. In addition, there are various health benefits of peas such as a useful source of vegan food, cancer protection, helping to balance cholesterol, supporting heart health, improving blood sugar control, and enhancing the immune system, further increasing segment growth.

Distribution Channel Insights

In 2024, what factors help to drive the business to consumer (B2C) segment in the plant-based food market? 

The business to consumer (B2C) segment held the largest share in the plant-based food market in 2024. The growth of the segment is attributed by factors such as increasing consumer expenditure on vegan food products, increasing consumer trend for shopping due to availability and easy access, increasing demand for hypermarket and supermarkets, increasing preference towards plant-based food, and increasing awareness towards health and wellness.

The business to business (B2B) segment expects the fastest growth during the predicted period.

The segment growth in the market is attributed to the growing online retail industry, cost-effectiveness, convenience, and faster accessibility, increasing demand from food brands and manufacturers, and increasing government support and policies.

Recent Developments in the Plant-Based Food Market

Malak AI Tawouk

• Launch: In May 2025, Malak AI Tawouk, a Middle Eastern fast-casual brand launched a new line of plant-based chicken menu items in partnership with Switch Foods. (Source: Vegconomist)

Plantaway

• Launch: In July 2024, Plantaway, a plant-based brand launched a new chicken alternative, the Chicken Fillet in India. This is the first plant-based chicken fillet in India. The aim behind this launch was to replicate the texture and taste of chicken. (Source: Vegconomist)

Nestle 

• Launch: In July 2024, a plant-based meat alternative, Maggi Rindecarne was launched by Nestle. The aim behind this launch was to extend meals, in Chile. The mix of spices and soy enables consumers to make a dish combining plant-based proteins and meat. The prepared dish retains its nutritional value without compromising taste by adding Maggi Rindecarne. (Source: FOOD Engineering)

Plant-Based Food Market Leading Companies

• Amy's Kitchen Inc.
• Atlantic Natural Foods LLC
• Beyond Meat Inc.
• Danone SA
• Garden Protein International Inc.
• Impossible Foods Inc.
• Lightlife Foods Inc. (Maple Leaf Foods Inc.) 
• Nestle S.A.
• Tyson Foods Inc.
• Vbite Food Ltd.

Segments Covered in the Report

By Type

• Dairy Alternatives
  
  • Milk
  • Cheese
  • Yogurt
  • Butter
  • Ice Cream
  • Creamer
  • Other Dairy Alternatives
• Meat Substitutes
  • Tofu
  • Textured Vegetable Protein (TVP)
  • Tempeh
  • Burger Patties
  • Hot Dogs & Sausages
  • Seitan
  • Ground Meat
  • Meatballs
  • Crumbles
  • Nuggets
  • Shreds
  • Others Meat Substitutes
• Plant-Based Meals
• Plant-Based Baked Goods
• Plant-Based Confectionery
• Plant-Based Beverages
• Egg Substitutes
• Fish and Seafood Alternatives
• Others Plant-Based Food

By Source

• Soy
• Almond
• Wheat
• Pea
• Rice
• Oat
• Other Sources

By Distribution Channel

• Business-To-Business
• Business-To-Consumer
• Modern Groceries/Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Retail Stores
• Other B2b Distribution Channels

By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)
• Latin America