Plant-based foods have been seeing large market growth across categories. According to recent Market Research Future reports, between 2019 and 2025, the global plant-based food market is set to see a 13.1% CAGR with plant-based meats forecast at a rate of 14.17% and plant-based snacks at 8.02% through 2024.
The recent rise in consumer interest in better-for-you alternatives and vegan lifestyles will continue to be main driving factors for these markets, as well as the increased prevalence of lactose intolerance. Animal welfare and environmental concern also contribute to consumers desire for plant-based alternatives.
By 2025, the plant-based food market is expected to reach 38.28 billion. A major portion of this market is the plant-based meats market which is projected to reach a value of 16.4 billion by the end of the end of the forecast period.
By 2024, the global plant-based snack market is predicted to be worth 23,306.8 million, and the coconut mill & coconut milk derivatives market is estimated to reach 4,423.5 million by 2023.
Despite the tangible growth of these markets, cost is still a major obstacle for both producers and consumers. Plant-based food is more expensive than its traditional, animal-based counterparts. This increased cost limits accessibility to people of lower economic standing and contributes to a continued lack of awareness of plant-based options in communities affected by poverty.