Plant based Diet Market Expected to Reach $227.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Plant based Diet Market," The plant based diet market size was valued at $44.9 billion in 2022, and is estimated to reach $227.2 billion by 2032, growing at a CAGR of 17.7% from 2023 to 2032.

Various plant protein sources, including legumes (beans, lentils, and chickpeas), tofu, tempeh, seitan, quinoa, and other whole grains, are used in plant-based diets. These protein sources satisfy the body's protein needs and offer necessary amino acids. Healthy fats, including those found in avocados, nuts, seeds, and plant oils like olive oil, are often prioritized in plant-based diets. These lipids contain a lot of monounsaturated and polyunsaturated fats, which are good for the heart.

The shift toward plant-based diets is significantly fueled by environmental sustainability. Customers are looking for sustainable food options as they become more conscious of the effects animal husbandry has on the environment. Since plant-based diets typically have a lower carbon footprint, use fewer resources, and support biodiversity preservation, they are viewed as a more sustainable option. Companies are putting more emphasis on their dedication to sustainability in their product positioning and marketing. This is driving the plant based diet market growth and creating plant based diet market opportunities. . 

The foodservice sector has also seen growth in the plant based diet market trends. To meet the rising plant based diet market demand, restaurants, cafes, and fast-food chains are adding plant-based menu options. There are now more readily available plant-based burgers, sandwiches, pizzas, and other food, making it simpler for people to locate plant-based options while out dining.

According to plant based diet market analysis, the plant based diet market is segmented on the basis of product type, source, distribution channel, and region. On the basis of product type, the market is divided into plant based dairy products, plant based meat products, and others. Further, plant based dairy products are segmented into plant based yogurt, plant based milk, and plant based frozen desserts.

Among these, the plant based dairy products segment occupied a major plant based diet market share of the market in 2022 and is projected to maintain its dominance during the forecast period. The taste, texture, and nutritional profile of plant-based dairy products have all improved as a result of technological developments in food science and production. Extrusion, fermentation, and other advanced processing methods have improved the sensory qualities and functioning of these products, making them more desirable to customers. On the basis of source, the plant based diet market is categorized into legumes, seeds and nuts, whole grains, and fruits and vegetables.

The seeds and nuts segment is expected to grow at a moderate rate during the forecast period. The popularity of seeds and nuts from various culinary traditions is rising. This movement reflects globalization and the culinary exploration of plant-based diets. For instance, traditional recipes from diverse cultures incorporate seeds like pumpkin seeds and sunflower seeds, which provide plant-based meals with distinct flavors and textures. On the basis of distribution channel, it is classified into supermarkets/hypermarkets, convenience stores, specialty stores, and online sales channel.

The online sales channel segment is anticipated to grow at the highest CAGR during the forecast period. Currently, customers choose to buy products for a plant-based diet online since it is convenient and offers a large selection of brands that are unavailable in stores. With the advancement of technology and the increased accessibility to online services, consumers are becoming more aware of the many social buying trends. The region that dominated the global plant based diet market in 2022 was Europe, and this dominance is anticipated to continue throughout the forecast period. In restaurants, cafes, and other eating venues in Europe, plant-based options are becoming more prevalent. There are an increasing number of vegan and vegetarian restaurants, and traditional dining places are adding plant-based menu options to meet changing consumer preferences.

Access to plant-based meals is becoming easier in Europe due to the growth of meal kits and plant-based food delivery services.The major players analyzed for the global plant based diet industry are Atlantic Natural Food LLC, Beyond Meat, Inc., Califia Farms, LLC, Conagra Brands, Inc, Danone S.A., Royal DSM N.V., Glanbia PLC, Harmless Harvest, Impossible Food Inc., Lightlife Food Inc (Maple Leaf Food Inc.), Nestle S.A., Noumi Ltd., SunOpta Inc., The Hain Celestial Group, Inc., and Tyson Food Inc.

Key findings of study

• On the basis of product type, the plant based dairy products segment was the highest revenue contributor to the market, with $20,513.2 million in 2022, and is estimated to reach $102,127.6 million by 2032, with a CAGR of 17.5%.
• On the basis of source, the legumes segment was the highest revenue contributor to the market, with $17,746.9 million in 2022, and is estimated to reach $87,643.6 million by 2032, with a CAGR of 17.4%.
• On the basis of distribution channel, the specialty stores segment was the highest revenue contributor to the market, with $16,105.7 million in 2022, and is estimated to reach $84,492.4 million by 2032, with a CAGR of 18.2%.
• On the basis of region, Europe was the highest revenue contributor, accounting for $15,399.2 million in 2022, and is estimated to reach $76,078.0 million by 2032, with a CAGR of 17.4%.