Plant-based food products are a booming industry. Food and beverage manufacturers ranging from startups to leading companies are innovating rapidly in this market. The shift towards plant-based diets has been predominantly driven by increasing incidences of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in plant-based product manufacturers. Moreover, research & development and new product launches by plant and protein alternative manufacturers as well as emerging economies- Asia-pacific, Latin America, and Middle East and Africa lands significant opportunity for the manufacturers in the global plant-based products market. However, some of the meat substitutes have comparatively higher price range, significant preference for animal-based products, and consumer preference for soy and gluten free products hinders the growth of market to some extent.
The global plant based products market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74,219.5 million by 2027.
Some of the key players operating in the plant based products market are as follows:
Beyond Meat Inc. (U.S.)
Beyond Meat Inc. offers an innovative plant-based meat. The company is engaged in manufacturing, marketing, and selling of meat substitutes. The company sells its products under the various brand name such as, beyond beef, the beyond burger, beyond meat, beyond sausage, eat what you love, and the cookout classic. The company sells its products through grocery, mass merchandiser, and natural retailer channels, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools.
As of December 2019, the company was selling its fresh & frozen meat alternative at approximately 77,000 retail and restaurant and foodservice outlets in more than 65 countries worldwide.
Impossible Foods Inc. (U.S.)
Impossible Foods Inc. is engaged in developing meat, milk, and fish alternatives and manufacturing and selling of plant-based burgers and sausages. The company researches animal products at the molecular level, then selects specific proteins and nutrients from plants to recreate the experience of meats and dairy products.
The company has its geographic presence throughout the U.S. and Asia-Pacific. As of 2018, the Impossible Burger was available at about 5,000 locations in the United States , Hong Kong, Macau, and Singapore.
Danone SA (France)
Danone SA engaged in developing, manufacturing, and selling food products and beverages.The company operates through four business segments such as, Essential Dairy and Plant-Based Products, Specialized Nutrition, and Waters. The company’s brand portfolio includes both international brands (Activia, Actimel, Alpro, Danette, Danonino, Danio, evian, Volvic, Nutrilon/Aptamil, and Nutricia) and local brands (Aqua, Blédina, Cow & Gate, Bonafont, Horizon Organic, Mizone, Oikos, Prostokvashino, Silk, and Vega). The company offers plant-based dairy and meat alternatives through its essential dairy and plant-based products.
Through the network of 530 research & innovation specialists in 40 countries, the company sold its products over 120 countries.
Garden Protein International Inc. (Canada)
Garden Protein International, Inc. operates as a subsidiary of Pinnacle Foods Inc. (U.S.) (In June 2018, Pinnacle Foods Inc. was acquired by Conagra Brands, Inc. (U.S.)) The company is engaged in manufacturing and marketing plant-based meat, pork, beef, and fish products. The company offers dairy and meat free products made from soy, wheat and pea proteins, vegetables, and ancient grains.
The company sells its products throughout the North America and Europe by using the brand name Gardein.
Amy’s Kitchen, Inc. (U.S.)
Amy’s Kitchen Inc. is engaged in producing and marketing natural and organic convenience and frozen foods. The company’s product portfolio mainly segmented into entrées, bowls, burritos & wraps, pizza, pasta, soups, snacks, pot pies, veggie burgers, veggie meats, chili, beans, pasta sauce, salsa, candy, and others. The company distributes its specialty foods globally through supermarkets, natural food and grocery stores, warehouse clubs, colleges, and online.
With the several manufacturing locations in the U.S. such as, California (Santa Rosa), Idaho (Pocatello), and Oregon (Medford), the company has its geographic presence in the North America, Europe, Asia-Pacific, and Latin America.
A report into the projected growth of the current Plant Based Food Market by Meticulous Research® has produced some incredible forecasts for the industry. By 2027, it’s expected to have grown at a CAGR of 11.9%, reaching over $74.2 billion.
FOLLOW YOUR HEART (U.S.)
Follow Your Heart is engaged in the producing and selling vegan and vegetarian food. The company provides egg alternatives, dairy alternatives, and veggie meats. The company also owns and operates a restaurant. It markets and sells its products through grocery stores, restaurants, and online portals in the 23 countries.
THE HAIN CELESTIAL GROUP, INC. (U.S.)
The Hain Celestial Group, Inc. is engaged in manufacturing, marketing, distributing, and selling foodstuffs, personal care products, and meat alternative products. The company operates through four business segments, namely Grocery, Snacks, Personal Care, and Tea. In plant-based products space, the company offers soy, rice, oat, almond, and coconut based beverages, frozen desserts, and meat alternatives. The company offers plant-based products through the various brands such as, The Lima, Natumi, Linda, Dream, Joya, WestSoy, Yves Veggie Cuisins, and Formatio. The company sells its products through specialty and natural food distributors; supermarkets; natural food stores; mass-market and e-commerce retailers; and food service channels and clubs.
With the several manufacturing facilities in the Europe and North America, the company has its geographic presence in more than 70 countries.
Axiom Foods Inc. (U.S.)
Axiom Foods is involved in the manufacturing and distribution of protein solutions, beverage solutions, dairy alternatives, meat analogue, and extender, and sugars & syrups. In plant-based products space, the company provides dairy alternatives and meat alternatives ingredients. These ingredients are further used into baked goods, bars, beverages—oat alternative, nutritional drinks, smoothies, breakfast cereal, dairy alternatives and replacements, nutritional products, and snacks.
The Company has its geographic presence throughout the North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Daiya Foods Inc. (Canada)
Daiya Foods Inc. is operating as a subsidiary of Otsuka Pharmaceutical Co., Ltd. The company is engaged in producing and supplying plant-based food products. The company’s portfolio includes cheese alternative products, yogurt alternatives, dressings, and desserts. The company also partnered with other companies that make products with Daiya, including Amy’s dairy free rice macaroni & cheeze, NuLife grilled cheese sandwich and round ultimate cheese pizza, Gardein meatless products, Tofurky pizza, and others.
The company has its geographic presence in the North America, Latin America, Europe, and Asia-Pacific.
Marlow Foods Ltd (U.K.)
Marlow Foods Ltd. Operates as a subsidiary of Monde Nissin Corporation. The company is engaged in producing and selling meat alternatives. The company offers quorn products which are made from mycoprotein. The company’s product portfolio segmented into mince, chicken pieces, sausages, crispy coated products, ready meals, and chilled burgers, among others.
The company sells its products across the globe.
Authoritative Research on the Plant Based Food Market – Global Opportunity Analysis and Industry Forecast (2020-2027)
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