The plant based food market was estimated to be worth USD 16.7 billion globally in 2023, and a CAGR of 24.9% is anticipated over the course of the forecast period. Food products derived from a range of plant ingredients are referred to as plant-based foods. These items are free of any animal-based ingredients, such as meat, milk, or eggs, and are instead made of fruits, oils, nuts, and grains.
Demand for plant-based food products is being driven by an increase in the number of vegans. It has grown significantly in the last few years. Growing consumer consciousness about sustainability, health, and animal welfare issues is propelling the market's expansion. large corporations are investing more in plant-based alternatives, and the market is predicted to continue expanding significantly in the years to come. Growing consumer awareness of the benefits of eating organic or plant-based meals is propelling the market's expansion. The market is expanding due to a rise in the use of emerging technologies for new product improvements.

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Growth Drivers
There is a growing trend among consumers to choose plant-based alternatives as well as healthier dietary options. Growing awareness of chronic illnesses, nutrition, and weight control has greatly spurred industry expansion. Many customers now select for plant-based food as a sustainable choice due to their awareness of the negative environmental effects of animal agriculture, including greenhouse gas emissions, land use, and water consumption.
Growing worries about animal abuse and welfare in the food sector are a major factor pushing the market for plant-based foods. Food technology advancements have produced more palatable and realistic plant-based substitutes for conventional animal products. The market is expanding dramatically due to rising availability of plant-based foods in grocery stores and more celebrity endorsements of these products.
A growing number of eateries that specialize in serving vegetarian food are propelling the market's expansion. Since plant-based food closely resembles food in terms of texture and taste, there is a growing demand for plant-based burgers. The market for plant-based foods is expanding due to the rise of social media marketing.
Segmentation
Product-Type
· Non-Dairy Milk
· Dairy Products
· Bakery and Confectionary
· Sweet and Savoury Snacks
· Others
Category
· Organic
· Conventional
Distribution Channel
· Store Based
· Non-Store Based
Regional Outlook
· Asia Pacific
· Latin America
· North America
· Europe
· Middle East and Asia Pacific
Key Players
· Bayer AG
· Abbott
· Dupont
· Amway
· Nestle SA
· Medifast Inc
· U.S. Spice Mills Inc
· Now Foods
· GSK Plc
· Premiere Nutrition Corporation
· Health food manufacturers association
· Other Players
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