The global plant-based food and beverage market is estimated to grow with a CAGR of 8.71% in the forecast years from 2021 to 2028.
Factors such as the growing shift towards veganism, increase in patients being affected by lactose intolerance, and the benefits of consuming plant-based diets are driving the growth of this market, according to a study by Research and Markets. However, the high cost of plant-based products is a major factor hindering this growth process. Further, the limited awareness among people, as well as the disparity in perception of dairy & plant-based foods & beverages, is also restraining market growth. On a positive note though, the availability of sustainable products & recyclable packaging, innovation in manufacturing procedures, and the introduction of brand new products are creating new avenues for the plant-based food and beverage market growth.
The market in the Asia-Pacific is currently the largest in the world, and is expected to maintain its reigning position over the coming years. The region has been witnessing a growing demand for plant-based meat alternatives. APAC is home to more than 4.3 billion people, who constitute approx. 60% of the world’s total population, the report shows.
Nearly over a third of this population already consumes low- or no-meat diets. In fact, there are close to 5 million vegetarians in the region, with India accounting for the largest vegetarian population of 3.68 million people. Therefore, they are more open to switching over to a completely plant-based diet. Factors such as these are mainly responsible for the growth of the plant-based food and beverage market.