Sustainability Trend Drive Plant-Based Food and Beverage Market

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Sustainability Trend Drive Plant-Based Food and
Beverage Market
Triton Market Research presents the Global
Plant-Based Food and Beverage Market report
segmented by Type (Plant-Based Dairy Derivatives
Plant-Based Ice Cream and Frozen Desserts,
Plant-Based Cheese, Plant-Based Yogurt,
Plant-Based Creamer, Plant-Based Dairy Spreads
and Dips, Plant-Based Meat Substitutes Textured
Vegetable Protein, Tofu, Tempeh, Mycoprotein,
Seitan, and Other Meat Substitutes, Plant-based
Nutrition/Snack Bars, Plant-based Bakery
Products, Plant-based Beverages Plant-Based
Milk, Packaged Smoothies, Coffee, Tea, Other
Plant-Based Beverages, Other Plant-Based
Products), Ingredient (Soy, Wheat, Pea, Coconut,
Almond, Cashew, Other Ingredients), Storage
(Frozen, Refrigerated, Shelf-stable), Sales
Channel (Offline Sales channel
Supermarkets/Hypermarkets, Convenience Stores,
Specialty Stores, Other Offline Sales Channels,
Online Sales channel), and Regional Outlook
(North America, Middle East and Africa,
Asia-Pacific, Europe, Latin America).
The report further includes the Market Summary,
Industry Outlook, Impact Analysis, Key Insights,
Porters Five Forces Analysis, Market Maturity
Analysis, Industry Components, Regulatory
Framework, Key Market Strategies, Market Drivers,
Challenges, Opportunities,
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Analyst Perspective, Competitive Landscape,
Research Methodology Scope, Global Market
Size, Forecasts Analysis (2023-2030). According
to Tritons analysis, the revenue of the
plant-based foods and beverage market is
predicted to rise with a CAGR of 10.91 during
the forecast period 2023-2030. Plant-based food
is a final product comprising ingredients like
vegetables, fruits, whole grains, nuts, seeds,
and legumes (peas, beans, pulses, etc.). Animal
welfare, health consciousness, and
sustainability trends have increased the demand
for plant-based alternatives. Due to the
production process requiring specialized
equipment and technology, the market faces the
major challenge of the high cost of plant-based
products. Companies trying to meet the demand
for plant-based alternatives need substantial
investments in research and development. These
factors contribute to higher product costs,
creating barriers for consumers seeking
affordable plant-based options. Despite these
challenges, the availability of sustainable
products, recyclable packaging, revolutionary
manufacturing procedures, and innovation in
plant-based product offerings creates lucrative
opportunities for the plant-based food and
beverage market. Asia-Pacific is expected to
witness the fastest growth in the plant-based
food and beverage market. The regions large
population and rising disposable incomes drive
the demand for varied food options. In this
regard, growing awareness of the environmental
impact of animal agriculture and concerns about
animal welfare drive consumers towards
plant-based alternatives. Governments promote
plant-based diets as part of their sustainable
development strategies, further boosting market
growth. The key companies thriving in the
plant-based food and beverage market are Nestlé
SA, General Mills Inc, Danone SA, Conagra Brands
Inc, The Hain Celestial Group Inc, Blue Diamond
Growers, The Archer-Daniels-Midland Company
(ADM), Meatless Farm, Amys Kitchen Inc, Beyond
Meat Inc, Campbell Soup Company, Impossible Foods
Inc, Daiya Foods Inc, Living Harvest Foods Inc,
and KeVita Inc. The high bargaining power of
buyers in the plant-based food and beverage
market poses a threat to manufacturers. With
established industry players and numerous
choices, buyers
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can demand high-quality products at lower prices.
The ease of switching between brands further
amplifies the power. Additionally, consumers
inclination to experiment and change preferences
increases the leverage. This heightened
bargaining power can pressure manufacturers to
meet buyer demands, potentially impacting their
profitability and market share.