Who are the Leading Market Players in the Plant Based Food Market?

 As the plant based food industry is thriving year after year, the competition is heightening. Considering the widening outreach, the global market has led to the presence of a plethora of market players. Manufacturers are consolidating their presence by introducing new product lines, strengthening their current line of product offerings and enhancing taste and texture. 

According to a market report published by Future Market Insights on Growth Opportunities in Vegan and Plant Based food industry, “In the plant based segment and food and beverage industry in general, direct-to-consumer (D2C) marketing is becoming increasingly significant, enabling processors to gain valuable insight into consumers' behavior and develop more targeted strategies for marketing and differentiation. When executed well, this model can also result in higher margins for plant-based brands.”

Key players are attempting to gain a competitive advantage by expanding their plant-based product distribution and launching advertising efforts that highlight their diversity of possibilities. Given the rising competition, ESOMAR-certified market research and consulting firm, Future Market Insights, projects the plant based food market to reach market valuation of USD 10.9 Bn by the year 2022, accelerating with a CAGR of 12.2% by 2022-2032. Furthermore, the plant-based food sales are likely to account for ~96.5% of the demand in the global plant based protein market anticipated to be valued at USD 11.3 Bn by 2022 end.

Leading Market Players in the Plant Based Food Market

The major market disruptors are undoubtedly organizations like Beyond Meat, and Impossible Foods. Several others are quickly catching up notably include Planterra foods, Amy’s Kitchen, Memphis Meat, Ojah, Finless Foods, Sunfed Meats, ChickP, Quorn Foods, Before the Butcher, v2food, Aspire Food Group, and Aleph Farms among others. 

Even a small commitment to eating more sustainably sourced plants can make an impact. Studies show that by replacing just 10% of your daily calories from processed meat for plants can lower your dietary carbon footprint by a third. Additionally, eating five servings of fruits and vegetables every day may help you live longer. Several global players are choosing to enter the plant based food market to explore and change the overall dynamic of the industry. The most interesting part is the entry of large ingredient companies with improvised, fortified and continually improved versions of ingredients.

Beyond Meat + PepsiCo Joint Venture

In January 2022, Beyond Meat and PepsiCo entered into a joint venture with the plan to launch a plant-based Beyond Meat® Jerky as its first product. Beyond and Pepsi announced the joint venture, called The PLANeT Partnership, with the goal of creating plant-based snacks and drinks together. Beyond Meat Jerky offers a full-flavored, on-the-go snack experience that furthers Beyond Meat and PepsiCo's shared passion for creating products that are better for both people and the planet.

The partnership gives Beyond, a relative newcomer to the food world, a chance to leverage Pepsi’s production and marketing expertise for new products. For its part, Pepsi can deepen its investment in plant-based categories — which are growing increasingly crowded — while working with one of the top creators of meat substitutes. It also helps Pepsi work toward its sustainability and health goals for its portfolio.

Daily Harvest Crumbles- A Plant-Based Protein Proudly Grown in the Ground

In April 2022, Daily Harvest announced the launch of Crumbles, a versatile plant-based crumble made entirely from real ingredients like lentils, nuts, seeds, and vegetables. Consumers now have a people and planet-friendly way to add more nourishing plant protein into their diets. Crumbles offer 13 grams of protein per serving and are free of gums, fillers, hydrogenated oils, GMOs, or artificial anything. Just sauté, then add to tacos, pasta sauces, Daily Harvest Flatbreads, and more.

Crafted by Daily Harvest's team of chefs and nutritionists, Crumbles are launched in two mouth-watering varieties: Walnut + Thyme and French Lentil + Leek. Both are savory, herbaceous, and seasoned to perfection, yet versatile enough to use as a base for different recipes. The new collection is easy to prepare and ready in minutes, offering a simple way to integrate more nuts, seeds, legumes, and veggies into diets – and make a difference for the planet. 

Nestlé Sold $860 Million Worth of Plant-Based Food in 2021- A Whole New Move Towards Sustainability

Nestlé’s plant-based portfolio includes vegetarian brands Garden Gourmet, Natural Bliss, Vuna, and Sweet Earth. Not just this, the leading brand also includes offerings from across its portfolio including dairy-free KitKat bars, and Nescafé products, among others. Sales of vegetarian and plant-based food grew at double digits for the Swiss multinational, according to its full-year sales, reaching about $860 million USD. 

Furthermore, in late 2021, the company announced the launch of its egg alternative under the Garden Gourmet vEGGie name. The product is “versatile,” and can be used in scrambles, frittata, pancakes, and as a baking ingredient. The vegan egg contains soy protein, omega-3 fatty acids and achieves a Nutri-Score A in Europe. In addition to this, the brand announced the launch of the Garden Gourmet Vrimp, a vegan take on shrimp made from seaweed, peas and konjac root. 

 

Imagine Meats + Starbucks- Launch of #StarbucksVeganMenu

 

Imagine Meats, a leading Indian plant-based meat alternative that launched in 2021, has been expanding its reach with great success ever since. Recently, the company cemented its ties in the QSR industry with the iconic international chain of coffee shops- Starbucks with an all-new vegan menu. The vegan menu at Starbucks will feature a Vegan Sausage Croissant Roll, Vegan Kebab Wrap and a Vegan Croissant Bun. 

Currently Imagine Meats’ products can be found in 14 states across India including Gujarat, Maharashtra, Delhi, Karnataka and Kerala. Their 11 frozen products are all plant-based meats that one can find in the frozen section. These include different flavors of Biryani, Kebabs, Sausages and Burger Patties.

What Does the Future Hold for These Players?

Product development coupled with innovative offerings plays an important role in the consumer attraction and growth of the plant based food market. Product launches are increasing year-by-year in double digits. Rising consumer demand, company investments in R&D, and new product launches being the key growth drivers.

Plant-based food is becoming a long-term solution for customers all over the world, owing to the growing number of product possibilities in the plant-based business. In the years to come, leading players and new entrants will look for lucrative sales channels and market exposure for their products. Furthermore, brands will adopt sustainable practices to standout in the marketplace.

 

Download the White Paper here: https://event.futuremarketinsights.com/thought-leadership/whitepaper-the-plant-based-revolution