Plant-based Meals Market Analysis

Plant-based Meals Market Analysis

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Based on type, the diary alternative segment held over USD 15.7 billion revenue in 2022. Consumers are increasingly concerned about their health and well-being. Plant-based dairy alternatives are often perceived as healthier options because they tend to be lower in saturated fats and cholesterol compared to traditional dairy products. They are also often lactose-free, making them suitable for those with lactose intolerance.
 

Based on distribution channel, hypermarket and supermarkets segment recorded 44.2% of the plant-based meals market share in 2022. Supermarkets and hypermarkets typically have a vast amount of shelf space and can accommodate a wide range of products. As demand for plant-based meals has grown, retailers have responded by expanding their plant-based offerings. This increased variety attracts a larger customer base.
 

Based on end user, the vegetarian segment accounted for the largest revenue share of 40.5 % in 2022. Many consumers are choosing plant-based diets, including vegetarianism, for health reasons. Research has shown that plant-based diets can be associated with various health benefits, including reduced risk of chronic diseases like heart disease, diabetes, and certain types of cancer. This health-conscious trend has led to an increase in the consumption of plant-based meals.
 

The North America plant-based meals market size reached USD 17.74 billion in 2022. There is growing awareness of the environmental impact of animal agriculture, such as deforestation, greenhouse gas emissions, and water usage. Many consumers in North America are choosing plant-based meals to reduce their environmental footprint. In addition, there is a growing awareness of animal welfare issues associated with conventional meat production. This has led to an increase in the number of people choosing plant-based options to align with their ethical beliefs.