The global plant-based food market is projected to reach $113.05 billion by 2031, growing at a robust compound annual growth rate (CAGR) of 12.3% from 2024 to 2031, according to a recent report by Meticulous Research. This growth reflects an increasing consumer preference for sustainable, health-conscious food options. The demand for plant-based meat, dairy alternatives, and snacks continues to rise, offering significant opportunities for food buyers in both retail and foodservice sectors.

Key Drivers of Growth 

The report highlights several factors driving this surge in demand, including growing awareness of health benefits, environmental sustainability, and ethical concerns related to animal agriculture. Plant-based foods are increasingly recognized for their ability to reduce cholesterol and saturated fats, attracting consumers seeking healthier alternatives to traditional animal products.

Additionally, innovations in product offerings, including advancements in taste and texture, have helped plant-based alternatives achieve greater mainstream appeal. In particular, plant-based meat and dairy alternatives are gaining substantial market share, with consumers drawn to their nutritional value and environmental benefits.

Leading Regions: The United States and Germany

The research reports, “The plant-based food market in North America is projected to register a CAGR of 11.7% during the forecast period. In 2024, the U.S. is expected to account for the major share of the plant-based food market in North America… The demand for plant-based dairy and meat alternatives has increased significantly, reflecting the increasing popularity of vegetarianism and veganism and a corresponding decline in demand for animal products in the region. Moreover, as business opportunities in the plant-based food market expand, many companies are focusing on product launches, partnerships, and collaborations.”

Regarding the European market, the research puts the spotlight on Germany. “In 2024, Germany is expected to account for the largest share of the plant-based food market in Europe. Germany’s significant market share is attributed to strong innovation and investment in plant-based products, modernization of the food & beverage industry, increased consumer awareness of the benefits of plant-based diets… Furthermore, the market in Germany is also projected to register the highest CAGR during the forecast period… Veganism is becoming increasingly popular in Germany, with the vegan population rising from 1.3 million in 2016 to 2.8 million in 2023. Nearly 75% of German households desire a broader range of vegetarian products in supermarkets.”

Opportunities for Buyers 

For buyers in both retail and foodservice around the world, this projected growth presents key opportunities to expand plant-based product offerings. The meat and dairy alternatives sectors remain pivotal, with consumer interest in plant-based protein continuing to rise. Other categories, such as plant-based snacks, beverages, and frozen foods, also show strong potential for growth.

Retailers and foodservice operators can benefit by prioritizing these high-demand product segments, stocking diverse options that appeal to a wide range of customers—from health-conscious individuals to those seeking sustainable food choices. Integrating plant-based foods into everyday meals and menus can attract new customers while meeting the increasing demand for eco-friendly products.

Stay Ahead of the Curve To capitalize on these opportunities, attending industry events like the Plant Based World Expo is essential. Plant Based World Expo North America, which opened its doors this past week at the Javits Center in New York City, and Plant Based World Expo Europe, happening November 13-14 at the ExCel Center in London, are ideal platforms to experience the latest innovations in plant-based foods firsthand. 

These expos provide an unparalleled opportunity to connect with industry leaders, discover cutting-edge products, and taste the future of food. By attending, you can stay informed on the latest international market trends and learn strategies to optimize your product offerings.

For more information, visit Plant Based World Expo North America and Plant Based World Expo Europe.