The Global Fermented Plant-Based Alternatives Market is projected to reach $422.26 Million by 2026, reveals the premium market intelligence study by CRI Report. The study also highlights that the market is set to witness a CAGR of 5.0% during the forecast period from 2021 to 2026.
Fermented plant-based alternatives are food and beverages used as a substitute for animal-based products and are produced through fermentation. Most common fermented plant-based alternatives include yogurt, kimchi, kombucha, soy sauce, etc. A plant-based diet refers to a diet of fruits, grains, vegetables, legumes, and several such ingredients other than animal sources.
According to Rakhi Tanwar, Principal Analyst, CRI Report, “In 2020, the global fermented plant-based alternatives market by product category was dominated by dairy segment. Great demand from the dairy segment is a result of the huge population of lactose intolerance individuals in American and European countries.”
Key companies operating in the market
AngelYeast Co., Ltd, Cargill, Incorporated, Chr. Hansen Holding A/S, DuPont, Evonik Industries AG, Yofix Probiotics Ltd, Arla Foods, Danone, Field Roast Foods, General Mills Inc, Impossible Foods Inc., Nestle, Perfect Day, and The Hain Celestial Group, Inc
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Product/Innovation Strategy: The segment gives a brief overview of the product portfolio of several fermented plant-based alternatives and the new launches and innovations in the market pertaining to these products. For instance, in February 2021, Halsa Foods expanded its product line in the U.S. with the launch of an unsweetened sugar oat milk yogurt alternative. The company has also introduced new organic vanilla oat milk yogurt made with vanilla extract and apple juice.
Growth/Marketing Strategy: The fermented plant-based alternatives manufacturers have opted for various development strategies to gain more market share and a competitive edge over other player. Partnerships and collaborations are the most common strategy adopted by companies in the time period January 2018-June 2021.
Competitive Strategy: Fermented plant-based manufacturers adopt multiple strategies to strengthen their geographical presence, build a strong product portfolio and gain a competitive edge over other player. Key companies adopt strategies such as partnerships, collaborations, and new product launches to establish their presence in the market.
Market Segmentation of Global Fermented Plant-Based Alternatives
The global fermented plant-based alternatives is segmented on the basis of application, product, and region.
• Application: Supermarkets/Hypermarkets, Online, Convenience Stores, and Specialty Stores
• Product: Fermented Plant-Based Dairy (Milk, Cheese, Yogurt, and Others), Fermented Plant-Based Pickles & Vegetables (Cucumber Pickles, Kimchi, Olives, and Others), Fermented Plant-Based Sauces & Seasonings (Soy Sauce, Gochujang, and Others), Fermented Plant-Based Bakery, and Fermented Plant-Based Meat
• Region: North America, South America, Europe, China, U.K., Middle East and Africa, and Asia-Pacific and Japan
Global Fermented Plant-Based Alternatives Market by Region: Europe generated the highest revenue of $96.99 million in 2020. The major driver for high demand in Europe is the adoption of plant-based food and beverages in the country as a part of consumer’s diet plans due to growing veganism in the region. It has been estimated by Mintel’s Global New Products Database (GNPD) that 20% of total food launches in the U.K. were vegan in 2020.
Key Questions Answered in the Report
• What are the current trends in the global fermented plant-based food industry?
• How does the introduction of fermented plant-based alternatives impact the global plant-based food and beverage market?
• What is the growth prospect of fermented plant-based food alternatives in Asia-Pacific?
• Can the vegan trend drive the future of the fermented plant-based food market?
• How is the role of governments regarding food safety issues and changing the landscape of the fermented plant-based alternatives industry?
• Which food type is expected to lead the fermented plant-based alternatives market by 2026?
• What was the market value of the leading segments and sub-segments of the market in 2020, and how is the market estimated to grow during the forecast period 2021-2026?
• How is the industry expected to evolve during the forecast period 2021-2026?
• What are the key developmental strategies implemented by the key players to sustain in the competitive market?
• What are the key growth regions in the fermented plant-based alternatives market?