Asia-pacific Plant-based Food And Beverage Market 2023-2030

Asia-pacific Plant-based Food And Beverage Market 2023-2030

MARKET OUTLOOK

According to Triton's research report, the Asia-Pacific plant-based food and beverages market is projected to display a compound annual growth rate (CAGR) of 11.18% from 2023 to 2030. The report assesses Japan, Australia and New Zealand, India, China, ASEAN countries, South Korea, and the Rest of Asia-Pacific within the region.

India's plant-based food and beverage market is witnessing remarkable growth, driven by a surge in vegetarianism and veganism. The country presents vast opportunities to utilize indigenous crops like millet and jackfruit as viable substitutes for soy and wheat, with government support bolstering crop cultivation. Recognizing the potential, various FMCG giants are entering the market with innovative vegan products to cater to the increasing demand for plant-based alternatives. Good Dot Goodmylk, Vezlay, and Evo Foods are a few well-known names in India's plant-based food and beverage market.

In addition, Japan's plant-based food and beverage market is witnessing significant growth owing to growing collaboration among plant-based meat startups. In this regard, companies are diversifying their offerings with almond, coconut, and soy-based products. Notable examples include Otsuka Foods launching their plant-based product line and Mitsui Co investing in Beyond Meat Inc to promote plant-based meat products. Furthermore, funding rounds and partnerships by key players like DAIZ and Nestlé Japan promote the growth of Japan's plant-based food and beverage market.

COMPETITIVE OUTLOOK

Leading companies in the plant-based food and beverage market include KeVita Inc, Beyond Meat Inc, Amy's Kitchen Inc, Living Harvest Foods Inc, Nestlé SA, Conagra Brands Inc, General Mills Inc, and Campbell Soup Company.