North America Plant-based Food And Beverage Market 2023-2030

North America Plant-based Food And Beverage Market 2023-2030

MARKET OUTLOOK

According to Triton Market Research's analysis, the North American plant-based food and beverage market is predicted to develop at a compound annual growth rate of 10.37% between 2023 and 2030. Canada and the United States are analyzed in the region.

In Canada, the popularity of plant-based food and beverages is driven by multiple factors, including health improvement, animal welfare protection, and environmental consciousness. Consumers are drawn to the wide array of new and diverse products, such as plant-based meat, cheese, ice cream, and yogurt. Furthermore, government investments in research and development of plant protein are expected to create lucrative opportunities for the studied market.

Plant-based food and beverages are popular in the United States, as consumers want more innovative, environmentally friendly, and healthy products. In 2022, plant-based food sales reached approximately $8 billion, with the biggest categories being plant-based milk, meat, and eggs. Plant-based food also grew faster than total and animal-based food in the last three years. Hence, the above factors accelerate the growth of the plant-based food and beverages market across the United States.

COMPETITIVE OUTLOOK

The major companies in the plant-based food and beverage market include General Mills Inc, The Archer-Daniels-Midland Company (ADM), Nestlé SA, Impossible Foods Inc, Amy's Kitchen Inc, Danone SA, Conagra Brands Inc, and KeVita Inc.