Analysis of Low Fat Plant Based Diet market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Plant based diet market size is expected to witness steady gains in the forecast period owing to altering consumer perceptions towards plant based diet as well as its potential health benefits , and hence Veganism is the future.
One of the key reasons contributing growth of plant diet market is increasing awareness about animal cruelty and animal welfare amongst consumer.
Product innovation by key players has anticipated growing the market. Omni Meat has launched plant-based pork strips and luncheon meat in Singapore in 2020. Product launches in meat-dominated countries have fueled growth in plant-based market. For instance beyond meat has launched plant-based minced pork in China in 2020. Fast food giant McDonald's has announced the launching of a new plant-based burger named the McPlant.
Concern regarding the environment and sustainable eating, health and wellness, ethical eating habits, and diversity in protein sourcing are factors impacting positively on low-fat plant-based diet market.
Supermarkets and Hypermarket has boosted the expansion of low fat plant based product market and is significantly increasing the shelf space given to plant based products in the store.
Along with big player, the supermarkets also sale the meat and dairy-free products, by launching own brand. For example Tesco have developed the Great Kitchen series of meat-free products in collaboration with pioneering chef, Derek Sarno.
According to FACT.MR Research around 35% of population is Lactose intolerance and 28% Dairy sensitivity/allergy in 2019. And these figures are expected to add day by day. Resulting consumers are opting for plant based diet. This has boosted the demand and consumption of plant based diet around the globe.
Expensive nature of plant based diet products can hamper the growth of market. Because of inconsistent raw material availability and high costs of raw materials result in a high pricing for plant based products which affects sales in the price sensitive markets.
Taste is important driver for customer to purchase product. Although noteworthy improvements have been made with respect to taste, texture and the variety of substitutes available, these aspects still remain a foremost obstacle to the consumption of vegan products as customers still feels difference in taste between plant based and animal based products.
Trend of Flexitarian diet fueling growth of low fat plant based product market. FACT.MR’s Power of Meat 2019 report states flexitarianism as consumption of mostly a vegetarian diet, but occasionally having meat and poultry. Nestlé has specified that more than 50% of customers in the United Kingdom are allegedly following a flexitarian diet.
North America and European region has highest number of vegan population and of course maximum number of manufactures plants have their production units in the continents. But In developing region like Africa market is still unexplored. It is huge opportunity for players to entre in this market.
Some of the key players driving the growth of plant based low fat diet are
North America and Europe has dominated the plant based market share globally, as both regions maximum number of Plant based population and production units. Asia Pacific low fat plant based food market demand is anticipated to witness growth during forecasted period because of countries like China, India, and Japan.
The low fat plant based diet market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size.
The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the low fat plant based diet market, including but not limited to: regional markets, product type, source and distribution channel.
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The low fat plant based diet market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, low fat plant based diet market report projects the attractiveness of each major segment over the forecast period.
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