Top Companies in the Plant Based Food Market | Industry Major Players Growth Analysis by VMR

Market Overview:

The Global Plant Based Food Market is valued at USD 40.21 Billion in the year 2021 and is projected to reach a value of USD 78.95 Billion by the year 2028. The Global Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 11.90% over the forecast period. Plant-Based Food refers to numerous food products made from natural plant-sourced materials. Fruits, vegetables, nuts, oils, whole grains, and legumes are commonly used in these products, which do not contain any animal-sourced ingredients like meat, milk, or eggs. Tofu, coconut and almond milk, tempeh, and seitan are some of the most popular Plant Based Foods. Consumers' increasing distaste for animal protein, the growing vegan population, and the increasing number of venture investments in Plant Based Food companies are all driving this market's rise. Furthermore, the growing number of R&D and new product launches by plant and protein alternative manufacturers, as well as expanding economies such as Asia-Pacific, Latin America, the Middle East, and Africa, are likely to provide profitable prospects for market competitors. However, factors such as the relatively higher price range of meat replacements, a strong preference for animal-based products, and customer demand for soy and gluten-free products are projected to hamper the market's expansion.

List of Top Players in the Plant-Based Food Market:

1. Tyson Foods, Inc.

Founded in 1935, Tyson Foods is headquartered in Arkansas, United States. The company is listed on the New York Stock exchange with a symbol (NYSE: TSN). Tyson Foods, Inc. is one of the world’s largest food companies and a recognized leader in protein. The company has a broad portfolio of products and brands like Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp, and State Fair. Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it’s available, and raise the world’s expectations for how much good food can do. The Company had approximately 137,000 team members on October 2, 2021. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities, and team members and serve as a steward of the animals, land, and environment entrusted to it.

2. Nestle SA

Nestle is the world’s largest food and beverage company driven by a simple aim: unlocking the power of food to enhance the quality of life for everyone, today and for generations to come. The Company's business segment includes milk products & ice cream, confectionery, powdered & liquid beverages, creamer, nutrition & health science, prepared dishes & cooking aids, and water, and pet care. The corporate headquarters of the company are located in Vevey, Switzerland. The company has a global network of operations with approximately 2,76,000 employees worldwide and the company sells its products in 186 countries.

3. Keystone Natural Holdings

Keystone Natural Holding was established in 2016 and is headquartered in Folcroft, Pennsylvania. Keystone Natural Holding's vision is to build an Authentic, Health-Conscious, and Innovative food platform on a national scale. The company aspires to grow its organization by connecting people of diverse cultures with great-tasting vegetarian products and promoting a healthy lifestyle. Keystone Natural Holdings manages various manufacturers that produce healthy, vegan, and vegetarian products including tofu, meatless burgers, veggie mix, soy drinks, and other soy-based vegan and vegetarian items. Keystone Natural Holdings strives to innovate and produce authentic, great-tasting, and healthy products for a broad and diverse consumer base.

4. General Mills, Inc.

General Mills, Inc. was incorporated in 1928. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale, and being a force for good. Its portfolio of beloved brands includes household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, Yoki, and more. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2021 net sales of U.S. $18.1 billion. In addition, the company's share of non-consolidated joint-venture net sales totaled the U.S. $1.1 billion.

5. Axiom Foods

Axiom Foods became the largest global innovator, manufacturer, and distributor of plant protein ingredients as the result of blue-ribbon biology, law, and business academic David Janow’s unique vision. On the cutting edge of Plant-Based Food technology, the company is involved in clinical trials, education, and affecting change in the global food supply. Innovating sophisticated, sustainable nutrient-dense ingredient solutions for human nutrition, Axiom brings compassion to the food business by showing that animals are no longer necessary to build muscle. The company is at the forefront of pea and rice protein becoming the new meat.

6. Daiya Foods Inc.

Daiya Foods Inc. is a Canada-based dairy-alternative food company located in Burnaby, British Columbia. The company was established in 2008. Daiya's original products are cheese analogs made from coconut oil and tapioca flour that are known for their cheese-like consistency and melting properties. They contain no animal products or soy, lactose, wheat, barley, gluten, or nuts. Daiya is sold in natural and conventional food stores within Canada and the United States. Daiya products are also available in the UK, Australia, Mexico, Hong Kong, and more, and are featured on restaurant menus and in packaged food products made by Amy's Kitchen and Turtle Island Foods. In July 2017, Otsuka Pharmaceutical agreed to acquire 100 percent of Daiya Foods for $405 million.

7. Amy's Kitchen Inc.

Amy’s Kitchen was founded in 1987 and is headquartered in California, United States. Amy’s Kitchen is a family-owned, fiercely independent prepared food company whose purpose is to make it easy and enjoyable for everyone to eat well. The company is committed to cooking authentic great tasting food with high quality, meticulously sourced organic ingredients so consumers can enjoy them in minutes. Amy’s Kitchen offers over 250 varieties of organic frozen and packaged foods, and the company is proud to offer options across gluten-free, vegan, dairy-free, lactose-free, soy-free, tree nut-free, corn-free, Kosher D, Kosher DE, and light in sodium categories. Amy's products are widely available in the U.S. as well as in more than 30 other countries around the globe.

8. Follow Your Heart

Follow Your Heart is a vegan and vegetarian food company that began in 1970 as a restaurant in Canoga Park, California. In 1977, they began selling Vegenaise, an egg-free mayonnaise substitute whose name is a portmanteau of vegan and mayonnaise. The company now also produces other lines of vegan food, such as vegan cheeses, salad dressings, and VeganEgg. In February 2021, Follow Your Heart was acquired by the European food company, Danone.

9. Premier Foods PLC

As one of Britain's largest food producers, the company is passionate about food and believes each and every day to have the opportunity to enrich life for everyone. Premier Foods employs over 4,000 people operating from 16 sites across the country, supplying a range of retail, wholesale, food service, and other customers with iconic brands which feature millions of homes every day. Through some of the nation’s best-loved brands, including Ambrosia, Batchelor's, Bisto, Loyd Grossman, Mr. Kipling, Oxo, and Sharwood’s, we’re creating great-tasting products that contribute to healthy and balanced diets, while committing to nurturing people and local communities, and going further in the pursuit of a healthier planet, in line with Purpose of ‘Enriching Life Through Food’.

10. Atlantic Natural Foods

Atlantic Natural Foods was incorporated in 2008 and is headquartered in North Carolina, United States. Atlantic Natural Foods is the leading shelf-stable manufacturer and provider of Loma Linda, TUNO, neat, Kaffee Roma, and Modern Menu brand products. Its mission is to provide affordable, sustainable, and healthy sources of plant-based protein food for all lifestyles and for people to live healthier, longer lives. The company operates its own manufacturing facility as well as a joint venture project in Thailand. The brands are sold throughout the U.S and in 17 countries, including the U.K. and Australia. Atlantic Natural Foods is headquartered in Nashville, North Carolina.

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