According to the business intelligence report titled ‘Global Plant-Based Food and Beverage Market 2021-2028’, available with Market Study Report, global plant based food and beverage market size is speculated to expand at an annual rate of 8.71% between 2021-2028.
 

Growing lactose intolerant populace, benefits associated with plant based diets, and increasing inclination towards veganism are key factors driving global plant based food and beverage market expansion. Availability of sustainable products and recyclable packaging will facilitate revenue inflow as well.
 

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While introduction of new products, and advancements in manufacturing processes will aid industry growth, high cost of plant based products and limited awareness about their advantages will act as challenges for businesses in this domain.
 

Based on type, worldwide plant based food and beverage industry is divided into meat, dairy, and others. Speaking of source, the business sphere is bifurcated into soy, almond, wheat, corn, and others. Moving on to distributors, the market space is split into supermarket/hypermarkets, specialty stores, convenience stores, online retail, and others. 
 

Regionally speaking, Asia Pacific market is anticipated to accrue significant revenues by the year 2028, on account of surging demand for plant based meat alternatives owing to massive population base, and consumer preference for no-meat or vegetarian diets.
 

Key players shaping global plant based food and beverage market dynamics are Yofix Probiotics Ltd., Amy’s Kitchen, Hain Celestial Group Inc., Beyond Meat Inc., Sweet Earth Inc., Sunfed Limited, Blue Diamond Growers, Quorn Foods, Califia Farms, Pacific Foods of Oregon LLC, Conagra Brands Inc., Daiya Foods Inc., Moving Mountains Foods, Danone S.A., Morningstar Farms, Field Roast Grain Meat Co. Inc., Kikkoman Corporation, and Impossible Foods Inc.
 

These companies have undertaken strategic decisions such as mergers & acquisitions, partnerships, collaborations, product launches, and investments in research & development to strengthen their foothold in the business domain and maximize profits.