The plant-based protein market is expected to grow at over ~7.2% to be a USD 15.6 billion market in 2026. Increase in demand for meat substitute and vegan-friendly products to widen growth prospects for plant-based protein. Furthermore, innovations and developments related to plant-based protein to encourage the vegan trend and increase in investments & collaborations in the plant-based food business are expected to fuel the growth.

Dairy alternatives are food & beverage products that are like certain types of dairy-based products in terms of texture and flavor, as well as the nutritional benefits they offer. The market is expected to grow at over ~10.3% to be a USD 40.6 billion market in 2026. The increasing number of lactose-intolerant and dairy-allergic consumers has accelerated the growth of the dairy alternatives market.

Plant-based meat products are derived from plant-based ingredients to mimic animal-derived meat and are designed to be indistinguishable from their animal-based equivalents. The market is expected to grow at a significant rate of ~14.4% during the forecasted period. Rising awareness about the health benefits offered by plant-based meat over animal meat and major food industry pioneer investing in and introducing plant-based meat products are some of the key factors to drive the market growth.