Plant-based food $162.56B by 2032

OpenPR on May 15 published a release that said the global plant-based food market is projected to reach $162.56 billion by 2032. The release attributes the forecast to Maximize Market Research and says the market is expected to grow from $80.10 billion in 2025 at a compound annual growth rate of 10.64%. Maximize Market Research’s own February 2026 market page carries the same figures and describes the category as “Plant-Based Food & Beverage.” The forecast arrives alongside a separate set of industry sales data that show a much smaller current retail market, depending on what products are counted. The Good Food Institute said in its 2024 state-of-the-industry summary that global retail sales of plant-based meat, seafood, milk, yogurt, ice cream and cheese rose 5% in 2024 to $28.6 billion, based on Euromonitor data. In the United States, the Plant Based Foods Association said its 2024 marketplace report showed the sector held roughly $8.1 billion in retail sales over the past three years. (maximizemarketresearch.com) ### Where does the $162.56 billion figure come from? Maximize Market Research lists a February 2026 report page saying the “Plant-Based Food & Beverage Market” was valued at $80.10 billion in 2025 and is expected to reach nearly $162.56 billion by 2032. The page says the forecast period runs from 2026 to 2032 and gives a 10.64% CAGR. (gfi.org) OpenPR’s May 15 release appears to mirror those figures rather than publish original reporting or underlying methodology. The release does not provide the full model, regional assumptions or product-level definitions in the text visible on the linked materials. ### Why do other market estimates look very different? The Good Food Institute’s 2024 summary uses a narrower retail-sales lens. (maximizemarketresearch.com) GFI said global retail sales for plant-based meat, seafood, milk, yogurt, ice cream and cheese reached $28.6 billion in 2024, while U.S. retail sales totaled $8.1 billion. Other commercial research firms publish sharply different totals for the same broad category. (maximizemarketresearch.com) Precision Business Insights says the market could reach $103.1 billion by 2032, while Data Bridge Market Research projects $176.9 billion by 2032. Those gaps usually reflect different category definitions, channels, geographies and forecast models, based on the firms’ own report descriptions. (gfi.org) ### What counts as “plant-based food” in these forecasts? Maximize Market Research says plant-based food includes products from vegetables, fruits, nuts, whole grains, legumes and oils, and names tofu, coconut, almond milk and seitan as examples. Its page refers to both “Plant-Based Food Market” and “Plant-Based Food & Beverage Market,” suggesting the scope extends beyond meat substitutes alone. (precisionbusinessinsights.com) The Good Food Institute’s public summary is more explicit about category boundaries. GFI says its global retail figure covers plant-based meat, seafood, milk, yogurt, ice cream and cheese, not the entire universe of plant-derived foods sold across all channels. ### What do the latest industry datasets say about current demand? GFI said global plant-based retail sales doubled over seven years even though some major markets, especially the United States, have posted consecutive years of retail-sales declines. (maximizemarketresearch.com) Its 2024 report also said the sector continued to face challenges tied to investment conditions and consumer adoption. (gfi.org) PBFA said in its 2024 State of the Marketplace report that the U.S. sector has broadened beyond its earlier concentration in a handful of categories. The trade group said the market now spans more than 20 product categories, while maintaining about $8.1 billion in retail sales. ### What should readers watch next? The next useful checkpoint is the release of full underlying reports, not syndications of headline numbers. (gfi.org) Maximize Market Research’s February 2026 page remains the cited source for the $80.10 billion and $162.56 billion figures, while GFI and PBFA continue to publish separate annual datasets based on retail tracking and category-specific definitions. (maximizemarketresearch.com) (plantbasedfoods.org)