Plants maintain the ecological equilibrium of the earth and stabilize the ecosystem. Today, traditional commodities and new value-added markets can be served simultaneously. There is significant biosource and bioprocess innovation for biobased industrial products. Furthermore, plant-based innovation is associated with the transition to sustainability. This study performed a bibliometric and in-depth content analysis to review plant-based innovations in the research field between 1995 and 2022. A set of 313 articles was identified from the Scopus and Web of Science databases. Different analytical scientometric tools (topic mapping and overlay visualization networks) were used to analyze 124 articles; the most influential countries, institutions, authors, journals and articles were identified. Through in-depth studies, based on the grounded theory approach, five leading research areas related to plant-based innovation were determined: (1) agricultural/environmental innovation, (2) plant-based food or feed innovation, (3) innovation within the medical/pharmaceutical research area, (4) technology-related innovation and (5) economic/business aspects of plant-based innovations. Future research directions include exploring less examined and new topics, such as the sustainability implications of incorporating various plant-based foods and Industry 4.0 in plant-based innovation, and linking and developing findings from different research areas.