New York, Jan. 04, 2024 (GLOBE NEWSWIRE) — In a recent Technavio report titled Plant-Based Protein Products Market, it is projected that the market will grow at a rapid pace in the coming years.
What will be the anticipated market size during the forecast period?
The market size is estimated to increase by USD 11.13 billion, accelerating at a CAGR of 17.57% during the forecast period. North America is anticipated to contribute 44% to the overall market growth. Request Sample Report
What are the key drivers of the plant-based protein products market?
The global market for plant-based protein products is driving the expanding vegan population worldwide. This expansion is driven by the increased demand for Vegan Protein Sources, Dairy-Free Milk Substitutes, and Plant-Based Meat Alternatives. Increased preference for Protein-Rich Seeds such as Quinoa, Textured Vegetable Protein (TVP), and Plant-Based Protein Powders further stimulates this market. Embracing Veganism and Vegetarianism Trends, consumers are increasingly drawn to Alternative Protein Sources, including Vegan Protein Shakes, Supplements, and foods tailored for Vegan Bodybuilding.
Which is the leading trend in the Plant-based protein products market?
A prevalent trend shaping the Plant-Based Protein Products Market is the escalating emphasis on health consciousness among consumers. This trend manifests through preferences for Organic Protein Sources, Nutritional Yeast, and Non-GMO Proteins. Consumers are increasingly considering the Environmental Impact of Protein Sources, taking a shift towards sustainable Plant-Based Protein Innovations. The inclination towards healthier dietary choices aligns with the market’s growth, reinforcing the demand for plant-based alternatives in response to evolving Consumer Dietary Preferences.
Which region is projected to experience the most substantial growth in the plant-based protein market over the next five years?
Canada’s food industry ranks second in production value within the region and is the world’s fifth-largest exporter of agricultural products, exporting around USD 56 billion annually. Nearly half of these exports consist of primary crops or processed food and beverage items, which is expected to drive growth in the regional plant-based protein supplements market. Download the sample report
What are the challenges faced by the Plant-Based Protein Products Market?
The mounting challenge confronting the Plant-Based Protein Products Market is the surge in product recalls, impeding market growth. Occurrences related to Soy Protein, Pea Protein, Hemp Protein, Rice Protein, Almond Protein, and other variations like Lentil Protein and Chia Protein, notably in products such as Vegan Protein Bars, contribute to this concern, leading to an increase in product recalls and is a challenge to the market’s growth. Addressing quality control issues and ensuring product safety stands as a critical necessity amid the rising number of recalled items within the Plant-Based Protein Products Market.
Who are the major players in the Plant-Based Protein Products Market?
Companies like Archer Daniels Midland Co., PepsiCo Inc., and The Kroger Co. are major players in the Plant Based Protein Products market. For more details on the companies and their offerings, download the sample report here
What are the different segments within the Plant-Based Protein Products Market?
Technavio has segmented the market based on Distribution Channel (offline and online), Product (soy protein, wheat protein, pea protein, and others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
Which segment will be majorly contributing to the Plant-Based Protein Products Market?
Significant growth in market share is anticipated for the offline segment during the forecast period. Offline channels encompass hypermarkets, supermarkets, and grocery or convenience stores. Organized retail, represented by hypermarkets and supermarkets, simplifies the consumer purchasing journey by offering a wide array of products for selection.
The plant-based protein products market is witnessing substantial growth driven by key factors such as the expanding global vegan population, rising health consciousness among consumers, and increasing demand for healthier food options. This trend is particularly evident among millennials, with significant growth seen in countries like the US, Canada, Mexico, the UK, Germany, and France. Offline retail channels like hypermarkets, supermarkets, grocery, and convenience stores play a major role in this market expansion, offering consumers a diverse range of plant-based products. Challenges, including product recalls due to safety concerns, set obstacles to market growth. However, innovations in product offerings, particularly in soy protein segments, along with the revival of the food industry after the COVID-19 pandemic, are anticipated to drive further growth in the plant-based protein market during the forecast period. Buy the report here
Related Reports:
Organic Whey Protein Market: The organic whey protein market share is expected to increase by USD 292.37 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.3%.
Soy and Milk Protein Ingredients Market: The Soy and Milk Protein Ingredients Market size is projected to increase by USD 6,850.31 million and the market size is estimated to grow at a CAGR of 4.89% between 2022 and 2027.
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