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The plant based protein products market size is projected to increase by USD 15.91 billion at a CAGR of 20.51% between 2023 and 2028. The market in North America is witnessing robust growth, fueled by the increasing demand for healthier food choices, especially in sports nutrition. Pharmacies are also stocking a diverse range of plant based protein products to meet the rising consumer demand. Beyond Meat Inc. has played a pivotal role in this market with its innovative offerings like the Beyond Burger and Beyond Sausage, which have gained popularity due to their sustainability, ethical considerations, and health benefits. The market is poised for substantial growth driven by shifting consumer preferences towards sustainable and ethical food options. Beyond Meat's impressive revenue growth in 2020 underscores the market's potential. With a wide range of products, such as meat substitutes, plant based milk, and soy-based protein powders, the market is set for further innovation and expansion to meet the growing demand.
The market shows an accelerated CAGR during the forecast period.
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Plant-based protein products have gained significant attention in the food industry due to their environmental sustainability and ethical considerations for animal welfare. These products, which include tofu, legumes, pea protein, and soybeans, among others, cater to various dietary preferences and health concerns. The ready-to-eat segment of plant based protein products, such as plant based burgers, Plant based sausages, meatless chicken, and fish alternatives, has experienced notable growth. These environmentally friendly proteins offer nutritional values that are essential for muscle-building properties and weight control. They are rich in amino acids, making them suitable for Vegan or vegetarian and health-conscious consumers following a healthy diet. Sodium levels can be managed in these products, making them suitable for individuals with food allergies or health issues. Pumpkin seed segment and other plant based sources are also gaining popularity in the market due to their unique nutritional benefits. The market is expected to continue growing as fitness enthusiasts and health and wellness seeking consumers seek alternative sources of protein.
The expanding global vegan population base is notably driving the market growth. The market is experiencing significant growth, driven in part by the increasing number of individuals adopting vegan diets. This dietary choice, which eschews animal products, is gaining popularity due to its numerous health benefits. Plant based proteins, derived from sources such as tofu, soybeans, legumes, pea protein, and chickpeas, offer an abundance of fiber, antioxidants, and beneficial plant compounds. These nutrient-dense foods are also rich in essential minerals like potassium, magnesium, folate, and vitamins A, C, and E. Moreover, plant based protein products cater to various health issues and fitness goals. For instance, they are ideal for weight control, as vegan consumers tend to have lower body mass indices (BMIs) than non-vegan consumers. Fitness enthusiasts and health-conscious consumers also turn to plant-based protein sources for their muscle-building properties. The market encompasses a wide range of products, including tofu, tempeh, plant-based burgers, sausages, meatless chicken, and fish alternatives.
Further, soybeans and wheat are common bases for these products, but alternatives like duckweeds, pulse proteins, and aquatic plants are also gaining traction. Brands like Plantible Foods and Pulse Proteins are leading the charge in this sector. The market offers various product formats, such as ready-to-eat, protein powder, protein bars, and ready-to-drink (RTD) segments. Online stores and offline retailers cater to the diverse consumer base, ensuring accessibility and convenience. Despite the growing popularity of plant-based protein products, it is essential to consider food allergies, such as soy allergy and wheat gluten, and celiac disease when making dietary choices. In summary, the expanding vegan population base, driven by health and environmental concerns, is fueling the growth of the global plant-based protein products market. These products, derived from various plant sources, offer numerous health benefits and cater to diverse consumer preferences and dietary requirements. Such factors are expected to drive the market growth and trends during the forecast period.
Plant-based protein products have experienced significant growth due to increasing health consciousness among consumers. The demand for natural, low-fat, and calorie-conscious food and beverage items is on the rise, particularly among younger demographics aged 18-32 years. Tofu, made from soybeans, and legumes such as chickpeas, lentils, and beans are popular plant-based protein sources. Pea protein and pulse proteins are also gaining traction in the market. Environmental sustainability and animal welfare are also driving factors in the market. Consumers are seeking alternatives to meat, such as plant-based burgers, sausages, meatless chicken, and fish alternatives. Soybeans, wheat, and other grains are used to create these products. However, it is essential to consider food allergies, such as soy allergy and wheat gluten, and celiac disease when consuming these products.
Duckweeds, a type of aquatic plant, and Plantible Foods, a company specializing in plant-based proteins from aquatic plants, are emerging players in the market. Pumpkin seeds and protein powders derived from them are also gaining popularity due to their nutritional values, including amino acids and muscle-building properties. The ready-to-eat segment, protein bars, and ready-to-drink (RTD) segment are popular choices for health-conscious consumers and fitness enthusiasts. Online stores and offline retailers offer a wide range of plant-based protein products, making them easily accessible to consumers. The market is expected to continue growing as consumers prioritize weight control, vegan and healthy diets, and address health issues.
Increasing number of product recalls is a significant challenge hindering market growth. In the plant-based protein products market, various plant sources, such as Tofu, Legumes, Pea protein, Soybeans, Wheat, and Pulse proteins, like Chickpeas and Lentils, play a significant role. These eco-friendly alternatives to animal-derived proteins cater to the growing demand for environmental sustainability and animal welfare. The market encompasses a wide range of products including Plant-based burgers, sausages, meatless chicken, and fish alternatives. Environmental concerns and health issues have fueled the popularity of plant-based proteins among health-conscious consumers, fitness enthusiasts, and those following a vegan or healthy diet. Nutritional values of these proteins are rich in essential amino acids, making them suitable for muscle-building properties. However, potential food allergens such as soy allergy and wheat gluten pose challenges for individuals with Celiac disease. Duckweeds and Aquatic plants are emerging sources of protein in the market.
Moreover, companies like Plantible Foods and others are exploring the use of these alternative protein sources to cater to the growing demand for environmentally friendly proteins. The ready-to-eat segment, protein powder market, protein bars, and ready-to-drink (RTD) segment are major contributors to the market's growth. Online stores and offline retail stores are the primary distribution channels. Despite the numerous benefits, challenges such as maintaining nutritional values, ensuring food safety, and addressing food allergies remain. Sodium levels and other health concerns are also areas of focus for manufacturers. Ensuring proper handling and sourcing of raw materials is crucial to maintaining the quality and safety of these plant-based protein products.
Plant-based protein products, derived primarily from soybeans, have gained significant traction in various sectors, including pharmacies, sports nutrition, and functional foods. The health benefits associated with soy protein, such as its ability to reduce LDL cholesterol levels and aid in weight loss, have contributed to the growing demand for these products. In the pharmaceutical industry, soy protein is used in the production of nutritional supplements for individuals with cholesterol issues or those seeking to manage their weight. In the sports nutrition segment, soy protein powder is a popular choice among athletes and fitness enthusiasts due to its high protein content and ability to support muscle growth and recovery. Additionally, the functional food sector has witnessed a surge in plant-based protein product offerings, as consumers increasingly seek out nutritious alternatives to animal-derived protein sources.
The market share growth by the offline segment will be significant during the forecast period. Plant-based protein products have gained significant traction in the market, with various channels catering to consumers' preferences. Tofu, a soy-based product, and legumes, including peas, chickpeas, lentils, and beans, are long-standing plant-based protein sources. Pea protein and soy protein are popular choices due to their high nutritional values, including essential amino acids, and their role in environmental sustainability and animal welfare. The market is expanding, with the ready-to-eat segment showcasing growth. Consumers are increasingly opting for plant-based alternatives to meat, such as plant-based burgers, sausages, meatless chicken, and fish alternatives. Soybeans and wheat are common base ingredients, but alternatives like duckweeds, Plantible Foods, and aquatic plants are emerging. Environmentally friendly proteins, such as pulse proteins, are gaining popularity among health-conscious consumers, fitness enthusiasts, and those following a vegan or healthy diet.
The offline was the largest segment and was valued at USD 3.85 billion in 2018.
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Nutritional values, including protein content, sodium levels, and food allergens like soy allergy and wheat gluten, are essential considerations for consumers with health issues. The offline retail segment, including supermarkets and hypermarkets, plays a crucial role in the market's growth. These retailers offer a wide range of plant-based protein products, enabling consumers to make informed choices based on price and quality. The expansion of offline retail stores worldwide improves product visibility and increases demand. Online stores and the protein powder market, including protein bars and ready-to-drink (RTD) segments, are also significant distribution channels. Consumers can easily access a diverse range of plant-based protein products from the comfort of their homes, catering to various dietary needs and preferences.
North America is estimated to contribute 43% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into market forecasting, detailing the regional market trends and analysis and drivers influencing the market's trajectory throughout the forecast period. Notable celebrities endorsing plant-based diets and investing in related businesses further fuel market expansion. For instance, Hollywood actor Leonardo DiCaprio's investment in Califia Farms, a plant-based milk brand, underscores this trend. The number of startups offering vegan food and beverage products is also on the rise, adding to the market's momentum. Overall, the plant-based protein products market in the Americas is poised for continued growth as consumers increasingly seek out nutritious, plant-based alternatives.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including Allmax, Archer Daniels Midland Co., Beyond Meat Inc., Cargill Inc., Cooke Aquaculture Inc., DuPont de Nemours Inc., Elmhurst Milked Direct LLC, FOODS FOR TOMORROW Sl, Forager Project, Fresh Del Monte Produce Inc, Glanbia plc, Hungry Planet Inc., Kerry Group Plc, Maple Leaf Foods Inc., Natures Bounty, PepsiCo Inc., Puris, Sotexpro, Tate and Lyle PLC, and The Kroger Co.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The plant based protein products market research and growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is experiencing significant growth due to increasing consumer awareness and preference for healthier food options. These products are derived from various plant sources such as soy, pea, and lentils. The demand for plant-based protein is driven by factors like rising health consciousness, ethical concerns, and environmental sustainability. The market is witnessing an influx of new players and product innovations, with companies focusing on improving taste, texture, and nutritional value. The market is segmented based on types of plant sources, applications, and regions. Key players in the market include major food and beverage companies, as well as specialized plant-based protein manufacturers. The market is expected to continue its growth trajectory in the coming years, driven by increasing consumer adoption and technological advancements. Plant-based protein products such as Plant-based sausages and Meat substitutes and alternatives are gaining popularity as a viable alternative to animal-derived protein sources, offering numerous health benefits and a more sustainable food system.
In addition, the market is experiencing significant growth driven by the rising demand for vegan or vegetarian food options. Consumers are increasingly opting for plant-based protein sources due to the ethical treatment of animals and a growing awareness of the health benefits of a vegan diet. Sales of plant-based protein products, including those derived from sources like seed segment hemp protein supplement segment, are soaring. Retail plant based foods and online stores segment are witnessing a surge in demand for plant-based products, reflecting a shift towards more sustainable and ethical dietary choices. This trend underscores the increasing popularity and widespread acceptance of plant-based protein alternatives in the modern market.
Plant Based Protein Products Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.51% |
Market Growth 2024-2028 |
USD 15.91 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.76 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, Germany, Canada, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks, Plant Based Protein Products Market Industry Report |
Key companies profiled |
Allmax, Archer Daniels Midland Co., Beyond Meat Inc., Cargill Inc., Cooke Aquaculture Inc., DuPont de Nemours Inc., Elmhurst Milked Direct LLC, FOODS FOR TOMORROW Sl, Forager Project, Fresh Del Monte Produce Inc, Glanbia plc, Hungry Planet Inc., Kerry Group Plc, Maple Leaf Foods Inc., Natures Bounty, PepsiCo Inc., Puris, Sotexpro, Tate and Lyle PLC, and The Kroger Co. |
Market dynamics |
Parent Plant Based Protein Products Market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our plant based protein products market worth report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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