Plant Based Protein Products Market size is set to grow by USD 11.13 billion from 2022-2027- Technavio
Industry: Retail & eCommerce
The market is driven by the expanding global vegan population
New York, NY (PRUnderground) November 21st, 2023
The Plant Based Protein Products Market size is estimated to grow by USD 11.13 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 17.57% during the forecast period. The growth of the global market for plant-based protein products is significantly driven by the increasing worldwide population embracing veganism. This expanding trend is driven by a rising awareness of the health advantages associated with vegan diets. These diets, known for their higher intake of fiber and antioxidants, along with essential nutrients like potassium, magnesium, and vitamins, are encouraging more individuals to adopt a vegan lifestyle. Moreover, these dietary choices have been linked to benefits such as aiding in weight loss, enhancing kidney function, regulating blood sugar levels, and reducing the risk of heart disease. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
What’s New?
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report
Plant Based Protein Products Market – Segmentation Assessment
Segment Overview
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).
The offline segment is projected to experience substantial market share growth during the forecast period. This growth is driven by diverse offline channels such as hypermarkets, supermarkets, and grocery and convenience stores. Organized retailing, particularly through hypermarkets and supermarkets, simplifies the consumer purchasing journey by offering a wide array of products for selection.
Geography Overview
By geography, the Plant Based Protein Products Market is segmented into North America, Europe, APAC, South America, and Middle East and Africa). The report provides actionable insights and estimates the contribution of all regions to the growth of the Plant Based Protein Products Market.
North America is anticipated to contribute around 44% to the global market’s growth during the forecast period. Additionally, within the region, Canada’s food industry holds the position of being the second-largest manufacturing industry in terms of production value. As the fifth-largest exporter of agricultural and agri-food products globally—following the US, Brazil, Germany, and China—Canada annually exports agricultural goods and related products amounting to USD 56 billion. Nearly half of this exported produce comprises primary crops or processed food and beverage items. This substantial export activity is expected to further boost the growth of the regional plant-based protein supplements market during the forecast period.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Plant Based Protein Products Market – Market Dynamics
Leading trends influencing the market
- Rising health consciousness is a key trend driving the global plant-based protein products market, fueled by a rising consumer focus on wellness.
- Increased awareness of obesity-related health issues is leading consumers to prioritize natural, low-fat, and low-calorie food and beverage options.
- Industry response includes the introduction of new plant-based products with reduced fat and calorie content to meet evolving consumer demands.
- Particularly among the 18 to 32 age group, there’s a notable trend of seeking functional benefits in products, with willingness to pay more for healthier choices.
Major challenges hindering the market growth
The market faces a significant challenge due to a rising number of product recalls, primarily stemming from mishandling raw materials and supplies, which compromises product safety and quality. Regulatory bodies hold the authority to close down operations and withdraw products if they are risks to consumer health. Product recalls not only impact a company’s brand reputation, operations, and sales but also manufacturing and packaging flaws act as additional barriers to market growth.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report
What are the key data covered in this Plant Based Protein Products Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Plant Based Protein Products Market between 2023 and 2027
- Precise estimation of the size of the Plant Based Protein Products Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Plant Based Protein Products Market industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Plant Based Protein Products Market vendors
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.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Distribution Channel
- Market Segmentation by Product
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About Technavio Research
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
