London, April 16, 2024 (GLOBE NEWSWIRE) -- Global plant-based protein market that expects valuation worth US$14 Bn by the end of 2024, continues its impressive growth on the back of the increasing adoption of plant-based diets, and a surge in health and environmental awareness. The market is expected to see significant expansion across various sectors as consumers increasingly opt for plant-based alternatives.
As suggested in a newly released report by Fairfield Market Research, the food industry is witnessing a surge in plant-based protein options, driven by a confluence of consumer preferences, and environmental concerns. Health-conscious individuals are increasingly seeking alternatives to traditional animal proteins, while the environmental impact of animal agriculture is pushing many towards sustainable food choices.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$14 Bn | |
| Estimated Market Size in 2030 | US$23 Bn | |
| CAGR | 7.0% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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This trend is reflected in the booming market for plant-based protein products. Industry experts predict the global market to surpass approximately US$23 Bn by 2031-end, fueled by rising demand for meat alternatives, dairy substitutes, and other plant-based protein sources.
The innovation of delicious and convenient plant-based options is further fueling market growth. Manufacturers are constantly developing new products that mimic the taste and texture of meat, making it easier for consumers to embrace plant-based options without sacrificing culinary satisfaction.
"The market is witnessing significant innovation in terms of product development, catering to the diverse tastes of consumers globally. Of late, plant-based proteins are emerging as a vital component of modern diets for both their health and environmental benefits,” explains an analyst at Fairfield Market Research.
The rising popularity of plant-based diets, heightened health awareness, and a focus on sustainable practices will drive the market ahead, says the report. Plant-based protein sources are emerging as a preferred alternative to traditional animal-based proteins, offering health benefits and environmental advantages.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/plant-based-protein-market
Key Research Insights
- Soy protein continues to be the largest product type category.
- Plant-based protein isolate will be the sought-after form among consumers.
- Application across the supplements and nutritional powders sector is likely to be the maximum revenue contributor.
Insights into Segmentation Analysis
Soy Protein Surges Ahead of All
Comprehensive nutritional profile, offering a complete source of protein with essential amino acids.
Affordable and widely used in various food products like tofu, soy milk, and meat alternatives.
Health benefits include cholesterol reduction, heart health, and potential cancer prevention properties.
Sustainability credentials appeal to eco-conscious consumers.
Ready-to-Eat Proteins Continue to be the Most Favoured
Rapid growth in demand due to consumers seeking convenient yet nutritious meal options.
Offers easy access to plant-based proteins in supermarkets and online.
Versatility of ready-to-eat proteins facilitates seamless integration into daily routines.
Pea Protein Pioneers Evolving Consumer Choices
Projected to exhibit the fastest CAGR due to its allergen-free, gluten-free, and lactose-free properties.
High nutritional value, rich in essential nutrients like iron and fiber.
Sustainable production process resonates with eco-conscious consumers.
Versatile usage in a wide range of food and beverage applications.
Key Report Highlights
- Companies are focusing on developing new products and flavours to cater to diverse consumer tastes.
- Strategic collaborations and acquisitions are prevalent as companies aim to expand their product portfolios and market reach.
- Brands are increasingly highlighting their eco-friendly and sustainable practices to appeal to environmentally conscious consumers.
- Governments worldwide are promoting plant-based diets and alternatives, aiding market growth.
Insights into Regional Analysis
North America's Growing Demand for Healthy, Alternative Protein Sources
Shift towards sustainable and nutritious food options driven by health consciousness.
Strong market for plant-based meats, dairy alternatives, and other innovative protein products.
US leads the region in embracing alternative proteins, followed by Canada and Mexico.
The rise of veganism and awareness of environmental impact accelerates adoption.
The Rise of Alternative Protein Markets in the Asia Pacific Region
Transformative shift towards alternative protein sources in China and India.
Burgeoning middle class and rising disposable incomes create demand for plant-based proteins.
Government policies promoting healthier lifestyles fuel interest in alternative proteins.
Cultural shifts and sustainability awareness drive adoption of sustainable and ethical protein sources.
Key Market Companies in Global Plant-Based Protein Industry
- Cargill, Inc.
- Archer Daniels Midland Company
- DuPont de Nemours, Inc.
- Roquette Frères
- Kerry Group plc
Global Plant-based Protein Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031 - (By Product Type Coverage, By Form Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/plant-based-protein-market
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