Plant Based Protein Products Market size is set to grow by USD 15.90 billion from 2024-2028, Expanding global vegan population base to boost the market growth, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global plant based protein products market size is estimated to grow by USD 15.90 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 20.51% during the forecast period.

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Key Market Trends Fueling Growth

The global plant-based protein products market is experiencing growth due to increasing health consciousness among consumers. With rising obesity and related health issues, there is a demand for natural, low-fat, and calorie food and beverage options. Players are responding by introducing new plant-based products, such as those derived from aquatic plants, pulses like chickpeas and lentils, beans, and ready-to-eat segments. These products offer nutritional values, including essential amino acids, and cater to various dietary needs, including vegan and healthy diets.

Additionally, plant-based proteins are environmentally friendly and suitable for those with food allergies or health issues like weight control, muscle building, and fitness enthusiasts. Key plant-based protein sources include pumpkin seeds, protein powders, protein bars, and ready-to-drink (RTD) segments. These products are available in online stores, offline retailers, pharmacies, and the sports nutrition segment. Functional foods and plant-based alternatives to meat, such as tofu, legumes, pea protein, and soybeans, are also popular.

Environmental sustainability and animal welfare are driving the market, with offerings including plant-based burgers, sausages, meatless chicken, fish alternatives, and soybeans, wheat, and wheat gluten-free options for those with allergies or celiac disease. Duckweeds are also emerging as a potential plant-based protein source.

Market Challenges

• The plant-based protein market encompasses various products derived from plants, including aquatic plants, pulses like chickpeas, lentils, and beans, ready-to-eat segments, and nutritional values rich in amino acids. These plant-based alternatives cater to health-conscious consumers seeking weight control, muscle-building properties, and adhering to vegan or healthy diets due to health issues or fitness goals.
• Key segments include pumpkin seed segment, protein powder market, protein bars, ready-to-drink (RTD) segment, online stores, offline retailers, pharmacies, and sports nutrition. Key considerations include environmental sustainability, animal welfare, and addressing food allergies such as soy or wheat.
• Plant-based offerings span from tofu and legumes to pea protein, soybeans, and wheat, requiring stringent handling to maintain safety and quality, avoiding recalls due to undeclared ingredients or defects.

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Segment Overview

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Product
• 2.1 Soy protein
• 2.2 Wheat protein
• 2.3 Pea protein
• 2.4 Others
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline- The Plant Based Protein Products Market encompasses a wide array of offerings from Plantible Foods derived from aquatic plants, pulses such as Chickpeas and Lentils, Beans, and the Ready-to-eat segment. These nutrient-dense foods boast impressive nutritional values, including essential amino acids, making them a popular choice for health-conscious consumers, fitness enthusiasts, and those following a Vegan or Healthy diet due to health issues.

Aquatic plants, like Duckweeds, offer high protein content and are environmentally friendly alternatives to animal-derived proteins. Pulse proteins, such as Pea protein and Soy protein, are gaining traction in the market due to their muscle-building properties and weight control benefits. The market also caters to various segments, including Nutritional values-focused consumers, Food allergies sufferers (avoiding Soy allergy, Wheat, or Wheat gluten due to Celiac disease), and the Sports nutrition segment. Functional foods, Plant-based products like Tofu, Legumes, and Protein powders, Protein bars, and Ready-to-drink (RTD) segment, are increasingly popular among consumers.

Online stores and Offline retail stores, including Pharmacies, cater to the diverse needs of consumers. The Offline retail segment, which includes supermarkets and hypermarkets, offers a wide range of plant-based protein products, enabling consumers to choose based on parameters like price and quality. The market also includes the Soybean, Wheat, and Pumpkin seed segments, as well as Plant-based burgers, sausages, meatless chicken, and fish alternatives. Environmental sustainability and Animal welfare are key drivers for the growth of the Plant Based Protein Products Market. The market offers various options, including Soybeans, Wheat, and alternative sources like Pea protein, to cater to the diverse needs and preferences of consumers.

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Research Analysis

Plant-based protein products have gained significant traction in the market, catering to the growing demand for environmental sustainability and animal welfare. These products, including tofu, legumes, pea protein, and soybeans, offer nutritional values that align with vegan and healthy diets. They are rich in essential amino acids, making them suitable alternatives for meat-lovers seeking weight control and fitness.

The ready-to-eat segment of plant-based protein products, such as plant-based burgers, sausages, meatless chicken, and fish alternatives, has seen remarkable growth. These products provide muscle-building properties, appealing to health-conscious consumers and fitness enthusiasts.

Moreover, food allergies have driven the market for environmentally friendly proteins derived from pumpkin seeds and other sources. As consumers become increasingly aware of health issues, the demand for plant-based protein products is expected to continue its upward trend.

Market Research Overview

The Plant-Based Protein Products market is experiencing significant growth due to increasing consumer awareness and preference for sustainable food options. These products, which include plant-based milks, tofu, plant-based meat alternatives, and plant-based protein powders, are gaining popularity for their environmental friendliness and health benefits. Factors such as the rising trend of veganism and vegetarianism, as well as the growing concern for animal welfare, are driving the demand for these products.

Additionally, advancements in technology have led to the development of plant-based proteins that closely mimic the taste and texture of animal-derived proteins, making them an attractive alternative for meat-lovers as well. The market for plant-based protein products is expected to continue growing in the coming years, with companies investing in research and development to create innovative and delicious plant-based protein options.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Product
• Soy Protein
• Wheat Protein
• Pea Protein
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

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SOURCE Technavio