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The Global Plant Based Protein Products Market size is projected to increase by USD 11,138.42 million and the market size is estimated to grow at a CAGR of 17.57% between 2022 and 2027.
This plant based protein products market report extensively covers market segmentation by 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). It also includes an in-depth analysis of drivers, trends, and challenges.
Expanding global vegan population base is a major factor driving the market growth. The global plant-based protein products market is thriving due to the expanding vegan population worldwide. Increasing awareness about the health benefits of vegan diets, such as higher fiber and antioxidant intake, as well as essential nutrients like potassium, magnesium, and vitamins, has led more people to adopt vegan lifestyles. These diets also aid in weight loss, improve kidney function, lower blood sugar levels, and reduce the risk of heart disease.
The trend is particularly prominent among millennials, with countries like the US, Canada, Mexico, the UK, Germany, and France witnessing a surge in vegan consumers. In the UK alone, there are already over 3 million vegans, and this number is expected to rise further. Consequently, the growing global vegan population is driving the growth of the plant-based protein products market.
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Increasing health consciousness is an ongoing trend in the market. The rising consumer focus on health and wellness is a favorable trend that is expected to drive the growth of the global plant-based protein products market in the future. With increasing instances of obesity and related health conditions, consumers are becoming more conscious about their well-being and seeking natural, low-fat, and low-calorie food and beverage options. To meet these evolving demands, industry players are introducing new plant-based products with reduced fat and calorie content.
The health and wellness trend is particularly prominent among young consumers aged 18 to 32, who are actively seeking out products that offer functional benefits and are willing to pay a premium for healthier options. The growing demand for healthier food and beverage choices will contribute to the expansion of the global plant-based protein products market during the forecast period.
Increasing number of product recalls is a major challenge hindering the market growth. Improper handling of raw materials and supplies can jeopardize the safety and quality of finished products, leading to potential consequences for manufacturers. Regulatory authorities have the power to shut down businesses and recall products from the market if they pose a threat to consumer well-being. Product recalls have a detrimental impact on a company's brand image, operations, and sales. Additionally, manufacturing and packaging defects further hinder market growth.
In October 2018, Forager Project recalled its Nuts and Vanilla - Organic Plant Protein Shake due to the presence of undeclared almond flour, which could cause severe allergic reactions for individuals allergic to almonds. Similarly, in January 2018, Healthy Body Services recalled its Soy Complete brand plant-based protein shake because it contained undeclared milk, as identified by the Canadian Food Inspection Agency. These incidents highlight how product contamination and recalls can significantly impede the growth of the global plant-based protein products market.
The market share growth by the offline segment will be significant during the forecast period. The various types of offline channels are hypermarkets, supermarkets, and grocery and convenience stores. Organized retailing, which includes hypermarkets and supermarkets eases the purchasing process for consumers and enables them to choose from a diverse range of products.
The offline segment was valued at USD 3,527.31 million in 2017 and continued to grow until 2021.
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One of the major factors expected to drive the growth of the offline segment is the expansion of hypermarkets and supermarkets worldwide. As these retailers have a global presence, they help in improving the visibility of vendor products, which results in an increase in the demand for such products. Additionally, consumers can also choose from a wide range of products in retail stores based on parameters such as price and quality. Grocery and convenience stores, on the other hand, are mainly region-centric. Owing to close proximity, some consumers have a higher propensity to purchase from convenience stores as compared with hypermarkets, supermarkets, or other e-commerce platforms. Therefore, the above-mentioned factors will fuel the segment growth, which in turn, will boost the global plant based protein supplements market growth during the forecast period.
Based on product, soy protien segment holds the largest market share.The increasing popularity of veganism and the numerous health benefits of soy protein will drive the demand for soy protein and its products. Soy protein, derived from soybeans and primarily available in powder form, effectively reduces LDL cholesterol levels and lowers the risk of heart disease. It also shows promise in preventing conditions like colon and prostate cancer. The market will be further propelled by product innovations, such as Mann Packing Co. Inc.'s veggie pasta nourish bowls with plant-based protein, which provide an optimal serving of soy protein. With these factors in play, the demand for soy protein is expected to remain high in the foreseeable future.
The primary factors responsible for the regional market growth include expanding the vegan population base, increasing awareness about the health benefits of plant-based products, and an increasing number of new product launches. The number of consumers adopting the vegan lifestyle is increasing in the region. Moreover, the number of celebrities endorsing vegan diets is also on the rise in the country. Hence, the large number of startups offering vegan food and beverage products is also increasing in the US.
North America is estimated to contribute 44% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Furthermore, in terms of the value of production, the food industry in Canada is the second-largest manufacturing industry in the region. Canada is the fifth-largest exporter of agricultural and agri-food products in the world after the US, Brazil, Germany, and China. Canada exports USD56 billion in agriculture and agri-food products per year, with nearly half of the produce being exported as either primary crops or processed food and beverage products. This will also contribute to the regional plant based protein supplements market growth during the forecast period.
In 2020, the COVID-19 pandemic impacted the regional food industry due to the imposition of lockdowns. However, in 2021, owing to the mass vaccination drive and other government initiatives, lockdown restrictions were lifted, and business operations resumed. The resumption of the food industries, retail stores, and transportation and a decrease in the supply-demand gap helped drive the growth of the regional market. Additionally, increasing demand for food products such as plant-based protein snacks is an emerging trend that is driving the regional market. Therefore, such factors are expected to fuel market growth during the forecast period.
Vendors 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.
The plant based protein products market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The plant based protein products market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Plant Based Protein Products Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.57% |
Market growth 2023-2027 |
USD 11,138.42 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
15.45 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, Canada, Germany, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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., PepsiCo Inc., Puris, Sotexpro, Tate and Lyle Plc, The Bountiful Co., and The Kroger Co. |
Market dynamics |
Parent market 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 forecast period |
Customization purview |
If our 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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