According to a new report conducted by MarketResearch.biz, the global market for plant-based protein is valued at over $13 billion.
The Global Plant Based Protein Market Value report found that as of the start of 2023 the plant-based protein market is valued at $13.6 million. The report estimates the market to grow to $29.09 billion by 2033 at a compound annual growth rate of 7.9%.
“There is a growing trend towards vegan and vegetarian diets around the world”, states the report. “Plant-based protein provides an alternative and sustainable source of protein for individuals seeking to reduce or eliminate meat consumption.”
In addition, “Consumers are becoming more health-conscious and are looking for products that support a healthy lifestyle. Plant-based proteins are associated with numerous health benefits, including improved heart health and weight management.”
Another major driver of the market is the growing knowledge that animal agriculture “is a major contributor to greenhouse gas emissions and environmental degradation. Plant-based proteins have a lower carbon footprint and require fewer resources to produce, making them a more sustainable option.”
Other key drivers include:
4. Food Security: As the global population continues to grow, there is increasing pressure on food production systems. Plant-based proteins can provide a viable solution to address food security concerns and feed a growing population.
5. Innovation and Product Development: The plant-based protein industry is seeing significant innovation and investment in product development, resulting in a wider array of appealing products for consumers.
6. Growth in Fitness and Sports Nutrition: Plant-based protein is particularly attractive to the fitness and sports nutrition market since it offers high-quality, easily digestible protein without the saturated fats found in animal-based products.
7. Growing Awareness of Animal Welfare: Consumers are becoming more aware of animal welfare issues and are demanding cruelty-free products. Plant-based protein meets this demand by providing a protein source that is sourced without the exploitation of animals.
8. Flexitarianism: Flexitarianism, or reducing meat consumption without going fully vegan or vegetarian, is becoming more common. Plant-based proteins offer a convenient and sustainable alternative for people seeking to reduce their meat intake.
9. Government Support: Governments are promoting healthy and sustainable food choices, which is resulting in increased support for the plant-based protein industry through funding and policy initiatives.
10. Growing Availability and Accessibility: The availability of plant-based proteins has increased significantly in recent years, making them more accessible to consumers. Plant-based protein products are now available in most major grocery stores and food service outlets.
The “Top Key Players” in the Plant Based Protein Market Report are:
- Sotexpro S.A
- Axiom Foods
- The Scoular Company
- Burcon Nutrascience Corporation
- Royal DSM
- Tate & Lyle
The report states that “New product launches and continuous technological innovations are the key strategies adopted by the major players. The full report can be found by clicking here.