The Vegan Protein Foods Market is experiencing significant growth as consumers increasingly embrace plant-based diets for health and environmental reasons. The demand for vegan protein sources, such as tofu, tempeh, legumes, and plant-based protein powders, is surging, leading to a thriving market with a wide range of innovative and tasty options.
The global vegan protein foods market is worth US$ 10.32 Billion as of now and is expected to reach US$ 19.06 Billion by the year 2033 at a CAGR of 7% between 2023 and 2033.
The manufacturers of vegan protein foods are into aesthetic and bodybuilding applications using vegan protein. As per study published by the NIH (National Institute of Health) in 2019, wheat is a staple food for people across the globe. The trend of veganism has actually set the ball rolling for vegan protein foods market.
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Aquatic proteins are also tried out. They could be safely used by deploying advanced aquaculture techniques.
Besides, while replacing the eggs in recipes like vermicelli, pasta, cookies, and cakes, it’s advisable to go for pea protein as it does not compromise on protein content. Plus, more than 50% of the people in the US are intolerant to the eggs and various other egg products as per the CDC. This is, in fact, a lucrative opportunity for the people to resort to vegan protein foods.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Vegan Protein Foods Market’ through its team of analysts and consultants.
“With demand for more natural and organic foodstuff, the global vegan protein foods market is bound to grow on an astounding note in the near future”, says an analyst from Future Market Insights.
Key Takeaways from Vegan Protein Foods Market
- North America holds the largest market share due to almost 3% of the overall population of the US following vegan protein diet. The sports nutrition vertical leads the vegan protein foods market in the US and Canada.
- Europe is expected to grow on the back of almost 1% of the population turning vegan. France, Italy, and Germany are leading from the front.
- The Asia-Pacific is expected to grow at a notable rate in the vegan protein foods market in the forecast period due to growing awareness regarding the long-term benefits of vegan protein.
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Competitive Arena
- Beyond Meat tables various meat alternatives like sausages, burgers, and ground beef.
- Tofurky does specialize in production of meat alternatives made from tofu and various other plant-based proteins. The products provided include sausages, deli slices, and roasts.
- Field Roast is known for producing artisanal grain meat products with plant-based roasts and sausages.
- Quorn Foods manufactures a broad range of the meat-free products from mycoprotein (a protein source made from fungus). They include burgers, sausages, and nuggets.
- The Meatless Farm Co. makes use of blend of wheat, soy, and pea protein for creating meatballs, sausages, and burgers.
- Vivera produces plant-based meat alternatives like steak, sausages, and burgers.
- Linda McCartney Foods does produce a broad range of vegan meat alternatives like pies, burgers, and sausages.
- Zhenmeat produces various meat alternatives like pork, beef, and chicken by making use of 3D printing technology.
- Ojah, a China-based start-up, does produce plant-based meat alternatives like meatballs, burgers, and sausages using soy and pea protein.
- Yihai Kerry Group produces plant-based protein products like wheat protein, pea protein, and soy protein.
- Good Dot does produce vegan kebabs, sausages, and burgers.
- Meatless Farm Co., an Indian start-up, does produce plant-based meat alternatives like meatballs, sausages, and burgers using a blend of pea, wheat, and spy protein for creating products.
- EVO Foods churns out plant-based meat alternatives like kebabs, sausages, and burgers using a blend of pea, wheat, and soy protein.
- Green Chef does specialize in vegan food products. It offers ready-to-eat snacks, meals, and protein supplements.
- ADM, in September 2020, came up with Arcon T (a range of textured pea proteins) for improvising on its product portfolio.
- ADM, in September 2020, did launch Prolite MeatTEX and Prolite MeatXT. These fall in the category of textured and non-textured wheat proteins respectively; which do enhance density and texture of the meat alternatives.
What does the Report enclose?
- The research study is based on product type (soy protein, wheat protein, and pea protein), by form (isolates, concentrates, and hydrolysates), by nature (conventional and organic), and by application (nutritional products, bakery, snacks and cereals, dairy, confectionery and dessert, convenience food, beverages, and animal feed).
- Preference for vegan diet by sports enthusiasts is expected to take the vegan protein foods market by storm in the near future.
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Key Segments
Product Type:
- Soy Protein
- Wheat Protein
- Pea Protein
Form:
- Isolates
- Concentrates
- Hydrolysates
Nature:
- Organic
- Conventional
Application:
- Nutritional Products
- Bakery, Snacks & Cereals
- Dairy, Confectionary and Dessert
- Convenience Food
- Beverages
- Animal Feed
Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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