Global vegan protein foods market is poised for substantial growth, with a projected valuation of USD 19.06 billion by 2033, up from USD 10.33 billion in 2023. This growth is driven by factors such as the increasing popularity of veganism, rising health consciousness among consumers, and the environmental sustainability of plant-based proteins. Key regions driving this growth include the United Kingdom, the USA, China, and India.
The demand for vegan protein foods is on the rise, fueled by the growing popularity of plant-based diets and the increasing awareness of the health and environmental benefits of vegan proteins. Consumers are seeking alternatives to traditional animal-based proteins, leading to the development of innovative plant-based products. Pea protein, in particular, is gaining traction as a versatile and complete protein source, suitable for a variety of applications including baked goods and sweets.
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The future outlook for the vegan protein foods market is optimistic, with a projected CAGR of 7% through 2033. In the short term, increasing adoption of vegan and vegetarian diets is driving demand for plant-based protein products. Mid-term growth opportunities lie in the rising demand for baked goods and sweets, while long-term prospects are bolstered by the growing consumption of plant-based protein supplements among athletes and health-conscious consumers.
Comparative View and Market Insights:
The vegan protein foods market is compared to related segments such as vegan noodles and vegan cookies, highlighting growth factors, opportunities, and restraints. While each segment presents unique challenges, the overall trend towards plant-based eating is expected to drive growth across the board. Additionally, country-wise insights provide valuable information on market expansion strategies and key players in the United States, the United Kingdom, and China.
Key Takeaways
The growing vegan protein foods market as a result of the health benefits, it provides has prompted major businesses to diversify their offerings. So, to improve the food’s overall health benefits, more and more people are turning to plant-based proteins.
With the help of cutting-edge innovations in research and development, plant proteins can find even more uses in the food and drink industry. However, new products can help make up for plant protein’s lower grade when compared to animal/dairy proteins like whey and meat.
When it comes to the worldwide plant-based protein business, soy protein is a huge moneymaker and is projected to expand at a rapid clip over the next several years.
Soy, wheat, pea, and other legumes and grains are only some of the plant foods that can be used to make protein-rich plant-based foods. Pea protein is expected to expand at a robust CAGR of 6.9% during the next few years.
The value of the isolate market category is projected to grow at a CAGR of 5.8% over the forecasted time frame, as indicated by the data presented here.
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Competitive Landscape
The competitive landscape in the vegan protein foods market is becoming increasingly competitive as more companies enter the market and existing companies expand their product offerings.
Companies such as Beyond Meat, Quorn Foods, and Beyond Meat China are leading the way in innovation and product development, positioning themselves for success in the rapidly expanding vegan protein foods market.
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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