The USA vegan protein foods market is anticipated to develop by around 6.4% CAGR by 2033. With the advent of online grocery shopping and e-commerce, the USA has quick access to vegan protein products than ever before. It has made it simple for individuals to incorporate vegan protein into their diets.
The global market for vegan protein foods is expected to reach US$ 1,0327 million by 2023 and US$ 1,9063 million by 2033. Demand for vegan protein foods is estimated to rise steadily by 7% CAGR during the forecast period.
Burgeoning demand for nutritious foods is projected to propel sales of vegan protein foods. It is attributed to rising incidence of cardiovascular disease, diabetes, hypertension, obesity, and other lifestyle diseases among the global population.
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Due to the rapid spread of diseases diffused by animals and insects, people are becoming inclined to plant-based foods. A vegan diet or plant protein is said to reduce the risk of obesity, cancer, and cardiovascular disease by increasing glucagon activity. As the trend toward veganism increases, presence of manufacturers in the industry is increasing in the USA.
Based on form, the global vegan protein foods market is segmented into powder and liquid. Vegan protein powder is set to have a significant market share by 2023. It is used in the food & beverage industry. It is expected to be extensively used for animal feed formulation, food processing, and retail.
The USA is expected to have a prominent share of the global vegan protein foods market by 2023. A protein or plant-based vegan diet is consumed by around 9 million people in America, representing almost 3% of the population. During the forecast period from 2023 to 2033, the USA vegan protein foods market is anticipated to follow the traditional boom-bust pattern. Demand is expected to soar in the next ten years as the vegan population grows.
Key Takeaways from the USA Vegan Protein Foods Market
- Around 4% of share is estimated for the USA vegan protein foods market in the next ten years.
- The global vegan protein foods market is set for a US$ 1,0327 million valuation in 2023.
- From 2023 to 2033, the vegan protein foods market is projected to accelerate at a moderate 7%
- In 2033, US$ 19063 million is projected for the global vegan protein foods market.
“Demand for vegan protein foods across the globe is anticipated to be fueled by increasing popularity of numerous fast food and convenience foods. The market is expected to be supported in the next ten years by rising appetite for natural and organic products,” says a lead analyst at Future Market Insights.
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Competition Landscape in the USA Vegan Protein Foods Market
The vegan protein foods market is expanding its presence in the USA with a focus on progressing manufacturing processes. Key companies are introducing new applications and firming up their distribution channels. Players in the market are also opting for acquisitions and mergers. They are actively collaborating with local vendors to expand the scope of their activities. Key players are leadingly involved in research and development projects to create effective vegan protein.
Beyond Meat, Tofurky, and Field Roast are prominent players in the USA vegan protein foods market.
Recent Developments
- In January 2023, Planet Based Foods Global Inc. announced that it has signed two definitive agreements with the well-known supermarket chain Quality Food Centers. Consumers looking for nutritious plant-based substitutes from Planet Based Foods can find the company’s products at 56 QFC stores in Oregon and Washington.
- In October 2022, renowned pea protein maker Puri declared that it will be launching the first product made from plant-based eggs.
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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)
About FMI
Future Market Insights (ESOMAR certified 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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