According to Future Market Insights, the global vegan protein market is projected to reach USD 10.8 billion in 2023. Over the forecast period from 2023 to 2033, the market is anticipated to accelerate, aiming for a valuation of USD 22 billion with a 7.4% compound annual growth rate (CAGR). This growth is largely driven by increasing adoption of plant-based diets worldwide.
Worldwide, the appeal of vegan cuisine is experiencing significant growth. This trend extends beyond nations where abstaining from meat aligns with moral or spiritual principles. Concerns over the escalating global carbon footprint from extensive consumption of animal-based foods are prompting consumers to conscientiously select options that have a lower environmental impact.
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Consumers are increasingly turning to vegan and plant-based protein sources not only out of environmental concerns but also due to well-documented health advantages. Plant-based proteins offer a complete spectrum of the nine essential amino acids vital for human health. Noteworthy sources include beans, legumes, grains like oats, farro, barley, or quinoa, lentils, nuts, seeds such as sunflower or peanuts, and soy. Shifting towards plant-based proteins can lower the risk of heart disease, hypertension, high cholesterol, various cancers, obesity, stroke, and type-2 diabetes compared to diets rich in meat-based proteins. Moreover, plant-based and vegan protein sources are typically rich in fiber, which aids in stabilizing blood sugar levels and managing appetite.
Protein, comprised of long chains of amino acids, serves as the fundamental building blocks for the body and is sourced from both plants and animals. Innovations in food technology are enabling manufacturers to develop products with improved taste and texture, making them more palatable and easier to cook with.
Animal-based products like meat, milk, and eggs contain proteins that can be challenging to digest, prompting consumers to explore plant-based alternatives, often referred to as vegan proteins. Furthermore, the demand for vegan protein is rising alongside growing awareness about animal welfare and concerns related to allergies.
The rising global emphasis on health consciousness is prompting protein manufacturers to introduce healthier alternatives to traditional proteins, including vegan protein and its derived products.
Global Vegan Protein Market: Key Players
Some of the key manufacturers operating their business in the global vegan protein market include
- Hammer Nutrition Direct
- Country Life LLC
- Australian Natural Protein Company
- Ghost LLC Puris
- Garden of Life
- LLC Reliance Private Label Supplements
- ALOHA Genuine Health Inc.
- Vitamer Laboratories
- Manitoba Harvest Hemp Foods
- Archon Vitamin LLC
- Archon Vitamin LLC’s Sequel Natural Ltd.
- Prevention LLC
- Riff Enterprises Inc. and Orgain Inc.
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Key Segments
Nature:
- Organic
- Conventional
Form:
- Powder
- Liquid
Source:
- Soy
- Pea
- Oats
- Quinoa
- Leafy Vegetables
- Nuts
- Cashew
- Almond
- Pistachio
- Hazelnut
- Walnut
Flavor:
- Strawberry
- Vanilla
- Chocolate
- Mixed Berries
- Others (Banana, Mix fruit e.t.c.)
Application:
- Food & Beverages
- Pharmaceuticals
- Nutraceuticals
- Animal Feed
The regional analysis covers
- North America (USA and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, United Kingdom, France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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