Global vegan protein foods market is expected to be valued at US$ 10327 million in 2023 and to reach a valuation of US$ 19063 million by 2033. The demand for vegan protein foods is estimated to grow at a steady 7% CAGR, with the U.K., the U.S., China, and India emerging as key producers.
Consumers’ growing interest in health has fueled a dramatic expansion of the field of personalized nutrition. Recently, shoppers have been increasingly picky about what they put in their bodies. Other than the traditional vegan protein product sources like soy, wheat, and pea, aquatic plants present a tremendous potential to obtain proteins and components that are tailored to the specific physiological and metabolic requirements of individual customers.
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Protein in plants is synthesized through a natural process that uses the energy from the sun to drive a sequence of chemical reactions that combine different elements into a single molecule. Chlorophyll, found in plants, is the essential agent responsible for this one-of-a-kind process. Most of the sun’s rays hit water, including the seas, rivers, lakes, and wetlands. Aquatic proteins fit for human consumption exist in water bodies all over the world and can be enhanced with the help of modern aquaculture technology, but they are still mostly unexplored.
Growing concerns about heart disease, diabetes, high blood pressure, obesity, and other lifestyle-related illnesses have shifted consumer preferences toward plant-based diets. As a result, this is helping to drive demand for vegan protein foods. People are increasingly opting for plant-based diets as a defence mechanism against the rapid proliferation of diseases that can be spread by animals or insects.
Manufacturer interest in the vegan market has increased as a result of the expanding vegan trend. In the Americas, morbid obesity is the primary killer. Veganism, or the consumption of proteins derived from plants, is thought to lower the risk of cancer, obesity, and cardiovascular disease through increasing glucagon activity.
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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.
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 are focusing on product innovation to differentiate themselves in the vegan protein foods market. They are experimenting with new ingredients and technologies to create plant-based alternatives that look, taste, and feel like traditional meat products. For example, some companies are using fermented ingredients to create meat alternatives that have a more realistic texture and taste.
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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
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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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