By 2024 the global plant-based vegan protein market is estimated to reach $35.54 billion U.S. dollars while growing annually by 14% between now and 2024.
In fact, the global plant-based vegan meat market specifically is forecasted to reach $24.11 billion U.S. dollars a year with its annual growth similar at 14.5% by 2024.
The report cites the driving force behind this explosion in plant-based vegan products as being the expansion of urbanization, increasing obesity rates and surging the vegan population.
They also take note of market trends like the advancements in plant-based vegan protein (ingredient technologies) and active government policies to eat healthily in the face of an obesity epidemic.
Highlighted however is the fact that the growth of plant-based vegan food sector is currently hindered by the higher prices that plant-based meats and products are at the moment set at in comparison to the traditional flesh-based meats and products.
The report breaks down the various categories like this:
“The global plant-based protein market can be categorized on the basis of type, source, and application. On the other hand, the global plant-based meat market is segmented on the basis of source and product.
In terms of type, the global plant-based protein market can be categorized into plant-based meat and others. On the basis of source, the market can be divided into Soy protein, Wheat Protein, Pea Protein, and Others.
In terms of application, the global plant-based protein market can be segmented into Food & Beverages, Nutrition & Health supplements, Animal feed, Pharmaceuticals, and Others.
The plant-based meat market can be segmented into Soy-based, Wheat-based, Pea-based and others, in terms of source.
In terms of product, the global plant-based meat market can broadly be categorized into Burger, Sausages, Crumbles, Nuggets, Meatballs, and Others.”
The fastest-growing regional market is North America due to growing applications of plant-based protein in various food products such as bakery products, increasing prevalence of chronic diseases like obesity in the region, surging health awareness among adults and rising millennial population in the region.
Scope of the report:
- The report provides a comprehensive analysis of the global plant-based protein market (segmented on the basis of type, source and applications) with focus on global plant-based meat market (segmented on the basis of source and product).
- The major regional and country markets (North America, Europe, Asia Pacific and Rest of the World) have been analyzed.
- The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
- The competitive landscape of the market, along with the company profiles of leading players (Kerry Group PLC, Glanbia PLC, Corbion NV, Archer Daniels Midland Company, Danone and Cargill Inc.) are also presented in detail.
The full report can be viewed here: https://www.researchandmarkets.com/r/1qup5s