Plant-Based Protein Market – Demand Analysis and Forecast 2027.

In this report, The plant-based protein market is growing, and consumers are eating more meat alternatives. In addition, a recent report from the Plant-Based Leaderboard shows that the market has been on a steady increase. In this blog, you’ll find an in-depth analysis of the current state of the plant-based protein market with information on demand, leading players, and forecasts over the next ten years.

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Introduction

The plant-based protein market is gaining momentum and is estimated to reach $6.8 billion by 2021. The rapid increase in plant-based proteins has been driven by an increased focus on food security, environmental sustainability, public health, and animal welfare. As a result, the plant-based protein market has been expanding over the past five years and is expected to continue to do so. The growth of this industry is primarily driven by the demand for meat alternatives and interest in veganism, high-protein diets, and growing health awareness.

Goal of Analysis

This report aims to provide an industry-oriented overview of the plant-based protein market. The information will include a detailed analysis of the demand drivers, market trends, drivers, and restraints and an analysis of the market share of key players in the sector.

Market Overview

Plant-based and vegan protein products (PB&V) have rapidly increased in the food market over the past ten years. With hard-hitting campaigns from athletes, consumers are choosing PB&V for ethical, environmental, and health reasons. However, with this growth comes a need for companies to understand how to capitalize on this trend to drive more sales.

Demand Forecast

The global plant-based protein market was valued at USD 3,943.9 million in 2016 and is expected to grow at a CAGR of 8.1% from 2017 to 2024. Scaling up production is considered a significant factor in the success of the plant-based protein industry.This growth is attributed to health concerns about animal products; lower prices are given increased production and the rising awareness among consumers about healthy living.

Leading Player Market Share Forecast, 2028

The demand for plant-based protein is expected to increase significantly over the forecast period. Vegan protein is expected to lead the market within a plant-based protein due to its numerous health benefits over animal proteins. The study also notes that vegan protein products are becoming increasingly popular in North American markets.

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Conclusions

The global plant-based protein market will reach around $6,077.93 billion by 2021 from an estimated $4,494.65 billion in 2015, with a CAGR of about 7.3%. Out of the total global protein market, plant-based proteins were predicted to grow at a CAGR of 7.2% between 2016 and 2024. The plant-based protein market is growing because it has been proven that these are healthier than meat alternatives.

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