Plant-Based Protein Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Plant-Based Protein Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The plant-based protein market size has grown exponentially in recent years. It will grow from $42.13 billion in 2023 to $52.08 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to increased health and wellness awareness, risie in concerns about environmental sustainability, growth in preference for vegetarian and vegan diets, expansion of plant-based food and beverage industry, demand for allergen-free and non-gmo protein sources.

The plant-based protein market size is expected to see rapid growth in the next few years. It will grow to $107.28 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to regulatory support and labeling standards for plant-based foods, rising consumer demand for clean label and natural ingredients, market penetration in emerging economies and middle-income countries, increasing applications in functional foods and nutraceuticals, growing interest in sports nutrition and performance enhancing supplements. Major trends in the forecast period include technological advancements in protein extraction and processing, hybrid and blended products, fermented and cultivated proteins, customized protein solutions, innovations in dairy alternatives.

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Market Drivers and Trends:

The increasing awareness of health and wellness is expected to propel the growth of the plant-based protein market during the forecast period. Plant-based proteins are good for weight loss and provide building blocks for healthy muscles and tissues. They are high in fiber and contain less amount of calories & fats than animal protein. For instance, according to a poll by E times in 2021, the COVID-19 pandemic has transformed Indians' attitudes toward health, with 70% saying they will prioritize food and lifestyle adjustments in 2021 to manage both physical and emotional health. Therefore, the increasing awareness of health and wellness drives the growth of the plant-based protein market.

Plant-based meat substitutes are gaining significant popularity in the plant-based proteins market. Plant-based meat alternatives are the priority of major companies operating in the plant-based proteins sector attributing to various benefits such as being ecologically friendly, aiding in weight loss, preventing chronic illnesses, and regulating cholesterol and blood sugar levels. For instance, in July 2021, Nature's Fynd, a US-based company which develops microbe-based proteins for meat and dairy substitutes has raised over $158 million in funds for the launch of its meatless breakfast products including patties, burgers chicken-less nuggets, and others. Additionally, according to the Plant-Based Foods Association, the alternative foods sector exploded in 2020, increasing U.S. retail sales by 27% and boosting the entire market value to $7 billion.

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Major Key Players of the Market:

Archer-Daniels-Midland Company, DuPont Nutrition & Biosciences, Axiom Foods Inc., Cargill Inc., Kerry Group, Ingredion Inc., Roquette Freres SA, Wilmar International Ltd., Glanbia plc, Cosucra Groupe Warcoing SA, Sotexpro SAS, Emsland Group, Puris Proteins LLC., Beyond Meat Inc., ETChem Ltd., BENEO GmbH, Tate & Lyle plc, Shandong Jianyuan group, American Casein Company, Proeon Foods, Australian Plant Proteins Pty Ltd., Impossible Foods Inc., Nestle SA, Kellogg Company, Conagra Brands Inc., Tyson Foods Inc., Turtle Island Foods, Lightlife Foods Inc., Field Roast Grain Meat Co. Inc., Quorn Foods Ltd.

Plant-Based Protein Market 2024 Key Insights:

• The plant-based protein market size is expected to see rapid growth in the next few years. It will grow to $107.28 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%.
• Growing Health Consciousness Drives Demand For Plant-Based Proteins, Propelling Market Growth
• Plant-Based Meat Substitutes Gain Popularity In The Market, Attributed To Health And Environmental Benefits
• North America was the largest region in the plant-based protein market in 2023

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