Global Plant Based Protein Products Market 2019-2023| Expanding Vegan Population Base to Boost Demand| Technavio

Technavio has published a new market research report on the global plant-based protein products market from 2019-2023. (Graphic: Business Wire)

LONDON--()--Technavio analysts forecast the global plant-based protein products market to grow at a CAGR close to 9% during the forecast period, according to their latest market research report.

Increasing health consciousness is one of the major trends being witnessed in the global plant-based protein products market 2019-2023. The increasing instances of obesity and related diseases is making consumers more health conscious and they are demanding food and beverage products that are natural and low in fat and calorie content. To cater to the changing consumer demands, players have started coming up with new plant-based products that have lower fat and calorie content. The health and wellness trend is gaining popularity among consumers, especially young consumers in the age group of 18-32 years. Many consumers are also ready to pay a premium price for healthy products that offer various functional benefits. The increasing demand for healthy food and beverage products will thus help in the growth of the global plant-based protein products market during the forecast period.

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According to Technavio analysts, one of the key factors contributing to the growth of the global plant-based protein products market is the expanding global vegan population base:

Global plant-based protein products market: Expanding global vegan population base

The expanding global vegan population base is one of the primary growth drivers of the global plant-based protein products market. With rising awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles is increasing across the globe. It is estimated that the number of consumers who are opting for plant-based diets over animal-based diets is increasing, and the trend is more common among millennials. The number of vegan consumers is increasing in countries such as the US and Canada. The vegan lifestyle is gaining popularity among the young population in Mexico and is expected to increase further during the forecast period. The number of people adopting a vegan lifestyle is also increasing in European countries such as the UK, Germany, and France. Thus, the growing global vegan population will help in the growth of the global plant-based protein products market during the forecast period.

According to a senior analyst at Technavio, “Apart from the growing vegan population, other factors boosting the growth of the market are celebrity endorsements of plant-based products, increasing number of product launches, and the emergence of private label brands.”

Global plant-based protein products market: Segmentation analysis

The global plant-based protein products market research report provides market segmentation by product (soy protein, wheat protein, pea protein, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The Americas held the largest share of the market in 2018, accounting for close to 53% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by the EMEA region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

Technavio analysts forecast the global plant-based protein products market to grow at a CAGR of nearly 9% during 2019-2023.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com