LONDON--(BUSINESS WIRE)--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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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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