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Food and Agri
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15 ม.ค. เวลา 07:26 • อาหาร

Plant-Based Protein Market Expansion: A Comprehensive Overview

The plant-based protein market size is estimated at USD 13.3 billion in 2023 and is projected to reach USD 19.2 billion by 2028, at a CAGR of 7.7% from 2023 to 2028. Plant-based proteins have surged in popularity thanks to their diverse range of nutritional benefits, attracting individuals in search of a healthier and more sustainable protein source.
Here are some Plant-based Protein Market Trends:
Rising Consumer Demand: Increasing awareness of health and environmental concerns has led to a growing demand for plant-based protein alternatives. Consumers are seeking plant-based options as part of a healthier and more sustainable lifestyle.
Product Innovation: The market has seen continuous innovation in product development, with companies creating a wide range of plant-based protein products. This includes plant-based burgers, sausages, dairy alternatives, and protein supplements.
Expansion of Product Offerings: Many companies are expanding their plant-based product lines to cater to diverse consumer preferences. This includes the use of various plant protein sources such as peas, soy, hemp, rice, and more.
Retail Penetration: Plant-based protein products are increasingly available in mainstream grocery stores and supermarkets, indicating a shift from niche markets to mainstream acceptance. This increased accessibility has contributed to the market's growth.
Investment and Acquisitions: Large food companies are investing in or acquiring plant-based protein startups, reflecting the industry's potential. This has also led to increased research and development in the sector.
Plant-Based Protein Market Forecast:
Continued Growth: Many industry analysts predicted that the plant-based protein market would continue to experience significant growth in the coming years. This was driven by increasing consumer awareness of health, sustainability, and ethical concerns related to traditional animal-based protein sources.
Expanding Product Range: The plant-based protein market was expected to witness a diversification of product offerings, including innovative plant-based alternatives to traditional animal-based products. This includes burgers, sausages, dairy substitutes, and more.
Investment and M&A Activity: The trend of major food companies investing in or acquiring plant-based protein startups was anticipated to continue. This influx of capital was expected to drive further innovation and expansion in the industry.
Market Penetration: Plant-based protein products were anticipated to become more widely available in mainstream grocery stores and restaurants, indicating a shift from a niche market to broader consumer acceptance.
Technological Advancements: Ongoing advancements in food technology and processing methods were expected to improve the taste and texture of plant-based protein products, making them more appealing to a wider audience.
The Asia Pacific is estimated to grow at the fastest CAGR in the plant-based protein market.
The demand for fortified nutritional food and beverage products is on the rise in the Asia Pacific region due to busy lifestyles and increased disposable incomes. The use of dairy alternatives is expected to grow rapidly in response to consumer preferences. With greater economic power among consumers in the region, there is an increased consumption of affordable and abundant products like soymilk.
This report focuses on major countries in the region, including Japan, Australia, China, and India. Key market players in this area include Sanitarium Health & Wellbeing Company and Freedom Foods Group Ltd. in Australia, Vitasoy International Holdings Limited in Hong Kong, and Purcharest in Australia. The dairy alternatives industry in the Asia Pacific region is experiencing significant growth, driven by changes in consumer lifestyles.
Therefore, major players in the region, such as ADM (US), Cargill, Incorporated (US), International Flavors & Fragrances Inc. (US), Ingredion (US), Roquette Frères (France), are trying their best to tap the region’s potential by expanding and diversifying plant-based protein portfolios to meet the consumer’s demand.
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