NEWARK, Del, Sept. 17, 2023 (GLOBE NEWSWIRE) — The global vegan protein foods market is expected to be valued at US$ 10327 million in 2023 and to reach a valuation of US$ 19063 million by 2033. The demand for vegan protein foods is estimated to grow at a steady 7% CAGR, with the U.K., the U.S., China, and India emerging as key producers.
Consumers’ growing interest in health has fueled a dramatic expansion of the field of personalized nutrition. Recently, shoppers have been increasingly picky about what they put in their bodies. Other than the traditional vegan protein product sources like soy, wheat, and pea, aquatic plants present tremendous potential to obtain proteins and components tailored to individual customers’ specific physiological and metabolic requirements.
Protein in plants is synthesized through a natural process that uses the energy from the sun to drive a sequence of chemical reactions that combine different elements into a single molecule. Chlorophyll, found in plants, is the essential agent responsible for this one-of-a-kind process. Most of the sun’s rays hit the water, including the seas, rivers, lakes, and wetlands. Aquatic proteins fit for human consumption exist in water bodies all over the world. They can be enhanced with the help of modern aquaculture technology, but they are still mostly unexplored.
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Growing concerns about heart disease, diabetes, high blood pressure, obesity, and other lifestyle-related illnesses have shifted consumer preferences toward plant-based diets. As a result, this is helping to drive demand for vegan protein foods. People are increasingly opting for plant-based diets as a defense mechanism against the rapid proliferation of diseases that animals or insects can spread. Manufacturer interest in the vegan market has increased as a result of the expanding vegan trend. In the Americas, morbid obesity is the primary killer. Veganism, or the consumption of proteins derived from plants, is thought to lower the risk of cancer, obesity, and cardiovascular disease through increasing glucagon activity.
The growing vegan protein foods market, as a result of the health benefits it provides, has prompted major businesses to diversify their offerings. So, to improve the food’s overall health benefits, more and more people are turning to plant-based proteins.
With the help of cutting-edge innovations in research and development, plant proteins can find even more uses in the food and drink industry. However, new products can help compensate for plant protein’s lower grade compared to animal/dairy proteins like whey and meat.
Regarding the worldwide plant-based protein business, soy protein is a huge moneymaker and is projected to expand rapidly over the next several years.
Soy, wheat, peas, and other legumes and grains are only some of the plant foods that can be used to make protein-rich plant-based foods. Pea protein is expected to expand at a robust CAGR of 6.9% during the next few years.
The value of the isolate market category is projected to grow at a CAGR of 5.8% over the forecasted time frame, as indicated by the data presented here.
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The competitive landscape in the vegan protein foods market is becoming increasingly competitive as more companies enter the market and existing companies expand their product offerings.
Companies are focusing on product innovation to differentiate themselves in the vegan protein foods market. They are experimenting with new ingredients and technologies to create plant-based alternatives that look, taste, and feel like traditional meat products. For example, some companies use fermented ingredients to create meat alternatives with a more realistic texture and taste.
Recent Developments in the Market
Beyond Meat is a key player in the vegan protein market. The player is popular for the development of plant-based meat substitutes. The market player partners with key fast-food chains such as KFC, Burger King, and McDonald’s. The company focuses on improving the texture and taste of the meat substitutes.
The big player has entered the business with Sweet Earth and Garden Gourmet. The focus of the player is on innovation and acquisition to broaden the portfolio of the company.
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- Soy Protein
- Wheat Protein
- Pea Protein
- Nutritional Products
- Bakery, Snacks & Cereals
- Dairy, Confectionary and Dessert
- Convenience Food
- Animal Feed
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Have a Look at Related Reports of Food and Beverage Domain:
Vegan Casing Market: The vegan casing market share is expected to rise from its current market value of US$ 2.2 billion in 2022 to US$ 4.4 billion in 2032 at a CAGR of 7.3%. According to recently released market analysis data from Future Market Insights, the demand for vegan casing will increase by 6.6% year over year (Y-o-Y) in 2022.
Protein/Antibody Engineering Market: Protein and antibody engineering refers to the techniques or processes used in the creation of unique, valuable, and practical proteins. The body uses the proteins generated frequently as an antibody to assist it in fighting off several infectious infections that frequently endanger life.
Mammalian Derived Proteins Market: The global market for mammalian-derived proteins is anticipated to grow from a projected valuation of US$ 588.9 Mn in 2021 to US$ 1.5 Bn by 2032, expanding at a CAGR of 9.0%.
Prokaryotic Recombinant Protein Market: From 2023 to 2033, the global prokaryotic recombinant protein market is anticipated to grow at a 7.4% CAGR. Future Market Insights predicts that in 2023, the market would be valued at US$ 2.8 billion, and that it will eventually increase at the aforementioned rate to US$ 5.7 billion.
Pea Protein Ingredients Market: According to projections, the pea protein ingredients market will be worth US$ 1.6 billion in 2023 and US$ 3.4 billion by 2033. During the predicted period, pea protein ingredient sales expand at a CAGR of 7.9%. The following are some of the factors driving the market for pea protein ingredients:
Protein Expression Market: At the end of 2021, the global protein expression market had a US$2.2 billion market value. By 2032, the market is anticipated to grow at a 7.5% CAGR and reach a value of US$ 4.7 billion.
Protein Crystallization and Crystallography Market: The global protein crystallisation and crystallography market is anticipated to reach US$ 2.23 billion in 2028, growing at a CAGR of 9.6%.
Soy Protein Ingredient Market: The Soy Protein Ingredient market is expected to increase at a CAGR of 4.5% from 2022 to 2032, from its current value of USD 10.2 billion. According to recently released market analysis data from Future Market Insights, the demand for soy protein ingredients worldwide is expected to increase by 3.7% Y-o-Y in 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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