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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