Technological Advancements and Research Developments in Plant-Based Protein Industry
NEW YORK, NY, December 06, 2023 /24-7PressRelease/ -- The Plant Based Protein Products Market is poised for substantial growth, with an estimated increase of USD 11.13 billion from 2022 to 2027, reflecting a robust CAGR of 17.57% during this forecast period, according to Technavio. This expansion is primarily attributed to the growing global population adopting veganism, driven by heightened awareness of the health benefits associated with plant-based diets. These diets, renowned for their elevated fiber, antioxidant, potassium, magnesium, and vitamin content, are not only promoting a vegan lifestyle but also linked to advantages such as weight loss, improved kidney function, blood sugar regulation, and reduced heart disease risk.
To delve deeper into the historical (2017 to 2021) and projected market size (2023 to 2027), a sample report can be requested. The report includes special coverage on current events like the Russia-Ukraine war, global inflation, COVID-19 recovery analysis, supply chain disruptions, global trade tensions, and the risk of recession, offering a comprehensive perspective.
Plant Based Protein Products Market - Segmentation Overview:
Technavio's segmentation is based on Distribution Channel (offline and online), Product (soy protein, wheat protein, pea protein, and others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The offline segment is anticipated to witness substantial market share growth, driven by diverse offline channels such as hypermarkets, supermarkets, and grocery and convenience stores. Organized retailing, particularly through hypermarkets and supermarkets, simplifies the consumer purchasing journey by offering a wide array of products for selection.
Geography Overview:
The market is geographically segmented into North America, Europe, APAC, South America, and the Middle East and Africa. North America is expected to contribute around 44% to the global market's growth during the forecast period. Notably, Canada's food industry holds the position of being the second-largest manufacturing industry in terms of production value, further enhancing the growth of the regional plant-based protein supplements market.
Market Dynamics:
The report delves into the dynamics influencing the market, highlighting key trends and challenges. Rising health consciousness, fueled by consumer focus on wellness, is a significant trend. Increased awareness of obesity-related health issues is prompting consumers to prioritize natural, low-fat, and low-calorie food and beverage options. The market responds with the introduction of new plant-based products with reduced fat and calorie content. Notably, the 18 to 32 age group shows a trend of seeking functional benefits in products and is willing to pay more for healthier choices.
Challenges:
A major challenge faced by the market is the increasing number of product recalls, primarily due to mishandling raw materials and supplies, compromising product safety and quality. Regulatory bodies have the authority to close down operations and withdraw products if they pose risks to consumer health. Product recalls impact brand reputation, operations, sales, and act as barriers to market growth.
Key Data Covered in the Report:
The report provides key data, including the CAGR of the market during the forecast period, detailed information on factors driving growth, precise estimation of market size, insights into upcoming trends and changes in consumer behavior, growth across regions, a thorough analysis of the competitive landscape, and an examination of factors challenging market growth.
For comprehensive insights into market drivers, trends, challenges, and data covering both historic (2017 to 2021) and forecast periods (2023 to 2027), a sample report can be requested.
Related Reports:
Organic Whey Protein Market: The organic whey protein market share is expected to increase by USD 292.37 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.3%.
Soy and Milk Protein Ingredients Market: The Soy and Milk Protein Ingredients Market size is projected to increase by USD 6,850.31 million and the market size is estimated to grow at a CAGR of 4.89% between 2022 and 2027.
TOC
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Distribution Channel
7. Market Segmentation by Product
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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