The Global Plant Based Protein Market size was estimated at USD 13.1 billion in 2021 and is expected to hit around USD 23.8 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2031.
Global Plant Based Protein Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The term "Global Plant-Based Protein Market" describes the global sector of the economy devoted to the manufacture, sale, and consumption of goods high in protein obtained from plant sources. Alternatives to typical animal-based protein sources including meat, dairy, and eggs include plant-based proteins. They come from a variety of plants, including grains (such as quinoa, rice), legumes (such as beans, lentils), nuts, seeds, and other sources.
A number of significant trends are influencing the landscape of different industries in the current global market environment. The quickening pace of digitization and the integration of technology across industries is one key development. Artificial intelligence (AI), the Internet of Things (IoT), and data analytics are being used by businesses all over the world to improve operational efficiency, customer experiences, and decision-making procedures. This digital transformation is stimulating innovation and offering up new business opportunities in addition to optimising operations.
Additionally important trends include sustainability and environmental awareness. A rise in the use of sustainable products, renewable energy, and smaller carbon footprints is being driven by increased consumer and governmental pressure on businesses to embrace eco-friendly practises. Businesses that place a high priority on sustainability not only exceed customer expectations, but also gain a competitive edge and benefit the environment.
The COVID-19 pandemic has also changed how businesses run. Industries including e-commerce, telemedicine, and online entertainment have seen substantial increases, and remote labour has become the standard. Flexibility and flexibility are now important qualities for firms to successfully overcome uncertainty.
Last but not least, there is a shift in consumer preferences towards health and well-being on the worldwide market. Because of the epidemic, there is a greater concern for one's own health, which has increased demand for fitness, mental health, and immune-boosting goods and services.
Recent Developments:
Recent significant changes in the market for plant-based proteins are a reflection of rising customer demand for nutrient-dense, environmentally friendly foods. The ongoing growth of product offerings by both established businesses and startups is a noteworthy trend. Innovative plant-based protein products that closely resemble the flavour and texture of proteins obtained from animals have been developed as a result of increased research and development activities, appealing to a wider consumer base.
Activities related to investments and collaboration are also increasing. To take advantage of the market's potential, major food firms are making significant investments in start-ups that produce plant-based proteins. In addition, partnerships between traditional food producers and providers of plant-based proteins are enabling the incorporation of plant-based components into a larger range of goods, from dairy substitutes to meat analogues.
The retail environment is also changing. Consumers now have increased access to plant-based protein products thanks to common supermarkets and internet retailers. Consumer trial and uptake are being driven by this improved accessibility.
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Global Plant Based Protein Industry Research Report, 2020-2031.
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