According to a new market research report, the plant-based protein market is expected to grow at a CAGR of 9.7% from 2021 to 2028 to reach $23.4 billion by 2028.
The report “Plant-based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein), Crop Type (GMO), Source Process (Organic), Application (Food and Beverages, Animal Feed, Nutritional Supplements) – Global Forecast to 2028”, published by Meticulous Research, notes consumer interest in boosting protein intake increases with more attention paid to the specific types of protein consumed.
With increasing population and welfare, the demand for protein as a food-nutritional component is rising sharply, the report says. The high protein trend is gaining traction and will continue to evoke interest in the upcoming years. Consumers have become more aware of protein benefits in supporting an active lifestyle, it goes on to note.
“The desire for clean labels, ease of digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan lifestyles, and concerns about sustainability among the general population are putting the spotlight on plant proteins,” the repot states. “Consumer notions of what constitutes a good protein source are expanding to include a wider variety of plant protein ingredients. Subsequently, interest in plant protein ingredients among food manufacturers and food service operators intensifies, fuelling the global plant-based protein market’s growth.”
The overall plant-based protein market study is segmented based on type, crop type, source process, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
A major finding of the report is that COVID-19 provided a substantial increase in sales of plant-based products, which proved beneficial for all stakeholders in the plant-based proteins market.
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