Global Plant Based Protein Products Market 2019-2023
About this market
Players are introducing new plant-based products with lower calorie and fat content. This will cater to the changing demands of the consumers. Successful new product launches will not only help these market players to boost their market shares but also increase their revenue flow. Technavio’s analysts have predicted that the plant based protein products market will register a CAGR of almost 9% by 2023.
Expanding global vegan population base
The rising awareness about health benefits of vegan diets is encouraging the growth of vegan population. Vegan diets contains antioxidants, fiber, and beneficial plant compounds and are rich in folate, potassium, magnesium, and vitamins A, C, and E. The millennial vegan population is rising due to the growing awareness regarding the benefits of vegan diets in lowering the risks of heart diseases.
Effect of natural calamities
The cultivation of protein containing plants is severely affected due to the increasing crop damages resulting from natural calamities. This increases the product prices and has a negative impact on the market.
For the detailed list of factors that will drive and challenge the growth of the plant based protein products market during 2019-2023, view our report.
The market appears to be highly fragmented with the presence of many companies. Factors such as the introduction of new plant-based products with lower calorie and fat content and expanding global vegan population base, will provide considerable growth opportunities to plant based protein products market vendors. Archer Daniels Midland Company, Cargill, DowDuPont, Kerry Group, and Omega Protein Corporation are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Plant Based Protein Products Market 2019-2023
Technavio recognizes the following companies as the key players in the global plant based protein products market: Archer Daniels Midland Company, Cargill, DowDuPont, Kerry Group, and Omega Protein Corporation.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the new product launches.”
According to the report, one driver influencing this market is the expanding global vegan population base.
Further, the report states that one challenge affecting this market is the increasing number of product recalls.
Archer Daniels Midland Company
Omega Protein Corporation
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