Vegan Protein Foods Market

Vegan protein foods Market Outlook

Global vegan protein foods market is expected to be valued at USD 10327 million in 2023 and to reach a valuation of USD 19063 million by 2033. The demand for vegan protein foods is estimated to grow at a steady 7% CAGR, with the United Kingdom, the USA, China and India emerging as key producers.

Protein from plants can now be substituted for proteins from animals such as whey, eggs, and other sources. The growing popularity of veganism has contributed to a surge in interest in vegan protein products. Manufacturers are releasing a groundbreaking plant-based product that includes vital nutrients while omitting harmful ones.

When replacing eggs in recipes like pasta, vermicelli, cakes, and cookies, pea protein is a good option because it provides a complete protein. And because eating animal products has been linked to an increase in allergy rates, food producers in industrialised countries are offering plant-based food ingredients to attract the vegan community.

More than half of persons with a food allergy in the United States report an intolerance to eggs and other egg products, as reported by the Centers for Disease Control and Prevention.

Both in terms of individual and environmental well-being, vegan protein products are seen as a more sustainable alternative to animal-sourced proteins. Since more people are becoming vegan and more people are concerned about health issues like cardiovascular disease, the vegan protein products demand has exploded. Consumers are increasingly drawn to plant-based proteins due to the belief that they can help them better manage their weight, a problem that is felt all over the world.

Attributes	Details
Vegan protein foods Market CAGR (2023 to 2033)	7%
Vegan protein foods Market Size (2023)	USD 10327 million
Vegan protein foods Market Size (2033)	USD 19063 million

How is the Future Outlook for Vegan protein foods in Comparison to Historical Pattern?

The global demand for vegan protein foods grew at a CAGR of 6.8% between 2016 and 2022, and it's expected to expand at a CAGR of 7% between 2023 and 2033. The growth potential of the market could be looked at from short term, midterm, and long term perspectives.

Short Term Outlook (2023 to 2025):	The need for vegan protein products is increasing as vegan and vegetarian diets gain in popularity. Proteins derived from plants are a good source of amino acids and probably every other nutrient your body needs. People are eating less milk, meat, meat products, and other things derived from animals. The demand for vegan protein foods is growing.
Mid Term Outlook (2025 to 2028):	Increasing demand for baked goods and sweets around the world presents promising expansion opportunities for the plant-based protein industry.
Long Term Outlook (2028 to 2032):	Athletes, gymnasts, and professional bodybuilders have been boosting their consumption of plant-based proteins, which, together with the rapid expansion of the plant protein supplements market and the plant-based protein powder market, is expected to further increase the category growth in the future years.

The expansion of the demand for vegan protein foods is anticipated to be fueled by the rising popularity of fast food and other convenience foods. Also, in the approaching years, the market is likely to be bolstered by the growing desire of consumers for organic and natural products.

A boost in consumption is forecast as a result in both developing and developed nations. Natural energy food consumption is on the rise as people seek out healthier options including seeded bread, breakfast cereals, smoothies, pastries, and other items made with all-natural components.

Increases in health and wellbeing awareness across the globe bode well for the global plant protein industry. Opportunities for sales are likely to arise as more people learn about the health benefits of choosing plant-based goods over animal products. As a result, sales of plant-based protein foods are expected to rise during the projection period.

Country-wise Insights

How Will the Vegan protein foods Market Expand Across the United States?

With the rise of e-commerce and online grocery shopping, vegan protein products are more accessible to Americans than ever before. This has made it easier for people to incorporate vegan proteins into their diets.

Social media has also played a significant role in popularizing vegan protein products in the USA. Platforms like Instagram and TikTok have helped to raise awareness about vegan protein products and make them more accessible to the general public.

Top Companies in the United States Vegan protein foods Industry

• Beyond Meat is a plant-based meat company that produces a variety of meat alternatives such as burgers, sausages, and ground beef. It was founded in 2009 and is based in El Segundo, California.
• Tofurky is a company that specializes in producing meat alternatives made from tofu and other plant-based proteins. They offer a wide range of products including deli slices, sausages, and roasts. Tofurky was founded in 1980 and is based in Hood River, Oregon.
• Field Roast is a vegan meat and cheese producer, known for their artisanal grain meat products and plant-based sausages and roasts. Founded in 1997, the company is based in Seattle, Washington.

Will the United Kingdom Continue Dominating the Vegan protein foods Market?

CAGR (2023 to 2033)	7.5%
United Kingdom Vegan protein foods Market Share	9.4%
United Kingdom Vegan protein foods Market Valuation (2022)	USD 908.5 million
United Kingdom Vegan protein foods Market Valuation (2033)	USD 2017.3 million

Plant-based protein products are now more sophisticated than ever before. Many vegan protein products are designed to mimic the taste and texture of animal-based proteins, which makes them more appealing to people who are used to eating meat.

Companies are investing in research and development to make vegan protein products more delicious, nutritious and accessible to the general public, this has helped to increase their popularity.

A shift in consumer preferences towards vegan protein product diets and sustainable living is happening worldwide. In the UK, people are becoming more aware of the health and environmental benefits of vegan proteins, and they are choosing to include more of these products in their diets.

Top Companies in the United Kingdom Vegan protein foods Industry

• Quorn Foods - Quorn Foods is a UK-based company that produces a wide range of meat-free products made from mycoprotein, a protein source made from a fungus. They have a wide range of meat alternatives including sausages, burgers, and nuggets.
• The Meatless Farm Co - The Meatless Farm Co. is a UK-based startup that produces plant-based meat alternatives such as burgers, sausages, and meatballs. They use a blend of soy, wheat, and pea protein to create their products.
• Vivera - Vivera is a Dutch company that produces a wide range of plant-based meat alternatives such as burgers, sausages, and steak. They have a strong presence in the UK market and are known for their high-quality products.
• Linda McCartney Foods - Linda McCartney Foods is a UK-based company that produces a wide range of vegetarian and vegan meat alternatives such as sausages, burgers, and pies. They have been in business for over 25 years and are known for their high-quality products.

Why China is Considered an Attractive Heat recovery Generator Market?

CAGR (2023 to 2033)	5.6%
China Vegan protein foods Market Share	9%
China Vegan protein foods Market Valuation (2022)	USD 869.84 million
China Vegan protein foods Market Valuation (2033)	USD 1581.8 million

Some regions in China, such as Buddhist-majority regions, already have a tradition of plant-based diets. This has made it easier for people in these regions to adopt a vegan diet.

Government and media are also increasingly promoting plant-based diets, which has helped to raise awareness about the benefits of vegan proteins, and has encouraged more Chinese to try them.

Top Companies in the China Vegan protein foods Industry

• Beyond Meat China: A joint venture between Beyond Meat and a group of Chinese investors that produces plant-based meat alternatives such as burgers and sausages.
• Zhenmeat: A Chinese startup that produces plant-based meat alternatives such as chicken, beef and pork using 3D printing technology.
• Yihai Kerry Group: One of the largest food companies in China that produces a wide range of plant-based protein products such as soy protein, pea protein, and wheat protein.
• Ojah: Chinese start-up that produces a range of plant-based meat alternatives such as sausages, burgers, and meatballs using pea protein and soy protein.

Will India Emerge as a Lucrative Market?

CAGR (2023 to 2033)	7%
India Vegan protein foods Market Share	3.9%
India Vegan protein foods Market Valuation (2022)	USD 376.9 million
India Vegan protein foods Market Valuation (2033)	USD 793.4 million

A lot of traditional Indian dishes are already plant-based and use a variety of legumes, grains, and vegetables as a source of protein. This has made it easier for Indians to adopt a vegan diet.

Ayurveda, the traditional Indian medicine, emphasizes the importance of plant-based diets in maintaining good health. This has encouraged more Indians to include more vegan protein products in their diets.

Top Companies in the Indian Vegan protein foods Industry

• Good Dot - Good Dot is an Indian food tech company that produces plant-based meat alternatives. They have a range of products including vegetarian and vegan burgers, sausages, and kebabs.
• Meatless Farm Co. - Meatless Farm Co. is an Indian startup that produces plant-based meat alternatives such as burgers, sausages and meatballs. They use a blend of soy, wheat, and pea protein to create their products.
• Green Chef - Green Chef is an Indian food company that specializes in plant-based, vegan, and organic food products. They offer a wide range of products, including ready-to-eat meals, snacks, and protein supplements.
• EVO Foods - EVO Foods is an Indian company that produces plant-based meat alternatives such as burgers, sausages, and kebabs. They use a blend of soy, wheat, and pea protein to create their products.

Category-wise Insights

Segment	Source
Top Sub-segment	Wheat Protein
Market Share	28.8%

Segment	Distribution
Top Sub-segment	Supermarkets
Market Share	36.7%

Producers benefit from increased sales of vegan protein foods during the coronavirus epidemic. Soy proteins, pea proteins, and wheat proteins see increased demand due to factors including the proliferation of both traditional and digital distribution channels, the maturation of the electronic commerce sector, and the rapid growth of online enterprises. Many businesses are responding to consumer demand for plant-based proteins by creating novel new products.

Competitive Landscape

Vegan protein food companies often use a variety of competitive strategies to differentiate themselves in the market. Some of these strategies include:

• Companies may also differentiate themselves through branding and marketing efforts. For example, Beyond Meat has invested heavily in marketing campaigns that position their products as a healthier, more sustainable alternative to traditional meat.
• Companies that have a wider distribution and availability of their products in more locations, supermarkets, grocery stores, and online.
• Companies may also differentiate themselves by using high-quality, non-GMO, organic, and sustainably sourced ingredients in their products.
• Companies may also differentiate themselves by offering their products at a lower price point or by offering greater value for the price.
• Companies may also differentiate themselves by having a strong corporate social responsibility (CSR) and sustainability focus, such as using sustainable and environmentally friendly packaging, supporting local farmers and suppliers.

Key Segments

Product Type:

• Soy Protein
• Wheat Protein
• Pea Protein

Form:

• Isolates
• Concentrates
• Hydrolysates

Nature:

• Organic
• Conventional

Application:

• Nutritional Products
• Bakery, Snacks & Cereals
• Dairy, Confectionary and Dessert
• Convenience Food
• Beverages
• Animal Feed

Region:

• North America
• Latin America
• Europe
• Asia Pacific (APAC)
• Middle East & Africa (MEA)

Frequently Asked Questions

What is the Vegan Protein Foods Market Size in 2023?

The market is valued at USD 10.3 billion in 2023.

Which are the Prominent Market Players?

Good Dot, Meatless Farm Co., and Green Chef are the prominent market players.

What will be the Market Value in 2033?

The market is expected to be worth USD 19.0 billion in 2033.

What is the Growth Forecast for the Market?

The market is forecast to secure a CAGR of 7.0% through 2033.

Which is the Key Segment by Source?

The wheat protein segment is likely to remain preferred through 2033.