Global Plant Based Protein Market Expected to Reach USD 17.4 billion by 2027
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According to MarketsandMarkets, the global plant-based protein market size is estimated to be valued at USD 12.2 billion in 2022 and is projected to reach USD 17.4 billion by 2027, recording a CAGR of 7.3% in terms of value. Plant-based proteins are sourced from plants such as pulses, grains and seeds. The various sources from which plant-based proteins are derived include soy, wheat, pea, canola, rice and potato. Plant-based proteins find a range of applications across various food and feed industries because they offer a rich nutritional content to both food and feed products. Plant-based proteins are available in three types namely, textured, isolates and concentrates which find different applications across various feed and food products such as meat alternatives, performance nutrition, convenience food among others. The rising number of cardiovascular and other forms of diseases which are associated with meat consumption, coupled with rising environmental and climate concerns have influenced a large number of consumers to shift from conventional and animal-based protein sources to plant-based protein. Plant-based protein also offer many desirable properties such as good water retention, gelation, foaming and emulsifying properties along with which they offer rich nutritional content.
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The North America region accounted for the largest market share in the global plant-based protein market. The region is also projected to witness significant growth due to presence of several local and key players in the region. The rising demand for health-focused organic food & beverages and an increase in number of people having lactose intolerance are influencing consumers to shift to plant-based food and dairy products. Along with this, the rising global concern towards environment and climate, coupled with unethical meat-sourcing practices have influenced an increasing number of…
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