The global plant-based protein products market size will grow by USD 5.67 billion during 2019-2023.
Global plant-based protein products industry overview
The expanding global vegan population base is one of the key factors expected to trigger the market’s growth in the forthcoming years. The number of people adopting vegan lifestyles is increasing across the globe, owing to the rising awareness about the health benefits of vegan diets. This has further led to increasing adoption of plant-based protein products in recent years. The millennials in the advanced as well as developing economies are inclining toward vegan diets as they provide more fiber, antioxidants, and beneficial plant compounds. These diets including plant-based protein products further help in improving kidney function and lowering blood sugar levels. Such benefits are expected to drive the plant-based protein products market, which is slated to register a CAGR of close to 9% during the forecast period.
The increasing health consciousness is one of the key plant-based protein products market trends expected to gain traction in the market. Rising instances of obesity and other related diseases are making consumers health conscious, in turn, boosting the consumption of products with low fat and calorie content. As a result, some consumers are even ready to pay a premium price for healthy products offering various functional benefits. This will further boost the demand for plant-based protein products in the forthcoming years.
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