Kenneth Research, in its repository of market research reports, have recently added a report on Plant protein based food Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Plant protein based food Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Plant Protein-based Food Market was valued at USD 11.13 Billion in the year 2018. Global Plant Protein-based Food Market is further estimated to grow at a CAGR of 6.0% from 2019 to reach USD 16.4 Billion by the year 2025. Plant-based proteins are defined as proteins utilized in foods that have been derived from a plant or vegetable source, such as beans, chia, hemp, canola, potato, pumpkin, rice, soy, and wheat, as well as others. Plant Protein-based Food are providing vivid competition to animal protein-based foods.
According to the statistical data, worldwide Plant Protein-based Food demand Market is growing in line with GDP. The food services Market has increased need for Plant Protein-based Food to meet consumer demands. Regionally, the driver of this growth will be the North America and Europe Market for now, while Asia Pacific Regions will see a rapid growth in forecast period, which will the leading driving force by 2025.
Major market players in Plant Protein-based Food Market are Pinnacle Foods, Turtle Island Foods, ADM (Archer Daniels Midland Company), Amy’s Kitchen, Atlantic Natural Foods, Impossible Foods, The Hain Celestial Group, Beyond Meat, Pacific Foods of Oregon, Monde Nissin Corporation, Kellogg Company, Fry Family Food, Pulmuone Holdings, Hugli Holding, Sweet Earth, VBites Food, Maple Leaf Foods, Kraft Heinz, Schouten Europe, Taifun-Tofu Gmb.
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Plant Protein-based Food Market Segmentation:
Plant Protein-based Food Market Overview, By Product
*Soy Protein-based Foods
*Wheat Protein-based Foods
*Pea Protein-based Foods
*Others
Plant Protein-based Food Market Overview, By Application
*Vegetarian
*Non-vegetarian
Plant Protein-based Food Market Overview, By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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