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Plant-based protein market to reach USD 22.7bn by 2031

The global plant-based protein market is expected to attract growth at a CAGR of 5.7% during the forecast period of 2021 to 2031, according to a study made by Transparency Market Research (TMR).

The emergence of the COVID-19 outbreak has highlighted the importance of a good immune system, making health-conscious consumers across the globe adopt healthy and protein-rich diets. This is fueling the demand for plant-based protein, the study finds.

Players in the plant-based protein market are increasing their focus on strengthening their online and offline distribution channels in order to cater to the rising demand for products such as pea proteins, wheat proteins, and soy proteins.

The plant-based protein market is estimated to be driven by the expansion of the eCommerce industry. Furthermore, several industry leaders are strengthening their online presence in order to attract a high number of consumers. Such efforts are leading to revenue-generation opportunities in the global plant-based protein market. 

Demand is rising for alternatives to animal-based food products also due to an increase in awareness of animal welfare in several developing countries. Government bodies of many countries around the world are also promoting the consumption of plant proteins.

North America is a prominent region for this segment, holding a 48.4% share of the plant-based protein market. This market is estimated to expand at a CAGR of 5.6% and reach USD 10.97 bn by 2031. The expansion of the North America plant-based protein market can be attributed to many factors such as hectic lifestyles, a rising inclination to take dietary supplements, and the increasing preference for plant-based products.

Some of the key players profiled in the report are: Batory Foods, AGT Food & Ingredients, ADM, Cargill, Glanbia, Ingredion, Wilmar International, etc.