The increasing popularity of vegan trends and the acceptance of flexitarian diets have tremendously affected the global demand for plant protein foods. According to DrJohn.org research, the global plant protein market is expected to grow significantly in the following years, and reach $27.9 billion value by 2025.
Plant Protein Market is Expected to Grow at CAGR of 15 Percent
In 2019, the global plant protein market reached $12.1 billion value. The statistics indicate an even more significant growth period in the following years, with the unified market growing at a CAGR of 15% by 2025.
The rising popularity of plant-based meat products is directly related to the expanding trend of vegan diets. The recent surveys showed that, for example, the number of vegans in the US has increased by 600% over the last three years. The growing vegan diets popularity is also present in Europe, with the United Kingdom as the leading European market. The UK vegan population products quadrupled between 2014 and 2018.
North America is the Fastest Growing Plant-Based Meat Market
The growing health, environmental and ethical concerns among consumers related to animal-based protein sources are expected to increase the global demand for plant-based meat products in the future.
Compared by the region, North America is the leading plant-based meat market globally, with 41.79% market share in 2019. The intact area is also projected to stay the fastest-growing market in the upcoming years. The 2019 data show Europe holds 38.81% of the whole plant-based meat market, followed by the Asia Pacific with a 14.18% market share.
However, the Asia Pacific region consists of the most sizable vegetarian population at a global level, expected to boost the market growth in the forthcoming years. As a result of the rising demand for organic food products, significant growth is expected from countries like Australia, New Zealand, China, and Singapore.
The Soy Segment Holds the Largest Share in the Market
Based on the source, the soy segment holds the largest share in the plant-based meat market globally. Thanks to the high protein content, soy burger patties, strips, nuggets, sausages, and meatballs have become a suitable alternative to meat sources like pork, beef, chicken, or fish. For example, the retail sales value of soy-based meat substitutes in Western Europe reached $596 million in 2019 and is expected to grow in the upcoming years significantly. At the same time, US consumers spent $790 million on soy-based meat substitutes this year.