Global Plant Protein-based Food market will reach 4593.82 million US$ by the end of 2023

Publisher: QYResearch

Published Date: 2019/6/19

The Global Plant Protein-based Food market size was 2189.17 million USD in 2017 and it will be 4593.82 million USD in 2023, with a CAGR of 13.15% from 2017 to 2023. Total consumption of Plant Protein-based Food is expected to reach 1440171 tons by the end of 2023, with a forecast CAGR of 12.59% from 2017.

The market has long been seen an upturn due to the increased consumption of healthy foods and meat alternatives. However, with the increasing price trend of raw materials, the plant protein-based food companies may increase the price along to keep the profit.

According to the statistical data, worldwide Plant Protein-based Food demand market is growing in line with GDP. The food services industry 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 2023.

Currently, through our survey we found that the main products are still based on soy proteins, mainly because of the low prices of raw materials, the proportion of plant-based foods from other protein materials are constantly increasing, especially pea protein-based foods and fungi products.

The market concentration is relatively low. Kellogg Company, Monde Nissin Corporation and Kraft Heinz are the top 3 players in Plant Protein-based Food market, with about 15.78%, 9.91% and 9.76% market share separately in 2017. Other leading manufactures in Plant Protein-based Food market include Pinnacle Foods, Turtle Island Foods, ADM (Archer Daniels Midland Company), Amy's Kitchen, The Hain Celestial Group, Beyond Meat, Pacific Foods of Oregon, Fry Group Foods, Pulmuone Holdings, Hügli Holding, Sweet Earth, VBites Food, Maple Leaf Foods, Schouten Europe, Taifun-Tofu GmbH etc. Production Locations of these leading brands mainly distributed in Europe and North America areas.

Out there, there are many small players supplying products to residential consumer and local market. Each of the Plant Protein-based Food manufacturers has its own mature sales networks. Through retailer and resells, their authorized distributors or their partners, those Plant Protein-based Food manufacturers keep keen on expanding their Plant Protein-based Food sales. To achieve better sales businesses, Plant Protein-based Food manufacturers usually invest on their marketing channel infrastructure every year.

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