Due to hectic lifestyle and poor eating habits, consumers have started accepting plant-based protein powder in their everyday diet because of having many health benefits like it aids in fast metabolism, helps to make better digestion & absorption.
According to latest research by Persistence Market Research, the study showed a decent increase in growth rate over the past few years and is expected to experience a remarkable CAGR in the forecasted period of 2021-2031. Demand for plant-based protein powders will witness significant recovery in short-term, with optimistic growth outlook in the long-run.
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What is Driving Demand for Plant-based Protein Powders?
Alongside the growing risk profile of livestock production, many well-established animal-based product companies are feeling increasingly under attack from civil society groups and new food business players that market their plant ingredient-based products as more ethical and sustainable sources of protein. This factor has fueled the market growth for plant-based protein powder.
Across society over the last few years, there’s been a real shift and growth in the consumer awareness of plant-based nutrition.
- According to the Food and Health Survey of American consumers from the International Food Information Council Foundation, more than 70% participants said they perceived protein from plant sources as healthy in 2019.
Increase in awareness about the benefits of healthy food products and growth in vegan population are the major factors that boost the demand for the plant-based protein products. In addition, increase in health consciousness, rise in disposable income, and awareness toward chemical-free products are the factors that boost the market growth.
Many manufacturers have adopted new technologies and strategies to produce products without artificial sweeteners, soy and etc. Key players also provide sugar-free, low calorie, vegan, gluten free, mineral & vitamins mix protein powder which is also one of the factors to drive the market growth.
Higher cost compared to conventional milk/milk-based products and prominence of low-cholesterol, and low-fat conventional milk/milk-based products have emerged to be major challenge for the players operating in the market.
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What are the Opportunities for Key Players in Plant based Protein Powders Market?
The market is anticipated to offer attractive business opportunities owing to the rise in lactose intolerance and increase in demand for soy, rice, and almond proteins for global plant-based protein powder market.
Per-capita consumption of meat has witnessed a decline, especially in developed economies in the recent past. Food products with high nutritional value and similar taste and texture as that of meat, gain prominence among consumers.
Aggressive marketing and positioning strategies coupled with innovative product launches are amongst other major factors that drive the market growth.
Europe Plant-based Protein Powders Market Outlook
The current outbreak of COVID-19 and its negative associations with animal-based food will boost the European plant-based protein powder market. Numerous countries in the European region have witnessed the worst outcomes of COVID in initial quarters of 2020.
Vegan and vegetarian alternatives have started gaining increasing customer base in the region. As a result, there is an increasing trend of veganism in Europe, which has pushed the market growth of the plant-based protein powder in the region.
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