The plant-based protein market is set to boom in the next few years with Asian countries like China, India and Japan leading the demand.
That’s the findings of a new report into plant-based food from ReportLinker.
It estimates that the market is currently worth USD 10.3 billion and is projected to reach USD 15.6 billion by 2026, recording a CAGR of 7.2 %, in terms of value.
The report cites the major factors driving the growth as being general growing demand in the food industry, increasing demand for pea-based protein, and the opportunity for plant-based food producers to expand in the high growth potential markets.
The report’s authors believe that the food segment will dominate the plant-based protein market in terms of value, though the liquid segment (think alt-milks) is projected to grow at the highest growth rate during the forecast period.
In terms of geography, the Asia Pacific region is projected to record the highest growth during the forecast period with demand in sales increasing in countries such as China, India, and Japan
The projections join other recent predictions including those from Zion Market Research analysts who think the plant-based meat industry will top US$21 billion by 2025. Another report from Future Market Insights believes the plant-based beef segment alone could top US$16 billion by the end of the decade.