Global Vegan Protein Market To Skyrocket By 2023, Says Report

The 'global vegan population base' has been partially credited for the sector's ongoing growth
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More people are opting for plant-based protein (Photo: Adobe. Do not use without permission)

The vegan protein products market will have an almost nine percent compound annual growth rate by 2023, according to a new report.

The Global Plant-based Protein Products Market 2019-2023 report credits the expanding global vegan population base as well as diversity of choice within the sector for the growth.

Vegan sector

According to the report: "The rising awareness about health benefits of vegan diets is encouraging the growth of vegan population. Vegan diets contains antioxidants, fiber, and beneficial plant compounds and are rich in folate, potassium, magnesium, and vitamins A, C, and E.

"The millennial vegan population is rising due to the growing awareness regarding the benefits of vegan diets in lowering the risks of heart diseases."

It adds that vegan protein manufacturers are launching products with lower fat and calorie contents. "This will cater to the changing demands of the consumers," it says. "Successful new product launches will not only help these market players to boost their market shares but also increase their revenue flow."