Plant-Based Protein Market Projected To Hit $35 Billion Globally
According to a recent report, the plant-based protein market is expected to reach $35.54 billion USD by 2024.
The report, published on researchandmarkets.com, also listed a projected value of $24.11 billion USD for plant-based meats alone.
It attributes the growth to increasing urbanization, advances in technology, and the “surging” vegan population among other factors.
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Millennials, Demand & Plant-Based Options
The report further attributed the growth in the plant-based protein and plant-based meat markets to the North America’s significant millennial population.
By no means a new trend, Forbes pointed to a similar cause in 2018, citing figures from GlobalData which supported the idea of a millennial-driven change.
“The shift toward plant-based foods is being driven by millennials, who are most likely to consider the food source, animal welfare issues, and environmental impacts when making their purchasing decisions,” said Fiona Dyer, an analyst at GlobalData.
Do you think millennials are the driving force in plant-based industry? Let us know in the comments below.