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News Global plant-based protein market worth $22 billion by 2032

Industry

Author: Lisa Published: January 30, 2024

Read the full article at Yahoo! Finance 16/11/23

Thanks to skyrocketing demand for vegan alternatives, the global plant-based protein market is worth more than ever, and is only set to keep making gains! 💪🌿

According to economic analysis by Emergen Research, the rapidly expanding plant-based protein market is predicted to be worth a mind-boggling $22 billion USD by the year 2032. That’s nearly $33 billion in AUD!

Experts say the exciting uptick in demand for plant-based alternatives over recent years has largely been due to more and more people becoming aware of the environmental and health risks associated with meat consumption.

The rising prevalence of type 2 diabetes and cardiovascular diseases among the growing population is fueling the demand for plant-based protein products.

 

The plant-based protein market encompasses a wide range of products, including but not limited to plant-based meat alternatives, dairy alternatives, protein powders, snacks, isolated proteins, ready meals, and drinks.

Image of a glass of milk on a bench next to a bottle of Norco non-dairy milk made with pea protein.
Norco’s non-dairy milk made from pea protein.

Pea protein, specifically, is set to be the fastest-growing sector over the forecast period due to the rising consumer preference for pea-based protein and its nutritional benefits. Not only does pea protein contain all nine of the amino acids essential for optimal health, it’s also high in iron, low in fat, and has been shown to lower the risk of inflammatory-type diseases. 

Plant-based meat has a “healthier nutritional profile” than animal meat

Plant-based meat products – commonly made using peas, beans, tofu, legumes, and other vegetable-derived proteins – are increasingly popular among meat-reducers, vegetarians, and vegans due to their convenience, familiarity, and taste. 

They’re designed to provide the same experience as eating animal meat, but differ in one crucial way: A recent study by The George Institute has confirmed that in terms of a direct swap, plant-based meats are actually a much healthier choice when compared to their conventional animal meat counterparts.

Results showed that most plant-based meat products on the market in Australia today contain comparable amounts of protein to animal meat, and in some cases were actually the richer source of protein. 

Front-facing shot of a delicious looking plant-based burger on a colourful background.
BUDS plant-based burger patties contain a whopping 19.5g of protein per serve.

In contrast, the animal meat products analysed in the study were found to contain significantly higher levels of sodium and saturated fat, both of which are associated with an increased risk of chronic health issues like diabetes, stroke, and heart disease. 

On average, the plant-based meat products contained a whopping 22% less sodium and 50% less saturated fat. So when it comes to choosing a ‘meaty’ protein for your meals, the kinder, more sustainable plant-based option is usually better for your health, too!

New plant-based products continue to explode onto the shelves

Overhead cropped shot of holding a plate of dumplings to the camera, with a plant-based mince pack in the background.
Dumplings made with Birds Eye plant-based mince,

You can already find a huge range of protein-packed plant-based meat products in the meat section, vegetarian section, and freezer section of most major supermarkets, as well as some Asian grocers and health stores.

Check out our recommendations below: 

If you’re looking for other easy ways to boost your protein intake while eating plant-based, there are lots of vegan protein powders and protein bars available too – as well as plenty of wholefood-based options like tofu, tempeh, TVP, quinoa, beans, legumes, nuts, seeds, and fortified plant milks. 

This predicted growth in the plant-based sector is great news for the 42% of Aussies (and many more people across the world) who are now choosing to eat less meat or none at all … That’s a lot of Australians who will be delighted to see all the delicious, protein-packed vegan products hitting the shelves in the coming years!

Header image: © Love BUDS

Meet Lisa!

Lisa’s love of food is only trounced by her love of animals. So when she announced she’d gone veg, her Hungarian grandmother exclaimed with exasperation, ‘oh Lisa, I knew this day would come’ … before promptly frying up a plate of cauliflower schnitzels. It turns out – from Goulash to Paprikás to the family’s favourite Hungarian sweet treats – plants really can be the centrepiece of any meal!

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