Demand for Vegan Protein to Double by 2024

Market research company Lux Research released a report entitled “Finding a Winning Formula for Alternative Proteins” last week that predicted the demand for plant-based sources of protein will grow by 14-percent annually, and will double current demand by 2024. The report predicts that global protein demand will reach 943.5 metric tons by 2054, stating, “Developers will race to explore new sources and create new formulations to mitigate the negative environmental impact of the existing protein supply chain.” The report analyzed 20 plant-based protein ingredients and found that three—pea, soy, and oat—will drive the increased demand. Researchers point out that innovation in crop yield and quality, in addition to proper formulations that deliver the taste and feel customers expect from animal proteins, will be key factors to companies focused on delivering plant-based protein products that meet this rising demand. “Alternative proteins will play a crucial role in meeting global protein demands, and represents a lucrative opportunity for a variety of players to address unmet needs in this space,” report co-author Joice Pranata says. Estimates for the total market growth of the animal alternative industry have been promising, with the egg replacement industry predicted to surpass $1.6 billion by 2026, and plant-based milk predicted to hit $35 billion by 2024.