New York, US, July 28, 2023 (GLOBE NEWSWIRE) -- Casein and Caseinates Free Market Overview
Market Research Future (MRFR) 's report highlights “Casein and Caseinates Free Market Information By Source, Nature, Flavor, Consumer Group, End User, Distribution Channel, And Region - Forecast till 2032"; the market will achieve USD 45.1 Billion in 2032 at a 10.26% CAGR.
Market Synopsis
In 2022, the market size for casein and caseinates was estimated at USD 10.32 billion. According to projections, the market for casein and caseinates free will increase from USD 11.51 billion in 2023 to USD 45.1 billion in 2032, with a compound annual growth rate (CAGR) of 10.26% throughout the course of the study's 2023– 2032 forecast period. During the anticipated period, casein and caseinate-free products will be widely sold through a variety of distribution channels, which is projected to fuel market expansion.
The demand for casein and caseinates is expected to rise in the next years due to the world's expanding vegan population. A recent poll of 1033 adults found that 65% of Indians aim to eat more plant-based/vegan cuisine in the upcoming year. India is the third-ranked country in the world, behind the US and the UK. The two most significant topics on everyone's mind over the past year have been the health crisis and the climate disaster. Indians have demonstrated their willingness to take action where it matters most by changing their eating habits.
In addition, a recent government initiative to promote the use of foods and beverages made from plants in many parts of the world is anticipated to spur market expansion in the years to come. As a result, over 500,000 people from all around the world took part in Veganuary 2021 in December of that year, with 60,000 of them coming from India, which will begin acting as the movement's official campaign headquarters in 2022.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 45.1 Billion |
| CAGR | 10.26% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Source, Nature, Flavor, Consumer Group, End User, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Vegan Population & Increasing Product Innovations |
Key Companies in the Casein and Caseinates Free market includes –
- Danone
- Atlantic Natural Foods
- Beyond Meat
- ADM
- Living Harvest Foods Inc.,
- Sunopta
- Hain Celestial
- GEA
- Tetra Pak
- Adisoy
Along with Germany, Chile, Argentina, the United States, the United Kingdom, and the United Kingdom, India is now a part of the official Veganuary activities. Veganuary is a campaign that challenges individuals to eat only plant-based meals for 31 days in January. It is a campaign to promote veganism and deepen awareness of it. More people than ever before have signed up for Veganuary since it started more than eight years ago. India moved up to third place on the global list of Veganuary participants in 2021 with 60,000 participants. If all Indians adopt a plant-based diet, consumers will also be healthier and see a 23 percent decrease in national mortality.
The single biggest thing a person can do to prevent climate calamities is to adopt a vegan diet, which can lower carbon footprints by up to 73 percent. As a result, the aforementioned reasons have increased consumer demand for casein- and caseinates-free goods, which is likely to further accelerate the market's expansion.
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Part Insights
Soy, almond, coconut, cashew, and other sources are included in the source-based segmentation of the Casein and Caseinates Free Market. Because consumers are becoming more aware of the advantages of consuming cashew-based products—which include improving blood sugar control, preventing anaemia, boosting the immune system, and many other health benefits—the cashew segment held the majority share in 2022.
Organic and regular are included in the segmentation of the Casein and Caseinates Free Market depending on nature. In terms of revenue from the free market for casein and caseinates in 2022, the normal category held the lion's share.
Flavoured and plain/unflavored products are included in the segmentation of the Casein and Caseinates Free Market depending on flavour. Due to expanding developments by key competitors that offered a variety of plant-based flavoured drinks, the flavoured segment came to dominate the Casein and Caseinates Free market in the ensuing years.
The gen x, gen z, millennials, and baby boomers are all included in the segmentation of the Casein and Caseinates Free Market based on consumer group. In 2022, the Gen Z segment had the majority of the market share. During the forecast period, this sector is anticipated to increase at the quickest rate.
Residential and business customers are included in the segmentation of the Casein and Caseinates Free Market based on end users. In terms of revenue from the free market for casein and caseinates in 2022, the residential segment accounted for the lion's share.
According to the distribution channel, the Casein and Caseinates Free Market is segmented into supermarkets and hypermarkets, convenience stores, specialty shops, internet retailers, and others. With a share of almost 40% in 2030, the specialty stores sector led the Casein and Caseinates Free Market revenue during the projection period.
Browse In-depth Market Research Report (128 Pages) on Casein and Caseinates Free Market: https://www.marketresearchfuture.com/reports/casein-caseinates-free-market-11935
Regional Insights
The market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World, according to region.
In 2030, the Asia-Pacific Casein and Caseinates Free market had a value of USD 14.90 billion, and over the study period, it is anticipated to grow at an 8.24% CAGR. Due to the rising number of vegans in the region, Asia-Pacific is anticipated to hold the highest share of the casein and caseinates free market during the forecast period. Plant-based meats have improved in appearance and texture throughout time. Soy-based meat substitutes have the largest market share in Asia. Pea, mycoproteins, and lab-created cultured meat are some of the most recent proteins that are growing in this field. Many people are using fewer animal products because they are doing it ethically. According to Euromonitor, 4.98 million people in APAC self-identify as vegetarians. In actuality, India has the largest population of vegetarians in this region with 3.68 million people.
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