In recent years, the plant-based protein industry has
witnessed large investments and expansions to capitalize on the veganism trend
and the surging demand for sustainable foods. Well-established animal protein
manufacturers and meat & dairy players are also increasingly under attack
alongside the growing risk profile of livestock production. This protein
diversification has the potential to transform a food company’s core business
and value proposition due to its growth, profitability, risk exposure, and
ability to compete and innovate.
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The growing trend of millennials adopting flexitarian and
meat-free diets signals a change in purchasing habits that significantly shift
from earlier generations. Companies across the food value chain, from producers
to retailers, are already investing in these opportunities. Some companies
hedge against or prepare for the declining demand for animal-derived products
by investing in other companies that produce alternatives. The market has
received investment or funding from several high-profile individuals, financial
investors, and companies in the past few years. Additionally, government bodies
of various countries have also been increasing their investments in plant
proteins. Some of these investments and expansion plans are as follows:
In March 2022, Australia invested USD 277.6 million to
transform South Australia into a plant-protein manufacturing powerhouse.
In April 2021, ADM (U.S.) opened a new cutting-edge,
plant-based innovation lab in the company’s Biopolis research hub in Singapore.
This lab was designed to develop next-level, on-trend, and nutritious products
to meet Asia-Pacific's growing food and beverage demand.
In June 2020, Canada invested CAD USD 100 million (USD 74
million) into Merit Functional Foods (Canada), which creates ingredients for
plant-based foods. This investment is expected to support Canadian farmers
growing crops, such as yellow peas.
In February 2020, ADM (U.S.) expanded the production of its
non-GMO soy protein concentrate at its facility in Europoort (Netherlands).
This expansion was aimed at meeting the growing demand for high-quality
plant-based protein in the European market.
In August 2019, Cargill (U.S.) invested USD 75 million in
expanding its PURIS pea protein production in the U.S. to meet the surging
demand.
In June 2019, Kerry Group (Ireland) opened its EUR 20
million production facility in Tumkur, India. This production facility serves
Kerry Taste & Nutrition’s global and regional customers in Southwest Asia.
As of December 2018, Ingredion (U.S.) invested USD 140
million to accelerate growth in the plant-based protein space. This strategic
investment accelerated the company’s production and expanded its portfolio of
plant-based protein, including pulse flours, concentrates, and isolates, to
cater to the increased global demand.
Thus, the growing investments and expansion plans by key
players, which support the growth of plant-based protein companies, are
expected to drive the growth of the plant-based protein processing equipment
market.
Meticulous Research® in its latest publication on
‘Plant-Based Protein Processing Equipment Market’ states that the global
plant-based protein processing equipment market is projected to reach $1.68
billion by 2029, at a CAGR of 4.2% during the forecast period 2022–2029.
Plant-based Protein Processing Equipment Market by Type
(Dryers, Centrifuges, Filtration Systems, Mixers, Evaporators), Mode of
Operation (Automatic), Production Capacity (SMEs, Large Scale), Application
(Soy Protein, Pea Protein)—Global Forecast to 2029
Based on geography, the plant-based protein processing
equipment market is segmented into North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa. In 2022, the North America market is
expected to account for the major share of the global plant-based protein
processing equipment market. The leading position of this regional market is
primarily attributed to the high presence of key plant-protein manufacturers,
the growing awareness level regarding vegan products, a well-established
economy, and increased investment in R&D for food processing equipment.
Some of the key players operating in the global plant-based
protein processing equipment market are Alfa Laval AB (Sweden), Bühler AG
(Switzerland), GEA Group Aktiengesellschaft (Germany), Flottweg SE (Germany),
SPX Flow Inc. (U.S.), Coperion GmbH (Germany), Hosokawa Micron B.V.
(Netherlands), Netzsch-Feinmahltechnik GmbH (Germany), SiccaDania (Denmark),
Koch Separation Solutions (U.S.), Bepex International LLC (U.S.), and Clextral
(France).
TOP 10 COMPANIES IN PLANT-BASED PROTEIN PROCESSING
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