According to a new market research report titled “Plant-based
Protein Market by
Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein,
Corn Protein), Crop Type (GMO), Source Process (Organic), Application (Food and
Beverages, Animal Feed, Nutritional Supplements) - Global Forecast to
2028”, published by Meticulous Research®, the plant-based
protein market is expected to grow at a CAGR of 9.7% from 2021 to 2028 to reach
$23.4 billion by 2028.
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Consumer interest in boosting protein intake
increases with more attention paid to the specific types of protein consumed.
With increasing population and welfare, the demand for protein as a
food-nutritional component is rising sharply. The high protein trend is gaining
traction and will continue to evoke interest in the upcoming years. Consumers
have become more aware of protein benefits in supporting an active lifestyle.
The desire for clean labels, ease of digestion, the need or desire to avoid
allergens, compatibility with vegetarian and vegan lifestyles, and concerns
about sustainability among the general population are putting the spotlight on
plant proteins. Consumer notions of what constitutes a good protein source are
expanding to include a wider variety of plant protein ingredients.
Subsequently, interest in plant protein ingredients among food manufacturers
and food service operators intensifies, fueling the global plant-based protein
market's growth.
The overall plant-based protein market study is
segmented based on type, crop type, source process, application, and geography.
The study also evaluates industry competitors and analyses the market at a
country level.
Increasing demand for plant-based food during the
COVID-19 pandemic to drive market growth.
COVID-19 provided a substantial increase in sales
of plant-based products, which proved beneficial for all stakeholders in the
plant-based proteins market. Few to be listed are:
- As of
May 2020, Green Monday’s (China) online sales have doubled, citing the
impact of the coronavirus. Among the most popular purchases was a
pork substitute called Omnipork.
- In
April 2020, JUST, a U.S.-based company that makes egg products from mung
beans, announced that its sales on Chinese e-commerce platforms JD.com and
Tmall of JUST Egg had surged 30% since the outbreak.
- As of
May 2020, U.S.-based California Farms grocery sales increased by 50%
compared to 2019. An upsurge in sales was mainly attributed to increased
oat milk sales and nutritional plant-based butter.
- In
April 2020, in the U.S., retail sales of fresh plant-based meats grew
279.8%. Also, oat milk sales grew 476.7% in the week ending March 2020,
while dairy milk sales grew 32.4%. Additionally, according to IRI data,
retail sales of meat grew 77% in the week of March 2020.
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Key findings in the plant-based protein market
study
Based on type, the plant-based protein market is
segmented into soy protein, wheat protein, pea protein, canola protein, potato
protein, rice protein, corn protein, and other plant-based proteins. In 2021, the
soy protein segment is estimated to account for the largest share of the
overall plant-based protein market. The leading position of this segment is
mainly attributed to higher consumer acceptance level, presence of a large
number of manufactures and their high scale of production, low cost than other
types of plant proteins, easy availability of raw materials, and a large number
of applications in various industries. However, the pea protein segment is
expected to grow at the highest CAGR during the forecast period. The rapid
growth of this segment is mainly attributed to its nutritional qualities and
its allergen-free, gluten-free, and lactose-free properties.
Based on crop type, the plant-based protein market
is segmented into genetically and non-genetically modified organism crops. The
genetically modified organism crops segment is estimated to account for the
largest share of the overall plant-based protein market in 2021. The leading
position of this segment is mainly attributed to the common use of GMO crops,
such as soybean and corn, for plant-based protein production due to their huge
productivity and cost-effectiveness. However, non-genetically modified organism
crops are expected to grow at the highest CAGR during the forecast period. The
rapid growth of this segment is mainly attributed to the recent trend of
preference for food products with non-GMO labels, rising demand for
eco-friendly, natural, and organic food products, and stringent regulations for
GM crops in Europe and Asia-Pacific.
Based on source process, the plant-based protein
market is segmented into organic and conventional plant-based protein
ingredients. In 2021, the conventional plant-based protein ingredients segment
is estimated to account for the largest share of the overall plant-based
protein market. The leading position of this segment is mainly attributed to
the high availability of crops grown through the traditional harvesting method
(with the use of chemical fertilizers), easy accessibility to cost-effective
conventional plant-based protein ingredients, their longer shelf life, and
availability of substantial crop varieties. However, the organic plant-based
protein ingredients segment is expected to grow at the highest CAGR during the
forecast period. The rapid growth of this segment is mainly attributed to the
increasing demand for preservative and additive-free products.
Based on form, the plant-based protein market is
segmented into solid and liquid. The solid segment is estimated to account for
the largest share of the overall plant-based protein market in 2021. The large
share of this segment is mainly attributed to the growing demand for power
plant-based protein coupled with their rising preference considering ease of
handling and transport, comparatively lower costs, low chance of formulation
mistakes, and their capacity to maintain ingredient stability.
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Based on application, the plant-based protein
market is segmented into food and beverages, animal feed, nutrition &
health supplements, pharmaceuticals, and others. In 2021, the food and
beverages segment is estimated to account for the largest share of the overall
plant-based protein market. The large share of this segment is mainly
attributed to high consumer demand for sustainable products, growing awareness
about the health benefits of plant proteins, increasing health concerns over
animal products and ingredients, increasing vegan population, and rising meat
prices and clean label trends. However, the nutrition and health supplement
segment is also expected to grow at the highest CAGR during the forecast
period. The rapid growth of this segment is mainly attributed to changing
lifestyles, growing health & wellness trends, and the increasing prevalence
of diseases.
Geographically, North America is projected to
account for the largest share of the global plant-based protein market in 2021.
North America’s prominent position in the plant-based protein market is
primarily attributed to the well-established food and beverage industry, rising
concerns over animal products and protein, increasing vegan population, growing
preference for meat alternatives, increasing demand for healthy &
nutritional products, and growing health & wellness trend. However, the
Asia-Pacific region is expected to grow at the highest CAGR during the forecast
period. The rapid growth of this region is mainly attributed to growing
protein-rich diet awareness, increasing health consciousness, growing
technological advancements in the food & beverages industry, and increasing
raw material availability.
The key players operating in the global plant-based
protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated
(U.S.), Roquette Frères Le Romain (France), Ingredion Incorporated (U.S.),
Kerry Group (Ireland), DuPont de Nemours, Inc. (U.S.), Now Foods (U.S.), Tate
& Lyle PCL (U.K.), Axiom Foods Inc. (U.S.), AMCO Protein (U.S.), Burcon
NutraScience Corporation (Canada), BENEO GmbH (Germany), Glico Nutrition Co.,
Ltd (Japan), Glanbia plc (Ireland), Cosucra Groupe Warcoing SA (Belgium),
Sotexpro (France), Farbest Brands (U.S.), Crespel & Deiters GmbH & Co.
KG (Germany), Wilmar International (Singapore), and CHS Inc. (U.S.) among others.
TOP 10
COMPANIES IN PLANT BASED PROTEIN MARKET
Scope of the report
Plant-based Protein Market, by
Type
- Soy
Protein
- Soy
Protein Concentrates
- Soy
Protein Isolates
- Textured
Soy Protein
- Soy
Flour, Grits, and Chunks
- Wheat
Protein
- Vital
Wheat Gluten
- Wheat
Protein Isolates
- Hydrolysed
Wheat Protein
- Textured
Wheat Protein
- Pea
Protein
- Pea
Protein Isolate
- Pea
Protein Concentrate
- Others
- Canola
Protein
- Potato
Protein
- Rice
Protein
- Corn
Protein
- Others
Plant-based Protein Market, by Crop
Type
- Genetically
Modified Organism Crops
- Non-
genetically Modified Organism Crops
Plant-based Protein Market, by Source
Process
- Conventional
Plant-Based Protein Ingredients
- Organic
Plant-Based Protein Ingredients
Plant-based Protein Market, by Form
- Solid
(Dry)
- Liquid
To gain more insights into the market with a
detailed table of content and figures, click here: https://www.meticulousresearch.com/product/plant-based-protein-market-5031?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=17-08-2023
Plant-based Protein Market, by Application
- Food
and Beverages
- Meat,
Poultry, & Seafood
- Bakery
- Meat
Analogue
- Dairy
& Dairy Alternatives
- Cereals
& Snacks
- Beverages
- Others
- Animal
Feed
- Nutrition
& Health Supplements
- Pharmaceuticals
- Others
Plant-based Protein Market, by Geography
- North
America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest
of Europe (RoE)
- Asia-Pacific
(APAC)
- China
- Japan
- India
- Australia
- Rest
of Asia-Pacific (RoAPAC)
- Rest
of World
- Latin
America
- Middle
East and Africa
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