Meticulous
Research®—a leading global market research company, published a research report
titled, ‘Plant-based Proteins Market by Type (Soy Proteins, Wheat Proteins, Pea
Proteins, Potato Proteins), Form (Solid, Liquid), Source Process (Conventional,
Organic), and Application (Food and Beverages, Animal Feed, Nutritional
Supplements) - Global Forecast to 2031.’
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According to
this latest publication from Meticulous Research®, the plant-based proteins
market is projected to reach $26.45 billion by 2031, at a CAGR of 8.4% from
2024–2031. The growth of the plant-based proteins market is mainly driven by
the rising need for protein-rich diets, growing health and wellness trends,
increasing consumer focus on meat alternatives, rising demand from the food
& beverage industry, and advancements in ingredient technologies, such as
microencapsulation. However, the consumer preference for animal-based products
and fluctuating raw material prices are expected to hinder the growth of this
market.
Furthermore,
consumers’ increasing inclination toward plant-based diets, emerging economies,
and rising prevalence of intolerance to animal proteins are expected to
generate growth opportunities for the players operating in the plant-based
proteins market.
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Key Players
The key
players operating in the global plant-based proteins market are
Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette
Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland),
International Flavors & Fragrances, Inc. (IFF) (U.S.), Now Health Group,
Inc. (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), AMCO Protein
(U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (A Part of
Südzucker AG) (Germany), Glico Nutrition Co., Ltd (Japan), Glanbia Plc
(Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France),
Farbest-Tallman Foods Corporation (U.S.), Crespel & Deiters GmbH & Co.
KG (Germany), Wilmar International (Singapore), and CHS Inc. (U.S.).
TOP 10
COMPANIES IN PLANT BASED PROTEIN MARKET >> https://meticulousblog.org/top-10-companies-in-plant-based-protein-market/?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=13-02-2024
The global
plant-based proteins market is segmented by type, form, source process,
application, and geography.
Based on
type, the global plant-based proteins market is segmented into soy proteins,
wheat proteins, pea proteins, canola proteins, potato proteins, rice proteins,
corn proteins, and other types. In 2024, the soy proteins segment is expected
to account for the largest share of the global plant-based proteins market. The
large market share of this segment is mainly attributed to its easy
availability, lower price of soy protein than other protein sources, increased
demand for meat protein alternatives, a wide range of applications in various
products, greater consumer awareness, and multiple health benefits.
Based on
form, the global plant-based proteins market is categorized into solid (dry)
and liquid. In 2024, the solid segment is expected to account for the larger
share of the global plant-based proteins market. The large market share of this
segment is attributed to the increasing demand for powdered plant-based protein
due to its benefits, such as ease of handling and transport, comparatively
lower costs, low chances of formulation errors, and ingredient stability. This
segment is also expected to register the highest CAGR during the forecast
period.
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Based on
source process, the global plant-based proteins market is broadly segmented
into conventional plant-based protein ingredients and organic plant-based
protein ingredients. In 2024, the conventional plant-based protein ingredients
segment is expected to account for the larger share of the global plant-based
proteins market. The large market share of this segment is attributed to the
widespread availability of crops cultivated through traditional harvesting
methods (utilizing chemical fertilizers), the easy accessibility to
cost-effective conventional plant-based protein ingredients, the extended shelf
life of these proteins, and the availability of a diverse range of crop
varieties.
Based on
application, the global plant-based proteins market is segmented into food
& beverage, animal feed, nutrition & health supplements,
pharmaceuticals, and other applications. In 2024, the food & beverage
segment is expected to account for the largest share of the global plant-based
proteins market. The large market share of this segment is mainly attributed to
increasing consumer preference for plant-based foods and ingredients, growing
awareness and demand for protein-rich food products, plant-based proteins'
versatile functionality and compatibility with vegetarian and vegan lifestyles,
and the rising clean-label trend.
Based on
region, the global plant-based proteins market is segmented into North America,
Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024,
North America is expected to account for the largest share of the global
plant-based proteins market. The leading position of this region 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, and increasing demand for healthy &
nutritional products and health & wellness trends.
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Related
Report:
The Asia-Pacific Plant-Based Protein Market is expected to reach $7.27 billion by
2030, at a CAGR of 12% during the forecast period of 2023 to 2030. >> https://www.meticulousresearch.com/product/asia-pacific-plant-based-protein-market-5666?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=13-02-2024
The North America Plant-based Protein Market is expected to reach $11.32 billion by
2030, at a CAGR of 9.7% during the forecast period of 2023 to 2030.>> https://www.meticulousresearch.com/product/north-america-plant-based-protein-market-5637?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=13-02-2024
The Europe Plant-based Protein Market is expected to reach $7.83 billion by
2030, at a CAGR of 8.9% during the forecast period of 2023 to 2030.>> https://www.meticulousresearch.com/product/europe-plant-based-protein-market-5608?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=13-02-2024
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