In-Depth Analysis of the Plant-Based Proteins Market

 

Meticulous Research®, a prominent global market research agency, has unveiled a new 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.” The report predicts that the plant-based proteins market will reach $26.45 billion by 2031, growing at a CAGR of 8.4% from 2024 through 2031.

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The anticipated growth in the plant-based proteins market is largely driven by the increasing demand for protein-rich diets and a significant shift in consumer behavior towards health and wellness. This trend is further supported by the rising popularity of meat alternatives and innovations in ingredient technologies, such as microencapsulation, which enhances product efficacy. However, the market faces challenges, including strong consumer loyalty to animal-based products and the volatility of raw material prices, which could impact overall growth.

Furthermore, the shift towards plant-based diets, particularly in emerging economies, along with rising incidences of intolerance to animal proteins, presents new opportunities for market players.

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Segmentation of the Market

The plant-based proteins market is segmented by various criteria:

1. Type: Key types include soy proteins, wheat proteins, pea proteins, and potato proteins. The soy proteins segment is expected to dominate the market share in 2024, largely due to its cost-effectiveness and versatility in various applications.
2. Form: This market is divided into solid and liquid forms. The solid form is projected to lead in market share, driven by the advantages of powdered plant-based proteins, including stability and ease of use.
3. Source Process: The market is segmented into conventional and organic sources. The conventional plant-based protein segment is likely to maintain a larger market share, attributed to the extensive availability of crops grown using traditional methods.
4. Application: The plant-based proteins market includes applications in food & beverages, animal feed, and nutritional supplements. The food & beverage segment is expected to capture the largest share, reflecting a rising preference for plant-based ingredients and products.
5. Geographical Analysis: The market is assessed across several regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is projected to lead the market due to a well-established food industry and growing consumer concerns regarding health and sustainability.

Key Industry Players

The plant-based proteins market features a competitive landscape, with major players like Archer-Daniels-Midland Company, Cargill, Roquette Frères, and Ingredion Incorporated at the forefront. These companies are instrumental in driving innovation and meeting the evolving demands of consumers seeking plant-based alternatives.

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