Plant-based Protein Market: Meticulous Research® Reveals Why This Market is Growing at a CAGR of 9.5% to Reach $21.23 Billion by 2027
Nowadays, Plant-based protein have gained prominence in the food industry due to the escalating consumer awareness and demand for healthy foods. In general, consumers want more protein in their diet. According to the New Product Development (NPD) group study showed that protein content is the number one item consumers look for on a nutrition label, with greater than fifty percent wanting more protein in their diet. The U.S. National Institutes of Health’s National Cancer Institute has also found that swapping animal-based protein for plant-based protein foods led to reductions in cardiovascular diseases.
Consumers are also using protein content as a criterion in choosing new products. This seemingly insatiable consumer demand for plant protein is driven by negative consumer perception towards fats and sugar. In contrast, proteins are viewed as a key part of a healthy diet due to well-known benefits such as promoting satiety, building lean muscle mass, and improving glycemic control. Meticulous Research®, in its latest publication on the plant-based protein market, states that the global market will grow at a CAGR of 9.5% from 2020 to 2027 to reach $21.23 billion by 2027.
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This market is majorly driven by factors, such as increasing awareness about the benefits of proteins, growing demand for protein-rich diet, growing health & wellness trend, increasing consumers’ focus on meat alternatives, growing demand from the food & beverage industry, and various advancements in ingredient technologies such as microencapsulation. Additionally, emerging sources of proteins, increasing inclination towards a vegan diet, and emerging economics such as Southeast Asia, Latin America, and the Middle East & Africa provide significant growth opportunities for plant-based protein manufacturers. However, significant preference for animal-based proteins and fluctuating raw material prices hinder the growth of this market. On the other hand, increasing soy-free and gluten-free trends pose a great challenge to the global plant-based protein manufacturers.
To provide efficient analysis, Meticulous Research® has segmented this market based on type (soy protein {soy protein concentrates, soy protein isolate, textured soy protein, and soy flour, grits, chunks}, wheat protein {vital wheat gluten, wheat protein isolate, hydrolyzed wheat protein, and textured wheat protein}, pea protein {pea protein isolate, pea protein concentrate, and others}, canola protein, potato protein, rice protein, corn protein, and others), crop type (GMO and Non-GMO), source process (organic and conventional), application (food and beverages {meat, poultry, & seafood, bakery, meat analog, dairy & dairy alternatives, cereals & snacks, beverages, and others}, animal feed, nutrition and health supplements, pharmaceuticals, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
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Based on type, the global plant-based proteins market is segmented into soy, wheat, pea, canola, potato, rice, corn, and others. The soy proteins segment accounted for the largest share of the overall plant-based proteins market in 2020. This segment’s leading position is mainly attributed to higher consumer acceptance, the presence of a large number of manufactures, lower cost than other types of plant proteins, easy availability of raw materials, and large number of applications in various industries. However, the pea proteins segment is expected to grow at the highest CAGR during the forecast period. This segment’s rapid growth is mainly attributed to its nutritional qualities and its allergen-free, gluten-free, and lactose-free properties.
Based on crop type, the global plant-based proteins market is mainly segmented into genetically and non-genetically modified organism crops. The non-genetically modified organism crops segment accounted for the largest share of the overall plant-based proteins market in 2020. This segment’s leading position is mainly attributed to increased awareness about the harmful effects of genetically modified crops and the increasing trend of clean label products. This segment is also expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the 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 global plant-based proteins market is mainly segmented into organic and conventional plant-based protein ingredients. The conventional plant-based protein ingredients segment accounted for the largest share of the overall plant-based proteins market in 2020. The leading position of this segment is mainly attributed to their low price than organic protein ingredients, 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.
Based on application, the global plant-based proteins market is segmented into food and beverages, animal feed, nutrition and health supplements, pharmaceuticals, and others. The food and beverage segment accounted for the largest share of the overall plant-based proteins market in 2020. This segment’s large share is mainly attributed to high consumer demand for sustainable products, growing awareness about plant protein health benefits, increasing health concerns over animal products & ingredients, increasing vegan population, and rising meat prices and clean label trends. However, the nutrition and health supplements segment is expected to witness significant growth. This segment’s rapid growth is mainly attributed to changing lifestyles, growing health & wellness trends, and increasing prevalence of diseases.
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Geographic Review
Geographically, North America accounted for the largest share of the overall plant-based proteins market in 2020. This region’s large share 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. This region’s rapid growth 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.
Key Players
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), Kerry Group (Ireland), DuPont de Nemours, Inc. (U.S.), Now Foods (U.S.), Tate & Lyle plc (U.K.), Axiom Foods Inc. (U.S.), AMCO Proteins (U.S.), Burcon NutraScience Corporation (Canada), BENEO GmbH (Germany), Glico Nutrition Co., Ltd. (Japan), Glanbia plc (Ireland), Corbion NV (The Netherlands), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Crespel & Deiters GmbH & co. kg (Germany), Wilmar International Ltd. (Singapore), and CHS Inc. (U.S.).
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Key questions answered in the report-
- What is the current value of revenue generated by plant-based proteins across the globe?
- At what rate the demand for plant-based proteins is projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the plant-based proteins market across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are major opportunities for existing market players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the plant-based proteins market?
- How are the investment scenario and venture capital funding trends in the plant-based proteins market?
- Which segments in terms of the type, crop type, source process, and application are creating the major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global plant-based protein market?
- Who are the major players in the global plant-based proteins market? And also, what are their specific product/service offering in this market space?
- What recent developments have taken place in the global plant-based proteins market, and what impact these strategic developments are creating on the global market?
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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