PLANT-BASED PROTEIN MARKET IS EXPECTED TO FORSEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD OWING TO INCREASING VEGAN POPULATION GLOBALLY
The plant-Based Protein Market is expected to reach the market valuation of USD XX Billion by 2027 expanding at a reasonable CAGR of ~10% during the forecast period (2021-2027) from USD XX Billion in 2020. The growing preference of consumers for adopting a vegan diet is expected to fuel the growth of the global plant-based protein market. Plant-based protein is nutrient-dense, with fibre, vitamins, and minerals. The most essential source of plant protein, which is high in vitamin C, fibre, calcium, iron, and folate, is soybeans and soy products such as tofu. It contains all nine basic amino acids. Protein is found in every cell of the human body. A sequence of amino acids makes up the essential structure of the protein. Protein is needed in the diet for the body to repair and replace cells. About 20% of the human body is made up of protein.
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Veganism is becoming more common at an accelerated pace. Vegans in the United States increased by 600% from 4 million in 2014 to 20 million in 2018. With a 94.4% increase in vegans between 2011 and 2016, Italy had the fastest-growing vegan population. The number of consumers becoming flexitarians or vegan is offering enough opportunities for manufacturers to introduce and innovate more in the plant protein segment. Over the past years, the segment has provided positive growth for manufacturers and the plant-based protein market as well. The Vegan Trademark was created in 1990 to assist companies in showcasing their goods that meet The Vegan Society's genuine international vegan norm. Over 50,000 products from over 2,500 companies have been licensed worldwide, including 22,000 cosmetics and toiletries and 17,000 food and beverage items. The Vegan Society registered 14,262 items with The Vegan Trademark in just one year. This represents a 49% rise in registrations over 2018 when 9,590 items were successfully registered.
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During the COVID-19 pandemic, more people are turning to plant-based protein sources. People are increasingly interested in plant-based foods for a variety of reasons, including meat shortages in certain countries, environmental issues, and a willingness to eat a healthy diet. As the COVID-19 pandemic continues, people around the world have had to adjust to a variety of changes in their everyday lives. Some of the shifts have involved a shift in food perceptions. Changes in the food supply, as well as shortages of foods on grocery store shelves and the closing of local restaurants, have caused people to rethink what they eat and when and where they eat it. During the epidemic, one pattern that seems to be forming is a preference for plant-based meat substitutes. According to ADM's study, during the COVID-19 pandemic, 18% of alternative protein buyers in the United States bought their first plant-based protein. Approximately 92% of these first-time buyers claim they will continue to purchase meat substitutes. 80% of consumers in Germany, the United Kingdom, and the Netherlands say they will continue to eat plant-based meat alternatives.
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Based on source, the market is fragmented into soy, wheat, and pea. The soy segment dominated the market in 2020 accounting for XX% and is anticipated to maintain its dominance during the forecast period owing to the rising demand for plant proteins, globally. Soy protein is the largest segment in the plant-based proteins industry. The demand for soybean is pervasive across temperate and tropical regions and is a globally traded commodity as it is a significant source of vegetable oil and protein.
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Based on type, the market is mainly fragmented into isolates, concentrates, and textured. The isolates segment dominated the market and accounted for XX% in 2020 and is anticipated to maintain its dominance during the analyzed period. The increase in demand for processed food products is attributable to the rising purchasing power of consumers in developing countries. Texturized protein is in high demand as a flavor enhancer and thickener in sauces, soups, snacks, ready-to-eat food, and others.
Based on form, the market has been segmented into dry and liquid. In 2020, the dry plant-based protein market is USD XX billion and is expected to dominate the plant-based protein market, growing at a CAGR of XX% during the forecast period. Protein concentrates are produced using a dry method of protein processing. It entails the use of dry milling technology to reduce the particle size of raw material into fine particles.
Based on application, the plant-based protein is applied in two processes including food and feed. The food segment is expected to grow at the highest CAGR of XX% during the forecast period.
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Additionally, the report provides detailed initiatives that are being taken in the field of plant-based protein across the globe. The market is classified into distinct regions including North America (the United States, Canada, Mexico, and Rest of North America), Europe (France, United Kingdom, Germany, Spain, Netherland, Italy, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, and Rest of APAC), South America (Brazil, Argentina, Rest of South America), Rest of World (the Middle-East and Africa) has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to increasing demand from vegan populations and health benefits associated with the products.
Archer Daniels Midland Company, Cargill, Dupont, Wilmar International, Roquette Freres, Glanbia, Kerry Group, and DSM are some of the prominent players operating in the global gene therapy market. Several M&As along with partnerships have been undertaken by these players to develop plant-based protein.
Plant-Based Protein Market Segmentation
Market Insight, by Source
Market Insight, by Type
Market Insight, by Form
Market Insight, by Application
- Dairy Alternatives
- Meat Alternatives
- Performance Nutrition
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Australia & New Zealand
- Rest of Asia-Pacific
- South America
- Rest of South America
- Rest of World
- Middle East
- Archer Daniels Midland Company
- Wilmar International
- Roquette Freres
- Kerry Group