North America Plant Protein Market - Growth, Trends, and Forecast (2020 - 2025)
The North American plant protein market is anticipated to register a CAGR of 7.11% during the forecast period, 2020-2025.
The new compositional research and modified high-moisture extrusion process are helping the growth of the plant protein market. For instance, plant protein-based chocolates that are free-from animal protein make up for a good demand in the market, for consumers who do not consume dairy.
Moreover, plant-based milk has observed a significant growth in recent years, with an increasing number of people turning to dairy-free options. This innovative product line of ready-to-eat products with no compromise in taste and texture has, in turn, boosted the overall plant protein market in the region.
Key Market Trends
Increasing Demand for Soy Protein-based Products
The soy protein segment of the North American plant protein market is propelled by demand for sports and nutrition products by athletes, bodybuilders, and recuperating patients. Additionally, the weight management category is also growing, where protein is the main constituent ingredient. A huge lactose intolerant population drives the demand for alternate dairy substitutes, such as soy protein, which characterizes North America. Furthermore, there is a substantial untapped potential for the GMO-free and clean-label based soy protein ingredients. Manufacturers are seeking eco-friendly ways of cultivating and/or sourcing soybeans to process into high quality and safe soy proteins.
The United States Holds the Largest Market Share
The demand for plant proteins is growing at a fast rate, owing to changes in lifestyle, lack of balanced dietary intake, and improved R&D to develop new kinds of plant protein-enriched products. The United States continues to capture the largest market share for plant protein, followed by Canada and Mexico. The demand for processed and low cholesterol foods has paved the way for the plant-based protein market in the region. Nowadays, consumers are switching to other alternative products, such as green label food products, coupled with the raising awareness of healthy and plant-based products, due to an increase in the availability of counterfeit products in the market.
Companies, such as Roquette and Manitoba, are working in every possible way to reach out to customers with the broad product portfolio and distribution channels. Some of the major players in the North American plant protein market are Archer Daniels Midland, Cargill Inc., DuPont, Kerry Group, and Omega Protein Corporation, among others.
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