North America Plant Protein Market to 2027 - Regional Analysis and Forecasts by Source (Soy, Wheat, Pea, and Others); Type (Isolates, Concentrates, and Protein Flour); Application (Protein Beverages, Dairy Alternatives, Meat Alternatives and Meat Extenders, Protein Bars, Bakery, and Others), and Countries
The North America plant protein market is accounted to US$ 6,258.8 Mn in 2018 and is expected to grow at a CAGR of 6.2% during the forecast period 2019 - 2027, to account to US$ 10,431.3 Mn by 2027.
Plant protein is a natural protein derived from plant sources such as soy, wheat, pea, and others. Plant protein provides building blocks for healthy muscles and tissues in the human body and is also beneficial for weight loss. Plant-based proteins tend to be lower in calories and fat as compared to animal proteins but higher in fiber and essential nutrients.
The North America plant protein market is segmented on the basis of source as soy, wheat, pea, and others. The soy segment held the largest share of the North America plant protein market in 2018. Soy protein is prepared from soybean meal that has been defatted and dehulled. It contains all nine essential amino acids. Soy is also a rich source of fibers, vitamins, and minerals, including folate, selenium, potassium, and magnesium. They also contain antioxidants and phytochemicals, including phenolic acids, isoflavones, and omega-3 fatty acids. For vegetarians and vegans as well as those who avoid or are allergic to dairy food, soy proteins often serve as a prominent source of important nutrients. Soy protein products are used in various food preparations, which include salad dressings, soups, beverage powders, meat analogs, cheeses, nondairy creamers, whipped toppings, frozen desserts, infant formulas, breads, breakfast cereals, pastas, and pet foods, among others. It is available in three major forms—isolates, concentrates, and flours.
The North America plant protein market is segmented based on application as protein beverages, dairy alternatives, meat alternatives and meat extenders, protein bars, bakery and other applications. The growing demand for functional food and beverages is propelling the demand for plant protein in the food & beverages industry. Moreover, the increasing preference for natural ingredients in the functional food & beverages industry is projected to propel the demand for plant proteins over the forecast period. Additionally, plant proteins are increasingly being used in health supplements as they contain amino acids that aid in muscle growth and repair. The proteins also play a major part in sports nutrition as it has applications in protein bars and shakes. All these factors are expected to boost the demand for plant protein products. The meat alternatives and meat extenders application segment accounted for considerable share of the North America plant proteins market in 2018, whereas the protein beverages segment is expected to register an exceptional CAGR during the forecast period.
North America plant protein market is segmented on the country as US, Canada, and Mexico. US has a major share in the North America plant protein market, which is followed by Canada. The demand for plant protein is growing in the US, mainly due to rising concerns related to obesity and weight gain among people. The major cause of the high obesity ratio in this region includes lack of physical activity, consumption of junk food, and poor diet. A recent report from the organization called USDA Economic Research Services stated that 70% of calories consumed by the US population in 2010 were from plant-based foods. The plant-based diet offers various health advantages such as ideal weight loss and lower blood sugar levels, as well as a reduced risk of heart diseases. Furthermore, it reduced LDL and cholesterol levels. These benefits are attracting customers toward of plant-based protein products.
Some of the players present in North America plant protein market are Burcon NutraScience Corporation, Archer Daniels Midland Company, Axiom Foods, Inc., Cargill, Incorporated, E. I. Du Pont De Nemours and Company, Glanbia plc, Ingredion Incorporated, Kerry Group, Koninklijke, Roquette Frères and DSM N.V.
The overall North America market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America plant protein market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America plant protein market.
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