Plant Protein Market to 2027 - Global Analysis and Forecast 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 Geography
The global plant protein market accounted for US$ 16,653.6 Mn in 2018 and is expected to grow at a CAGR of 6.2% during the forecast period 2019 - 2027, to account US$ 27,965.9 Mn by 2027. Proteins are vital nutrients required by the human body, which are made up of amino acids. Plant proteins are obtained from various plant sources such as soy, wheat, pea, nuts, and seeds, among others. Various plant sources such as lentils, chickpeas, peanuts, almonds, spirulina, quinoa, and chia seed provide a high amount of proteins. Since plant proteins are low in calories, they can be consumed as a substitute for animal protein for weight loss. Growing demand for plant-based food coupled with rising consumer interest in high protein food is the key factors boosting the demand for plant protein globally. Furthermore, the growing adoption of vegan lifestyles among the population in developed countries is expected to play a significant role in the demand for plant protein globally.
Based on the type, the market is segmented into isolates, concentrates, and protein flour. In 2018, the concentrate segment held the largest share in the global plant protein market. Plant protein concentrates are produced by extracting protein from whole food using heat and acid or enzymes. These typically supply 60–80% protein, with the remaining 20–40% composed of fat and carbs. The low prices of concentrated plant protein as compared to plant protein isolates is the key factor leading to high demand for plant protein concentrated globally.
The concentrated plant protein is the least processed type of protein powder. Plant protein in the concentrated form helps the muscles to recover quickly from heavy exercise as it is absorbed quickly by the body. Therefore, easy availability of plant protein concentrates coupled with lower prices compared to plant protein isolates are the key factors boosting the market.
Rising inclination toward vegan diet and plant-based protein is influencing this market. A vegan diet includes consumption of only plants based food such as grains, nuts, vegetables, and fruits. Vegans do not prefer eating food derived from animals, which includes dairy products, meat, and eggs, among others. The vegan population in the developed countries is constantly increasing over the past few years. For instance, according to a study conducted by Vegan bits in 2016, only 0.5% of the USA population was vegan. However, the percentage raised to 6% in 2019. Preventing the exploitation of animals and the environment is the key reason for consumers’ preference towards a vegan diet. Moreover, due to increasing incidences of animal protein allergies, most of the meat consumers are inclined toward meat substitutes made of vegan protein, which ultimately drives the demand for plant protein. This trend is projected to impact the overall growth of the plant protein market in the near future.
Some of the players operating in plant protein market are Archer Daniels Midland Company, Axiom Foods, Inc., Burcon NutraScience Corporation, Cargill, Incorporated, E. I. Du Pont De Nemours and Company, Glanbia plc., Ingredion Incorporated, Kerry Group, Koninklijke DSM N.V., and Roquette Frères. These players are influencing the growth of the plant protein market.
The overall global plant protein 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 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 plant protein market.
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