The global plant-based protein market enjoyed a year-on-year (YOY) growth of 6.7% in 2021 to total sales of USD 11.3 Bn and is projected to surpass USD 22.5 Bn in 2032 at a CAGR of 7.2%, according to a market analysis performed by Future Market Insights.
Increasing productivity in the food and beverage sector will provide an array of opportunities to the plant-based protein market. Based on product type, the global plant-based protein market is segmented into soy, wheat, pea, potato, rice, canola, corn, and others, among them the soy protein segment is estimated to represent the largest share in the global plant-based protein market.
According to the report, increasing incidence of health issues such as diabetes, blood pressure, and obesity is encouraging consumers to opt for healthy lifestyle. Therefore, they are more demand for dietary supplements and functional foods that contain plant-based proteins.
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Demand for Preventative Healthcare, Especially Due to Recent Outbreak of Deadly Viruses to boost growth
Majority of the population is health conscious and aware of the benefits of preventive healthcare. Various magazines and online forums such as Livestrong.com, bodybuilding.com, Men’s Health magazines, and Shape magazine, offer diet and lifestyle information, and provide regular updates in this regard. Similarly, manufacturers of natural ingredient-based protein are promoting various products using various channels such online portals, magazines, and marketing campaigns to improve demand for plant-protein enriched products.
These strategies of players primarily focus on new products development and enhanced safety, effectiveness and primarily health benefits such as the ability to lower cholesterol, lower body weight, and lower blood pressure levels. This is expected to aid in market growth in the region.
Also consumers have become increasingly conscious about the food they eat. Rumors linking coronavirus with consumption of meat and meat protein are likely to influence their perception regarding food they eat. As a result of this, the demand for plant-based protein is likely to surge in the coming years.
Who is winning?
Some of the major players in the plant-based protein that are covered in this report are Glanbia Plc, Archer-Daniels Midland Co., Roquette Freres, Cargill Incorporation, Burcon Nutrascience Corporat, E.I. du Pont de Nemours & Co, Cosucra Groupe Warcoing, Ingredion Inc, and CHS Inc, AGT Food & Ingredients, Inc.
These market players have a strong networked and secure clientele with main focus on increasing its product offering and portfolio with complete solutions to its customers including production, formulation of blend, packaging and transportation as well.
In addition to this, market players are more into mergers and acquisition to improve their product offering. Companies intend to expand their regional footprint through strategic collaborations.
- In February 2017, Glambia Plc acquired two companies — Body & Fit and Grass Advantage LLC protein ingredient manufacturers in the U.S. and Netherlands respectively. Both the company have a strong tactical fit with Glanbia’s Performance Nutrition (GPN) division and will prolong its reach to wider channels and new consumers.
- In August 2017, Archer Daniels Midland Company expanded its line of plant-based functional extracts by including an antioxidant blend, green tea, and acerola for application in a wide variety of food, drinks, and supplement applications
- In March 2017, Cargill started production of pea protein ingredients through partnership with World Food Processing, which is a multi-generation, family-owned business based in Oskaloosa, U.S., that has developed non-bioengineered/non-GMO pea seed varieties to minimize off-flavors
PLANT-BASED PROTEIN MARKET SEGMENTATION
The global Plant-based protein Market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Product Type:
- Soy Protein
- Wheat Protein
- Pea Protein
- Others
Form:
- Isolates
- Concentrates
- Hydrolysates
Nature:
- Organic
- Conventional
Application:
- Nutritional Products
- Sports Nutrition
- Medical Nutrition
- Infant Nutrition
- Bakery
- Snacks & Cereals
- Dairy
- Confectionary and Dessert
- Convenience Food
- Beverages
- Animal Feed
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Key Questions Answered in the Report
How much is the plant-based protein market currently worth?
Currently plant-based protein market is worth more than USD 11.3 bn.
At what CAGR is the market expected to grow?
Plant-based protein consumption is expected to grow at a CAGR of around 7.2% during the period 2022-2032.
How was the performance in the last five years?
In terms of revenue, plant-based protein grew at a CAGR of around 6.7% during 2017-2021.
What are the key trends boosting Plant-based protein sales?
Organic characteristics of plant-based protein, increasing demand for good quality protein-rich food, and aggressive social media marketing by plant protein producers are boosting the plant-based protein market.
How are market players reacting to the new developments in the market?
Market players are opting for technological advancement, new product developments, and dynamic marketing.
Which is the largest segment by type?
The soy protein segment is the largest plant-based protein segment by type.
At what level does the report reflect pricing analysis?
The report presents a detailed cost analysis of plant-based protein based on nature i.e. organic and conventional.
About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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