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 Billion in 2032 at a CAGR of 7.2%, according to a market analysis performed by Future Market Insights.
As food and refreshment efficiency rises, the market for plant-based proteins will see a plenty of new choices. In view of the sort of protein included, the worldwide plant-based protein market is parted into soy, wheat, pea, potato, rice, canola, corn, and other item classifications. Soy protein is supposed to represent the biggest portion of the overall plant-based protein market.
As indicated by the study, the rising commonness of ailments, for example, diabetes, hypertension, and heftiness is driving individuals to carry on with a better way of life. Subsequently, there is a more noteworthy requirement for healthful enhancements and utilitarian feasts containing plant-based proteins.
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Demand for Preventative Healthcare, Especially Due to the Recent Outbreak of Deadly Viruses to boost growth
The vast majority of the public is health-conscious and understands the value of preventive healthcare. Several periodicals and online forums, including Livestrong.com, bodybuilding.com, Men’s Health magazine, and Shape magazine, provide nutrition and lifestyle information and regular updates. Similarly, manufacturers of plant-protein-enriched products are advertising their products through various channels such as internet portals, publications, and marketing campaigns in order to increase demand for plant-protein-enriched products.
These strategies of players primarily focus on new product 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
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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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Frequently Asked Questions
- How much is the plant-based protein market currently worth?
- At what CAGR is the market expected to grow?
- How was the performance in the last five years?
- What are the key trends boosting Plant-based protein sales?
- How are market players reacting to the new developments in the market?
- Which is the largest segment by type?
- Which are the major countries driving demand for plant-based protein?
- Who are the major players in the Plant-based Protein Market?
- At what level does the report reflect pricing analysis?
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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