Plant Protein Market - Forecast(2023 - 2028)
Plant Protein Market size is estimated to reach $7,964 million by 2026, growing at a CAGR of 5.4% over 2021-2026. Plant proteins, particularly globulins, have traditionally been sourced mostly from grain and legume seeds, which are high in protein. Essential amino acids, vegan protein, Soy Protein Isolate, and hydrolyzed wheat protein are all part of this group. Plant-based proteins have protein concentrations ranging from 50% to 85%, making them appropriate for vegan and vegetarian diets. Because of the numerous health benefits of vegetarian cuisine, customers are increasingly turning to it. This has resulted in a growth in the product's use and demand. Aside from that, the use of plant protein in beverages, animal feed, infant food, and dietary supplements is propelling the industry forward. Product launches, development, and collaboration are all important contributors in the market's growth. According to research, environmental and animal welfare issues are still motivating reasons for adopting a plant-based lifestyle, but they aren't the driving factors. Many people are switching to plant-based proteins to improve their health and well-being. Plant-based diets have been shown in studies to help prevent obesity, stroke, and heart disease, reduce cholesterol and arthritis pain, lower blood sugar, and boost energy and mental clarity.
Report Coverage
The report: “Plant Protein Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Plant Protein Market.
By Source: Soy Protein, Wheat Protein, Pea Protein, and Others.
By Nature: Organic and Conventional.
By Product Type: Isolates, Concentrates and Textured.
By Form: Dry and Liquid.
By Application: Food, Beverages, Animal Feed, and Others.
By Distribution Channel: Pharmacies/Drugstores, Specialty Store, Online Retail, and Others.
By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa)
Key Takeaways
- In 2020, North America dominated the Plant Protein Market.
- The presence of large prominent companies in the region, such as Cargill and Archer Daniels Midland Company, is a crucial driver driving the plant protein market during the forecast period 2020-2025, as consumers become more aware of the nutritional benefits of plant protein.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Plant Protein Market report.
- However, one of the key challenges limiting the growth of the Plant Protein Market is that even after their employment in pharmaceutical research, lipid-based Nanocarriers have a low compound loading capacity and leakage during storage.
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Plant Protein Market Segment Analysis – By Source
The Plant Protein Market based on the source can be further segmented into Soy Protein, Wheat Protein, Pea Protein, and Others. Soy proteins include fewer carbs than soy protein meat, soy protein isolate nutrition, soy protein powder, and soy protein oestrogen, and are accessible on the market as soy protein meat, soy protein isolate nutrition, soy protein powder, and soy protein oestrogen. It has uses in the food and beverage (F&B) business as well as the market for nutraceutical additives. Because soy protein is used in a range of foods, including cheese, beverages, miso, tempeh, tofu, salami, and vegetarian meat replacements, the soy lecithin market's growth prospects are generating an increase in the use of soy protein in the food and beverage industry.
On the other hand, pea protein segment is estimated to register the fastest CAGR of 6.4% for the period 2021-2026. Pea protein is regarded as a non-allergenic component. It's lactose-free and gluten-free by definition. Lactose intolerance is becoming more common over the world, and customers are avoiding glutamic goods in greater numbers. The vegan population is also reliant on plant-based protein to meet their daily nutritional needs. As a result, rising consumer demand for allergen-free products can be attributed to pea protein demand. As a result, more people are opting for pea protein, as pea allergies affect just a small percentage of the world's population. As a result, pea protein makers have a significant opportunity in the allergen-free market.
Plant Protein Market Segment Analysis – By Application
The Plant Protein Market based on the application can be further segmented into Food, Beverages, Animal Feed, and Others. The food segment registers for the highest Plant Protein market share in 2020 as plant protein is widely used in food goods. In addition, changing lifestyles and customer preferences for energy drinks and fruit juices due to their nutritional benefits are driving market expansion. Furthermore, the food segment is forecasted to register the fastest CAGR of 6.8% over 2021-2026. The rise in demand for convenience food products in a variety of flavors, which save customers time and effort owing to their hectic schedules, is driving the increase. Blueberry Banana and peach mango plant protein fruit smoothies, for example, are available from PepsiCo Inc.'s Naked Juice. Because of the benefits of Plant Protein, there has been an increase in demand for these goods, and the market is expected to rise significantly between 2021 and 2026.
Plant Protein Market Challenges
Plant Protein Foods And Food Intolerances is set to limit Plant Protein Market Growth
During the forecast period 2021-2026, allergies to plant protein meals are one of the factors that may stymie the growth of the Plant Protein Market. Furthermore, they cause mineral deficiencies and inhibit protein digestion, limiting market expansion. Furthermore, soy protein contains a lot of phytic acid, which might prevent critical minerals like calcium, magnesium, copper, iron, and zinc from being absorbed. In humans, soy allergy can cause itching and hives. The other factor is gluten sensitivity, which is widespread in wheat proteins with similar properties and has had an impact on the growth prospects of both protein sources.
Plant Protein Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Plant Protein market. In 2020, Plant Protein market share is fragmented by the top ten players present in the market. The Plant Protein market top 10 companies are:
- Archer Daniels Midland Company (ADM)
- Wilmar International
- Cosucra Groupe
- Emsland Group
- Cargill
- Ingredion
- DuPont
- Roquette Frères
- PURIS
- Kerry Group
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Acquisitions/Product Launches
- In June 2020 Cargill launched a new plant-based protein brand plant ever for consumers in China which would help meet the demand for nutritious, great-tasting alternatives for plant among the consumers.
- In February 2020: Cargill launched plant-based patty and ground products which are considered as an important next step in bringing more protein options to retail stores, cafeterias, fast food outlets, restaurants, and other global locations.
- In December 2019, DuPont Nutrition & Biosciences built a new plant-based solution, Danisco Planit. It comprises a comprehensive portfolio of plant proteins, cultures, probiotics, enzymes, and stabilizing solutions that deliver all-around nutritional and functional benefits.
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