The Global Plant-Based Protein Market size was worth USD 18.49 billion in 2022 and is estimated to grow at CAGR of about 14.1% over the forecast period to reach a value of USD 40.58 billion by 2028.
Market Overview:
The plant protein market includes protein ingredients obtained from plants as a source. The items considered are produced by organizations that have their obtainment framework and homesteads, as a piece of the agribusiness unit. In 2018, North America was the most significant topographical portion of the market and represented a portion of around 38.6% of the business share.
The new compositional research and altered high-dampness expulsion process are helping the development of the plant protein market. For example, plant protein-based chocolates that are liberated from creature protein compensate for a decent interest in the market, for purchasers who don't expend dairy. Plant-based milk has watched a noteworthy development lately, with an expanding number of individuals going to without dairy choices. This inventive product offering of the prepared to-eat item with no trade-off in taste and surface has, like this, supported the global plant-based protein market.
The National Institute of Allergy and Infectious Diseases uncover that 90% of food sensitivity is brought about by eggs, milk, fish, red meat, soy, and nuts. Because of animal protein sensitivities, a large portion of the meat buyers is slanted toward meat substitutes made of veggie lover protein, which eventually drives the plant protein market. As indicated by the reference rundown of allergen information assortment, the allergen from chicken meat ranges from 0.5-5% in Southern Europe. Pea protein, prior perceived as a total protein with the essential amino acid profile, contains egg like the potential that can be joined into a few egg-based items, similar to pasta, vermicelli, cakes, and treats. As indicated by the United States Center for Disease Control and Prevention, 12.2 million individuals are experiencing food hypersensitivity, of which 66% is related to egg sensitivity.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023 - 2028 |
CAGR |
14.1% |
Segments Covered |
By Type, Application, Source and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Cargill Inc, Archer Daniels Midland, DuPont, Kerry Group, Glanbia PLC, Tate & Lyle PLC, Ingredion Inc, Burcon NutraScience Corp, Axiom Foods, Royal DSM N.V., Sotexpro S.A. and Others. |
Plant-based proteins are mostly used in applications like meat alternatives. According to the latest research conducted by key players and local governments, it has been observed that consumers are looking for meat alternatives to reduce their meat consumption. This has resulted in a decline in the demand for meat. For example, pea proteins are gradually used as an alternative by the manufacturers of processed meat, which resulted in more profits.
The main elements expected to drive the progress of the plant-based protein industry are the developing number of item dispatches, extensions, and venture by significant players, buyers eliminating meat utilization and receiving plant-based proteins, nutritional benefits offered by plant-based food, and expanding inclination of buyers for the reception of a veggie lover diet.
By source, the soy segment is likely to dominate the global plant-based protein market during the outlook period. The growth in this segment is supported by the mounting popularity and demand for a high-protein diet among consumers. Soy protein is proved to reduce cholesterol levels, cancer risk and improves metabolism, bone mineral density, and others. Soy protein isolates are mostly used in applications like nutritional bars, bakery products, meat alternatives, sports nutrition products, and drinks.
By type, the isolates segment is estimated to account for the highest portion of the global plant-based protein market during the projection period. Protein isolates comprise a considerable amount of protein ad improves digestibility in individuals. Isolates are finding huge demand in protein and nutrition-oriented products, such as sports nutrition, protein drinks, and dietary supplements. In the last few years, isolates have been demanded more by athletes, bodybuilders, vegetarians, and have gained an extensive application in various beverages and dairy products, due to their different functional properties.
Based on application, the food and beverage sector held the largest share of the overall plant-based protein market in 2019, owing to the high demand for sustainable products in consumers, rising awareness about the health advantages of plant-based proteins, progressing health concerns on the usage animal products and ingredients, incline in vegan population, and rising meat prices and need for clean label trend. However, the nutrition and health supplement section is anticipated to record significant growth. The rapid growth in this division is mainly due to changes in lifestyle, growing health & wellness trends, and increasing prevalence of diseases.
The portion of the North American plant protein market was 38.6% in 2018. The interest for plant proteins is developing at a quick rate, inferable from a change in the way of life, absence of adjusted dietary admission, and improved R&D, so as to grow new sorts of plant-protein advanced items. The United States keeps on catching the most significant piece of the pie for plant protein, trailed by Canada and Mexico. The interest for handled and low cholesterol foods has made ready for the plant-based protein market, in the locale. These days, purchasers are changing to other elective items, for example, green name food items, combined with bringing issues to light of sound and plant-based items, because of an expansion in the accessibility of fraudulent items in the market.
Cargill, ADM, Kerry Group, DuPont Danisco, and Glanbia, are the leading players in the global plant-based protein market. These companies implement strategies like expansions, mergers and acquisitions and product launches. To gain a competitive edge in terms of revenue, organizations are investing more in innovative products, with the aid of new plant proteins like hemp and chia.
As of late, ADM (US) extended its geographic impression in Brazil with the development of another soy protein creation complex in Campo Grande, MatoGrossodoSul, Brazil, at an estimation of USD 250 million. The intricate will make a scope of functional protein focuses and secludes for ADM's present product offering.
Key Players in the Market:
Major Key Players in the Global Plant-Based Protein Market are
FAQ's
By 2028, it is predicted that the global Plant-based Protein market can reach a valuation of US$ 40.58 billion.
The global Plant-based Protein market can expand with a CAGR of 14.1% during the forecast period.
Cargill Inc, Archer Daniels Midland, DuPont, Kerry Group, Glanbia PLC, Tate & Lyle PLC, Ingredion Inc, Burcon NutraScience Corp and Others.
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