The global plant protein ingredients market is expected to rise to a valuation of 15.65 billion by 2024, according to the latest research report from Market Research Future (MRFR). The global plant protein ingredients market is expected to exhibit a solid 7.1% CAGR over the forecast period from 2019 to 2024, according to the report.
Rising health awareness among consumers is likely to be a major driver for the global Plant Protein Ingredients Market over the forecast period. In recent years, the consumption of fat- and carbohydrate-rich foods has increased among consumers all over the world, due to the steady growth of the fast-food industry and the convenience of fast food for consumers living hectic lives in busy urban areas. This has led to a rising prevalence of lifestyle diseases such as diabetes, hypertension, and others. Growing awareness about these conditions has led to a growing awareness about the benefits of a high-protein diet. This has led to a growing consumption of protein-rich foods in recent years. This is likely to remain a major driver for the global plant protein ingredients market over the forecast period. Increasing awareness about the ability of high-protein foods such as plant protein ingredients is also likely to be a major driver for the global plant protein ingredients market over the forecast period.
The growing demand for vegan and vegetarian food is also likely to be a major driver for the global plant protein ingredients market over the forecast period. The demand for vegan and vegetarian food has grown in recent years, as many consumers have switched to a vegan or vegetarian lifestyle for various reasons. Some people have switched to veganism to protest animal cruelty, while some have joined the bandwagon due to concerns about the animal products industry’s impact on the environment. This has driven the demand for plant-based protein products, as replacing the proteins from animal sources is important for the health of vegans and vegetarians. The growing adoption of veganism and vegetarianism is likely to be a major driver for the global plant protein ingredients market over the forecast period.
Market Dashboard:
The market expansion is depending much on strategies that include merger, collaboration, new launches, and acquisition. Cargill Food for instance, in India, is planning to launch a new range of edible oils to increase market presence. Scoular Company’s Food Ingredient’s decision to invest in Rogers Grain can be considered exemplary.
Prominent players impacting the market are I. du Pont de Nemours and Company (U.S.), Archer Daniels Midland Company (U.S.), Kerry Group (Ireland), Cargill Incorporated (U.S.), Amco Proteins (U.S.), Scoular Company’s Food Ingredient (U.S.), Axiom's Foods (U.S.), Roquette Foods (France), Pinnacle Foods Inc. (U.S.), Glanbia Nutritionals (U.S.), Reliance Private label supplements (U.S.), Sunwarrior(Sun Brothers, LLC)(U.S), Growing Naturals, LLC (U.S.), AjinomotoInc. (Japan), Showa Sangyo Co., Ltd. (Japan), Omega Protein Corporation (U.S.), Manitoba Harvest hemp foods (Canada), Sodrugestvo Groups (Russia), Azaki Gulico Co., Ltd. (Japan), Kyowa Hakko Kogyo Co., Ltd. (Japan), and others.
Market Segmentation:
The global plant protein ingredients market can be segmented by source and application.
By source, the market can be segmented into soy protein, wheat protein, pea protein, and others. Soy protein is currently dominating the market with substantial revenue share and can be sub-segmented into protein isolate, protein concentrate, and others. However, pea protein is expected to register the fastest CAGR during the forecast period.
Application-wise segmentation includes foods, beverages, sports nutrition, baby food, pharmaceuticals, animal feed, and others. Food has been dominating the market so far and is expecting a further CAGR of 7.52% during the forecast period, whereas, beverages segment is touted to grow with the fastest CAGR of 7.73% during the same period.
Regional Analysis:
Geographically, the market can be segmented into regions namely North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
With a market share of over 32.85% of the global market and a touted market valuation of USD 5530.89 million during the forecast period, North America is proving its superiority. A stellar CAGR of 7.19% is on the card for the region. Canada is expected to register the highest CAGR during the period with Mexico following the lead.
The APAC region is anticipating the fastest CAGR and India will take the onus to ensure that by expanding plant protein ingredients’ market considerably within its boundary. An astounding 8.70% CAGR can be anticipated from the Indian market. So far, China is the regional market leader with a market share of 25.46% in 2017.
Know More about the Report: https://www.marketresearchfuture.com/reports/plant-protein-ingredients-market-5114
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