Plant-based Protein Market
Plant-based Protein Market was estimated to be USD 9,506 million in 2019 and is projected to expand at a CAGR of 7% over the forecast period, owing to the growing drift towards organic products.
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Accelerating per capita income, rapidly growing urban population, and rising awareness about the importance of protein are some major factors fuelling the plant-based protein market. Rising use of soy protein in food industry and the expansion across health and wellness sector will bolster the market growth. Plant-based protein helps improve gut health and reduces the chances of cancer and cardiovascular diseases owing to the less saturated fat, cholesterol, and sodium. Thus, all these factors have strengthened the plant-based protein market growth. The widespread of coronavirus positively impacted the market owing to the surge in demand for plant-based products and a healthier lifestyle among the population. However, as per the plant-based protein market report, the easy availability of counterfeit protein products such as soy-free and gluten-free might hamper the plant-based protein market size.
By Type, the Isolates segment is projected to grow at a faster CAGR during the forecast period as they are the purest form of protein with unique flavour. Also, the plant-based protein market research asserts that the easy digestibility, higher protein concentration, and usage as an ingredient in infant food, beverages, and other food products will drive the market growth.
By Application, the food segment is anticipated to lead the market over the forecast period, owing to the accelerating drift towards veganism. Also, as per the plant-based protein market research, the growing health concerns from animal products will support the growth of the food segment.
By Source, the Soy segment is predicted to hold the largest share over the forecast period owing to the surging demand for plant-based products. Also, the easy availability of raw material and cost-efficiency over other sources will positively impact the market growth.
Various leading players present in the market include, Kerry Group, Wilmar International Limited, Cargill, Incorporated, DowDuPont Inc., Glanbia PLC, DSM, Roquette Freres, Archer Daniels Midland, Emsland Group, and PURIS, among others.
Key Developments:
· In 2020, Cargill started a new plant-based protein brand i.e., PlantEver in China. PlantEver offers two plant-based products (chicken-alternative nugget and beef-alternative patty) to cater to the surging demand for nutritious and substiture protein options for Chinese consumers.
· In 2020, Kerry Group expanded its plant protein range for food and beverage companies. Through this expansion, the company planned to provide nutritional quality and allergy free plant-based options for consumers.
· In 2020, Archer Daniels Midland collaborated with Imagine Meats to innovate plant-based protein products in India. The partnership helped Imagine Meats to expand its footprint in India then expand its plant-based business in other markets such as Canada, US, UK, and UAE.
· In 2020, DSM and Avril partnered to develop plant-based protein across the globe to serve the growing demand of consumers.
Plant-based Protein Market Segmentation:
Plant-based Protein Market by Type
· Isolates
· Concentrates
· Textured Protein
Plant-based Protein Market by Application
· Feed
· Food
o Meat Alternatives
o Dairy Alternatives
o Bakery
o Performance Nutrition
o Convenience Foods
o Others
Plant-based Protein Market by Source
· Soy
· Pea
· Wheat
· Others
Plant-based Protein Market by Form
· Dry
· Liquid
Plant-based Protein Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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