Health benefits associated with plant protein consumption is expected to escalate the plant protein market at a CAGR of 6.2%
Latest market study on "Global Plant Protein Market to 2027 - Analysis and Forecasts by Source (Soy, Wheat, Pea, and Others); Type (Isolates, Concentrates, and Protein Flour); Application (Protein Beverages, Dairy Alternatives, Meat Alternatives and Meat Extenders, Protein Bars, Bakery, and Others), and Geography", The global plant protein market is accounted to US$ 16,633.6 Mn in 2018 and is expected to grow at a CAGR of 6.2% during the forecast period 2019 - 2027, to account to US$ 27,965.9 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
On the basis of source, the plant protein market is categorized into the soy, wheat, pea, and others. In 2018, the soy segment leads the global plant protein market. The largest share of the soy segment is attributed to the health benefits offered by the soy protein. For instance, soy protein helps to reduce the cholesterol level, improve metabolism, bone mineral density, and also decrease the risk of cancer. Soy protein is used in various food products such as meat analogs, frozen desserts, soups, salads, non-dairy creamers, breakfast cereals, infant formula, cheese, whipped cream, pasta, bread, and pet foods. Additionally, soy protein also provides essential amino acids for human nutrition. Therefore, health benefits offered by the soy protein and a wide range of applications lead to a surge in demand for protein extracted from soy.
The consumers in most of the developed and developing countries in North America, Europe, and Asia-Pacific such as the United States, Canada, Germany, France, China and India, among others are quite concern regarding healthy life style and healthy diet or food habits. The demand for plant proteins in North America is driven by a growing demand for alternative protein types that are more sustainable, clean and creates less environmental impact during production. Additionally, plant proteins contain low cholesterol and saturated fat, and it contains a high nutritional value, which appeals to health-conscious consumers in developed countries. Moreover, rising awareness about the vegan protein, especially among the adult age group, is rising not only in the US and Canada but also in Mexico. These factors further propel the demand for plant protein in the region. The food and beverage manufacturers in the region are experimenting to use healthy ingredients across various segments such as bakery, meat alternative, dairy alternative, processed food, confectionery, drinks, juices, etc. in order to enhance the taste, flavor, appearance and nutritional value which would also aid the growth of plant protein market.
The market for global plant protein is concentrated with some very well-established players. Some of the key players in the global plant protein market are E. I. Du Pont De Nemours and Company, Archer Daniels Midland Company, Kerry Group, Koninklijke DSM N.V., Axiom Foods, Inc., Cargill, Incorporated, Roquette Frères, Ingredion Incorporated, Glanbia plc, Burcon NutraScience Corporation among others.
The report segments the global plant protein market as follows:
Global Plant Protein Market - by Source
Global Plant Protein Market - by Type
Global Plant Protein Market - by Application
Global Plant Protein Market - by Geography
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