Plant Protein Market: Key Insights
According to our new research study on "Plant Protein Market to 2027 – Global Analysis and Forecast – by Source, Type, and Application," the market is projected to reach US$ 27,965.9 million by 2027 from US$ 16,633.6 million in 2018; it is expected to grow at a CAGR of 6.2% during 2019–2027.
Plant proteins are obtained from various plant sources such as soy, wheat, pea, nuts, and seeds, among others. Various plant sources such as lentils, chickpeas, peanuts, almonds, spirulina, quinoa, and chia seed provide a high amount of proteins. Since plant proteins are low in calories, they can be consumed as a substituted for animal protein for weight loss. Growing demand for plant-based food coupled with rising consumer interest in high protein food is the key factors boosting the demand for plant protein globally.
In 2018, Asia Pacific accounted for the largest share of the global plant protein market. The plant protein market growth in Asia Pacific is attributed to the increase in disposable income with changing lifestyles are the major driving factors for plant protein market in Asia Pacific. Rapid growth in the food & beverage industry in the developed and developing Asian countries such as China, India, and Japan provides a huge market opportunity for plant protein manufacturers as it is extensively used in the products such as protein beverages, dairy alternatives, meat alternatives, and protein bars.
Rising Consumer Awareness About Protein-Rich Food to Fuel Plant Protein Market Growth
Proteins are building blocks to maintain the structure and functions of the human body. Proteins are made up of amino acids that are attached by peptide bonds in long chains. There are 20 different kinds of amino acids linked together that determines the role of protein in the human body. Proteins play a key role in transporting molecules throughout the body by helping in cell repair and protecting the body from viruses and bacteria. It also promotes proper growth and development in children, teenagers, and pregnant women. Various studies show that eating a protein-rich diet help gain muscle mass and strength and prevent muscle loss during weight management or weight loss program. People consuming more protein tend to maintain bone mass better and have a much lower risk of osteoporosis and fractures. High protein intake has resulted in boosting metabolism that results in the burning of a high amount of calories. This further helps in proper weight management and weight loss. These benefits of protein are attracting consumers toward protein-rich food and beverages available in the market. This further creates a huge demand for plant proteins globally, thereby boosting the plant protein market growth.
Plant Protein Market: Segmental Overview
Based on source, the plant protein market is bifurcated into soy, wheat, pea, and others. The soy segment accounted for the largest market share in 2018; however, the pea segment is expected to register the highest CAGR in the market during the forecast period.
Based on type, the plant protein market is segmented into isolates, concentrates, and protein flour. The concentrates segment accounted for the largest market share in 2018.
Based on application, the plant protein market is segmented into protein beverages, dairy alternatives, meat alternatives and meat extenders, protein bars, bakery and other applications. The meat alternatives and meat extenders segment accounted for the largest market share in 2018.
Plant Protein Market: Competition Landscape and Key Developments
Archer Daniels Midland Company; Axiom Foods, Inc.; Burcon NutraScience Corporation; Cargill, Incorporated; E. I. Du Pont De Nemours and Company; Glanbia plc; Ingredion Incorporated; Kerry Group; Koninklijke DSM N.V.; and Roquette Frères are among the key companies operating in the global plant protein market. These companies provide a wide range of product portfolios in the market. The companies have their presence in developing regions, which will help in increasing awareness regarding plant protein. These market players are highly focused on developing high-quality and innovative products to meet the customer's requirements. They have realized the immense potential of plant protein and are observed to be highly involved in mergers and acquisitions, product launch/product innovation, and market initiatives.
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