The global Plant Protein Market is expected to grow at a CAGR of 6.7% and is projected to reach a market size of US$ 17.23 Bn by 2023. Plant protein refers to protein ingredients that are derived from plants. The demand for plant proteins is expected to show a significant growth rate, owing to the increasing demand for food & beverage products such as meat alternatives, snacks, cereals, and bakery products, among others.
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Rising consumer awareness regarding proper health and wellness is triggering the overall market growth of plant protein during the forecast period. In addition to this, the rising number of online magazines and forums that provide advice on diet and proper lifestyle, and promotional offers regarding new products, is also resulting in a rise in demand for plant proteins over the years.
Key findings/Recent News:
· January 2018: Cargill Inc. signed a joint venture with PURIS, the largest North American producer of pea protein in order to increase the overall production of pea protein.
· January 2019: Safe fair Foods Co. launched an allergy-free product line of pea protein chips. The gluten-free chips are free from seven allergens that comprise lentil flours and pea proteins.
The global pea protein market is witnessing significant growth owing to the increasing consumer awareness about healthier diet and leading a proper lifestyle. The high consumption red meat is linked with obesity, which in can increase the risk of type 2 diabetes. Consumers are relying on self-diagnosis in order to identify the targeted health needs. More than 60% of residents in the U.S seek help from the internet to get information regarding specific diseases and illnesses. The growth in the e-commerce industry is also a major factor in driving the sale of nutritional supplements, with retailers focusing on the improvement in the online shopping experience through proper online education and targeted marketing.
CPs & CI
The major players operating in the global plant protein market are Archer Daniels Midland Company, Cargill Incorporated, Axiom’s Foods, Ajinomoto Co., Inc., Glanbia PLC, E.I. Du Pont de Nemours and Company, Kerry Group PLC, Growing Naturals, LLC, and Pinnacle Foods, Inc., and Safe fair Foods Co., among others.
The major players operating in the market focuses on new product development, product launches, and several other strategies such as mergers and acquisitions, in order to grab a greater number of customer attention. Companies such as Ingredion Inc. introduced Vitessence Pulse 1803, which is an organic pea protein isolate for use in applications like sports bars, baked foods, meat alternatives, and ready to drink beverages, among others. The ingredient is characterized by a creamy texture and a flavor that is low in raw and green notes. The ingredient has minimum 80% proteins and it has also been certified by Quality Assurance International, San Diego. Vitessence Pulse 1803 may replace allergens like eggs and dairy and it also supports gluten-free claims.
Key Questions answered
• What is the market value of the overall plant protein market and segments?
• What are the key segments and sub-segments in the market?
• Which is the largest sub-segment in each segment in the scope of the study?
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• What are the attractive segments and geographies to invest in?
• What is the market value at the regional and the country level?
• Who are the key market players and their key competitors?
• What are the strategies for growth adopted by the key players in the market?
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