Plant Protein Market size is estimated to be $9.2 billion in 2019, growing at a CAGR of 6.8% during the forecast period 2020-2025. Plant protein is a food source of proteins which is from plants. This group includes pulses, tofu, soy, tempeh, seitan, nuts, seeds, certain grains and even pulses. Growing population along with the increasing prevalence of diabetes, chronic disease and other cardiovascular diseases and the preference of vegetarian foods among consumers is a significant factor driving the plant protein market in the upcoming years. Moreover, the shift of consumers towards vegetarian food owing to its several health benefits is propelled to increase the utilization and demand of the product. Apart, from this, the use of plant protein in beverages, Animal feed, infant food and dietary supplement is also fueling the market growth. Product launches, development, collaboration is some of the key factors contributing to market growth. For instance, in June 2020 Cargill launched a new plant-based protein brand plant ever for consumers in China which would help meet demand for nutritious, great-tasting alternatives for plant among the consumers.
Plant Protein Market Segment Analysis – By Source
By Source, the Plant Protein Market is segmented into Soy, Wheat, Pea and others. Among these, Soy protein accounted for the largest market share in 2019 owing to its several health benefits. Moreover, soy is the only plant protein that carries FDA’s heart claim which reduces the risk of heart diseases. In addition, it is a source of folate, potassium, fiber and the quality of soy protein is nearly higher than the quality of all other plant protein. Furthermore, soy protein products offer benefits to women in various life stages including improved diet and cardiovascular status, prevention of certain types of cancer, improved health following menopause, obesity, prevention/control and more options for food variety. This has led to increase in demand of soy protein in the future.
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Plant Protein Market Segment Analysis – By Application
By Application, the Plant Protein Market is segmented into Food and Beverages, Nutrition & Health Supplements, Animal Feed and Others. Food and Beverages segment held the largest market share in the year 2019 owing to the wide usage of plant protein in beverages as well as in food products. In addition, the changing lifestyle and the preference for energy drinks, fruit juices among consumers owing to its nutritional benefits is contributing to its market growth. Furthermore, the growth is driven by the rising demand of convenience food products with different flavours to save both customers time and effort, given their hectic schedules. For instance, Naked Juice from PepsiCo Inc. offers blueberry banana and peach mango plant protein fruit smoothies. Owing to these benefits of Plant Protein, there is an upsurge in the demands of these products and the market and is estimated to witness significant growth during the forecast period 2020-2025.
Plant Protein Market Segment Analysis – Geography
North America contributed to the largest market share of 41% owing to the presence of large dominant players in the region including Cargill and Archer Daniels Midland Company. Increasing demand of Plant-Based Food among consumers owing to its health benefits have highly supported its regional demand. Besides, these developments by key players is another factor triggering its market growth. For instance, in April 2016 Archer Daniel Midland Company launched soya ingredients that can be used to boost protein and fibre content in meat products. Europe plant protein market is another dominant market owing to the presence of Nestle and Roquette. Moreover, in December 2019, Roquette launched new plant-based proteins from peas and fava beans.
Plant Protein Market Drivers
Increasing Awareness Among Consumer Regarding Nutritional Benefits of Plant Protein
Increasing awareness among consumers regarding nutritional benefits of plant protein is a significant factor driving the plant protein market during the forecast period 2020-2025. Moreover, plant-based protein food sources are a great way to help with digestive balance as they contain a healthy amount of fibre which reduces bowel movements and the risk of gut inflammation. In addition, out of many benefits, a recent 2016 study at the Academy of Nutrition and Dietetics confirmed that users consuming more plant-based nutrients have reduced the risk of chronic health issues and diseases including ischemic heart disease, type 2 diabetes, hypertension, cancer and obesity. Hence, these are the key factors driving the plant protein market in the upcoming years.
Cost-effectiveness is a major factor driving the Plant Protein Market during the forecast period 2020-2025. Changing lifestyle along with the growing health concern and hectic schedules of people around the world is further propelling the market. Furthermore, the wide acclamation in celebratory events and household occasion there is a demand for cakes and pastries at affordable prices which is further contributing to its market growth.
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Plant Protein Market Challenges
Allery-Related to Plant Protein Foods
Some of the factors that may impede the growth of Plant Protein Market are the allergies related to plant protein foods during the forecast period 2020-2025. Moreover, they cause mineral deficiency, block protein digestion thereby restraining its market growth.
Plant Protein Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Plant Protein Market. Plant Protein Market top 10 companies are Archer Daniel Midland Company, DuPont, Kerry Inc., Royal Avebe UA, Cargill, Glanbia, Puris, Emsland Group, Roquette and Batory Foods.
February 2020: Cargill launched plant-based patty and ground products which is considered as an important next step in bringing more protein options to retail stores, cafeterias, fast food outlets, restaurants and other global locations.
Soy protein accounted for the largest market share in 2019 owing to its several health benefits.
Food and Beverages segment held the largest market share in the year 2019 owing to the wide usage of plant protein in beverages as well as in food products.
North America contributed to the largest market share of 41% owing to the presence of large dominant players in the region including Cargill and Archer Daniels Midland Company.
Increasing awareness among consumers regarding nutritional benefits of plant protein is a significant factor driving the plant protein market during the forecast period 2020-2025.
Related Reports :
A. Europe Plant Protein Market
B. Plant-Based Protein Supplements Market
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