Early identification of protein deficiencies and a greater emphasis on health has fuelled the need for protein in the past two decades, culminating in a high demand for plant-based protein diets. A study conducted by DuPont Nutrition and Health suggests that more than half of American consumers eat some form of plant-based foods. This has coincided with an increasing awareness and prevalence of lactose intolerance, raising the profile of the plant-based protein market.
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Higher Quality Texture of Pea Protein Ensures its Dominance in Plant-based Protein Market
Soy protein finds widespread application in different foodstuffs as a result of its affordability and availability. Soy milk is a compelling plant-based alternative to animal milk, explaining its popularity amongst vegan consumers. The pea protein segment is anticipated to hold a major chunk of the plant-based protein market as processed food manufacturers shift towards superior texture-lending ingredients. Isolate protein is much easier to incorporate with various foods as it offers a high level of protein convergence. Isolate protein also has a tastier flavour and appealing colour, making it ideal for sports drinks or infant nutrition formulas.
Manufacturers Have Huge Presence in Europe to Buttress Demand for Plant-based Protein
North America and Europe account for the largest value share in the plant-based protein market as veganism has gained prominence there. In addition, both continents are highly aware of lactose intolerance-related issues, hastening their switch to plant-derived products. The growth is supported by the presence of numerous plant-based protein manufacturers, laying the foundation for pervasive product penetration at the consumer level. Thus, it is unlikely that APAC will outpace either continent anytime soon in the plant-based protein market.
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Companies Experimenting With Garlic and Wheat in Plant-based Protein Market
Analysts at Fairfield Market Research believe that plant-based foodstuffs now play a major role in food manufacturers’ strategic decisions. These companies have launched several new products and acquired brands in order to remain competitive in the plant-based protein market. In 2020, three major developments occurred in the plant-based protein market. Good Catch unveiled its frozen plant-based seafood under three categories – Thai Style Plant-based Fish Cakes, Classic Plant-based Fish Burgers, and New England Style Plant-based Crab Cakes. Field Roast, a company renowned for its deli slices, plant-based sausages, and hot dogs released plant-based nuggets. Field Roast states that this innovate foodstuff is derived from pea protein, garlic, and wheat. Lastly, Nestle entered into a collaboration with Merit and Burcon to produce plant-based proteins. Nestle plans to develop and commercialize plant-based food & beverages through protein produced by the two companies.
Other major players actively involved in the plant-based protein market include Royal Ingredients Group, Sotexpro, Glanbia, Kerry Group, Roquette Freres, Cargill, Emsland Group, The Greenlans LLC, DuPont, Batory Foods , Aminola, Ingredion, BurconNutracience, Archer Daniels Midland Company, AGT Food & Ingredients, Beneo, ProlupinGmbh, Puris, Cosucra Group, Wilmar International, and Parabel.
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