Global Plant-based Protein Market: Overview
Plant protein refers to a significant source of protein that comes from plants. This source of protein can be peas, certain grains, seeds, nuts, seitan, tempeh, soya, tofu, and pulses. Of these, pulses come from a large group of plants, including split peas, lentils, chickpeas, and beans. Beans comprise adzuki, kidney, and black beans. The global plant-based protein market is likely is estimated to witness considerable growth over the period of analysis, from 2019 to 2029. The growth of the global plant-based protein market is anticipated increased use of pea protein in food sector. Besides, innovations and evolution in the plant-protein extraction method is likely to add to the demand for plant-based protein over the tenure of analysis, from 2019 to 2029.
Proteins are considered crucial building blocks of muscles, which is important for proper functioning of the body. The concentration of protein in plant-based protein ranges from 50% to 85% and are considered suitable diet plans for vegetarians and vegans. In a bid to fight off obesity and augmented prevalence of various lifestyle diseases, the demand for healthy food is anticipated to rise. Prevalence of lifestyle diseases is attributed to the changing lifestyle of people. In addition, progress in the wellness and health sector is estimated to be driven by augmented use of diet plans that contain plant-based proteins.
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Source, type, form, application, and region are the five key parameters based on which the global plant-based protein market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
Global Plant-based Protein Market: Notable Developments
The global plant-based protein market has come across some major developments over the last few years. One of such developments that have played an important role in influencing the course of the market is mentioned below:
- In January 2019, Archer-Daniels-Midland Company constructed a new production complex for soy protein in Brazil. The production complex is tasked with the manufacturing of a wide range of concentrates of functional protein and is isolated from the company’s line of products. This set up is estimated to expand the presence of the company in the region.
Some of the key players in the global plant-based protein market comprise the below-mentioned:
- Archer-Daniels-Midland Company (ADM)
- Wilmar International
- Herblink Biotech Corporation
- Koninklijke DSM N.V.
- DuPont de Nemours, Inc.
- Roquette Frères
The following drivers, restraints, and opportunities characterize global plant-based protein market over the assessment period, from 2019 to 2027.
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Expansion of Lactose-intolerant Population is Expected to Drive Market Growth
Plant-based protein is environment friendly and is different from other sources of protein. Consumers are gaining awareness about the benefits of plant-based protein and these products are gaining traction amongst the consumers looking for allergen-free, natural, and environment friendly products. Increased concern about the harmful effects of animal-based products on health and its adverse effects on the environment are likely to drive the demand for plant-based protein as main ingredient for nutrition.
There has been a rise in the vegetarian population and they are regularly consuming plant-based proteins. There has been a rise in consumers with lactose intolerance, which is caused by consumption of alternative dairy protein due to its exceptionally high protein intake. As such, the demand for non-genetically modified organisms (GMO) is bound to rise in the allergen-free markets over the tenure of assessment. This factor is expected to work in favor of the global plant-based protein market over the tenure of assessment.
Global Plant-based Protein Market: Geographical Analysis
North America is forecasted to come up as one of the leading regions in the global plant-based protein market. Growing prominence of the region is owing to the presence of several leading market players in the region, such as Puris, Archer-Daniels-Midland Company, DuPont de Nemours, Inc, and Cargill Incorporated. Besides, increased awareness about the benefits of these products are estimated to propel growth of the region in the near future.
The global plant-based protein market is segmented as:
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