According to MarketsandMarkets, the global Plant-based Protein Market size was valued at USD 10.3 billion in 2020 to USD 15.6 billion by 2026, recording a CAGR of 7.2% during the forecast period. This is attributed to the growing usage of pea protein in food industry and innovation in the technologies used for the extraction of plant-based protein. North America region accounted for the largest market share in the global market.
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By type, the isolates segment is projected to grow with the highest CAGR in the global market during the forecast period
The isolate segment, by type, is projected to grow at the highest revenue CAGR during the forecast period. Isolates are the most refined form of protein products containing a higher concentration of protein. They are easily digestible and can be incorporated into different food products. Protein isolates have been developed from a variety of legumes such as soy, pea, canola, and other sources such as rice and oats. It has a high concentration of protein, with the advantage of color, flavor, and functional properties, which make it an ideal raw ingredient to be used in applications such as beverages, infant foods, children’s food, and other types of specialty foods
By application, the food segment is estimated to account for the largest market share in 2020 in the global market.
The food industry of the plant-based protein market is at the forefront of the plant-based revolution. Changing consumer preferences driven by awareness toward meat sourcing practices, its ecological impact, and animal-borne diseases have led to more consumers opting out of meat consumption. The resulting change has led to consumer demand shifting from conventional animal-based proteins to plant-based alternatives. The growing vegan trend has led to an upsurge in manufacturer presence in the sector.
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North America is projected to account for the largest share in the global plant-based protein market during the forecast period.
The North American market accounted for the largest share in 2020 due to the presence of some of the leading manufacturers such as Cargill (US), ADM (US), DuPont (US), and Puris (US). The North American region has been a key driver for the growth of the market owing to the investments in product manufacturers as well as processing units. The region is a key producer of different sources, including soy, wheat, and pea, with the combined output from the region dominating the global export market. The growing trend of veganism in the region also continues to propel plant-based protein products into the mainstream. The rising incidences of obesity, cardiovascular diseases, and diabetes among the American population has also prompted consumers to adopt vegan diets.
Key Market Players:
The key players in the plant-based protein market include DSM (Netherlands), ADM (US), DuPont (US), Kerry Group (Ireland), Cargill (US), Glanbia (Ireland), Wilmar International (Singapore), Emsland Group (Germany), Puris (US), Cosucra Group (Belgium), Batory Foods (US), Roquette Freres (France), Ingredion (US), Burcon Nutracience (Canada), Sotexpro (France), AGT Food & Ingredients (Canada), BENEO (Germany), Prolupin Gmbh (Germany), Aminola (Netherlands), Herblink Biotech Corporation (China), ET Chem (China), Shandong Jianyuan Group (China), The Green Labs LLC (US), and Parabel (US). These players have broad industry coverage and strong operational and financial strength.
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