The report “Plant-based Protein Market by Source (Soy, Wheat, and Pea), Type (Isolates, Concentrates, and Textured), Form, Application (Food(Dairy Alternatives, Meat Alternatives, and Performance Nutrition) and Feed), and Region – Global Forecast to 2026″ According to MarketsandMarkets, the global plant-based protein market size is projected to grow from USD 10.3 billion in 2020 to USD 15.6 billion by 2026, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the plant-based protein market include the growing demand for wellness-focused organic food & beverages among consumers.
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Drivers: Rise in demand for wellness-focused organic food & beverages
The changing consumer preferences have showcased a growing consumer shift toward adapting to a more nutritional diet centered towards a more sustainable lifestyle and lower dependency on animal proteins. A considerable percentage of the millennial population in Western countries has been observed regarding their changing food habits as consumers move from conventional animal-based products to organic and plant-based food products as an ideal food solution. In recent years, the adoption of plant-based food & beverages among consumers has been higher due to the broader scope of product availability, improved product developments and innovation into plant-based proteins, and a broader scope of available alternatives and substitutes.
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.
The dry segment in the global market is estimated to dominate the market in 2020.
By form, the market for dry plant-based is estimated to dominate the plant-based protein market in 2020. The dry form of processing of protein is used in the production of protein concentrates. It involves dry milling technology, which is used to reduce the particle size of raw material into fine particles. This method is used to process pulses and cereal, which is correlated to their specific tissue architecture and milling behavior. The process relies on differential particle size and density within the milled flour. Once milled, the air classification process is used to separate the smaller protein rice fragments from larger starch-rich granules or fiber-rich granules.
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The Asia Pacific region is the fastest-growing region in the forecast period
The Asia Pacific region is projected to grow at the highest CAGR in the plant-based protein market during the forecast period due to the growing application of plant-based protein in the food segment. The Asia Pacific region continues to be a strong prospect for manufacturers based in North America. The young demographic and growing interest in plant-based products have resulted in organizations expanding their scope for improved geographic coverage in the region. Countries such as China and India with a strong agricultural background have emerged as key entry points into the region with a well-established infrastructure suited for the processing of plant-based proteins.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as DSM (Netherlands), Kerry Group (Ireland), ADM (US), Roquette Freres (France), Cargill (US), Glanbia (Ireland), DuPont (US), Ingredion (US), Emsland Group (Germany), Puris (US), Cosucra Group (Belgium), Batory Foods (US), Burcon Nutrascience (Canada), AGT Food & Ingredients (Canada), and Axiom Foods (US).
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