Worldwide Plant Protein Market | Size | Share | Forecast 2019-2023

Plant Proteins Market

Plant proteins are ingredients that are responsible for increasing muscle mass and curbing appetite. The rising consumer inclination towards natural ingredients has resulted in an increase in demand for plant proteins over the years. Plant-based proteins are finding wide applications in the food & beverage industry as food supplements.

The plant protein market report provides analysis for the period from 2016 to 2023, where 2018 to 2023 is the forecast period, with 2017 as the base year. This report on plant protein covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage has been provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments.

The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the coming years.

The global plant protein market has been segmented on the basis of different type, form, and applications. On the basis of different types, the market is segmented into soy protein, pea protein, wheat protein, green protein, and corn protein, among others. On the basis of different forms, the market is segmented into protein isolate, protein concentrate, and textured protein. Further, on the basis of different applications, the market is segmented into bakery & confectionery, dairy alternatives, meat alternatives, animal feed, and nutrition supplements, among others.

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Pea protein segment is witnessing the fastest growth rate during the forecast period

By different type, pea protein is expected to witness the fastest growth during the forecast period. The growing preference towards healthier lifestyle among consumers, owing to rising concerns regarding chronic diseases such as problems related to health, is generating a favourable impact on the demand for plant-based proteins. These products are rich in protein, as they contain 50% protein and less than 11% starch. Moreover, the rising importance of organic farming due to the presence of stringent regulatory frameworks in countries such as Australia, U.S, and Brazil, among others, is generating opportunities for farmers to produce pea and enhance the production of raw materials. For instance, in the U.S, United States of Agriculture encourages organic farming in the country and there were 21,781 organic operations in 2016.

Protein Isolate dominated the market in 2018 and expected to display similar trend in the coming years

Increasing preferences towards low fat diets over the years is resulting in a rise in demand for protein isolates. Protein isolates are protein powder that has undergone processing methods such as decanting, cooking and filtering, in order to collect the purest protein. It is fat-, lactose-, and gluten-free, and it helps in proper digestion and has fewer calories. Pea and soy isolates are witnessing a rapid growth rate in recent years. Soy protein isolates have 90% protein content and are widely used in soups, beverages, bakery items, and sauce, among others.

The Meat alternative segment is expected to witness the fastest growth during the forecast period

Meat alternative products include lentils, beans, soy foods, and mushrooms, among others. Soy food products as meat alternative are preferred by consumers, as they contain iron, high quality proteins, and vitamins. These products have low calories and are considered as a good source of dietary fiber. The manufacturers of soy foods use textured soy flour soy concentrates, with the combination of ingredients and vegetable proteins.

North America region dominated the market in 2018 and is expected to display a similar trend in the coming years

North America accounted for a significant market share in 2018 and is expected to display a similar trend in the coming years. Growing consumer awareness about health and wellness, coupled with the nutritional benefits offered by plant proteins, is driving the overall market. There is an increasing trend towards the consumption of red meat in the North American region. This, in turn, is resulting in rising incidences of heart diseases and other chronic diseases. Hence, consumers are shifting towards natural alternatives, thereby triggering the overall market growth of plant proteins.

The major players operating in the global plant protein are

Archer Daniels Midland Company
Cargill Incorporated
Axiom’s Foods
Ajinomoto Co. Inc.
Glanbia PLC
E.I. Du Pont de Nemours and Company
Kerry Group PLC
Growing Naturals LLC
Pinnacle Foods, Inc.
among others

The players have stepped up new product innovations and new product launches in order to gain more attention from the customers. Moreover, the market growth is attributed to strategic mergers & acquisitions, geographical expansion, and joint ventures & partnerships, which help ensure long-term sustenance in the market. Companies such ADM expanded the production plant in Staubing, Germany. The production facility will deal with various non-GMO based high protein soybean meal production.

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