Plant-Based Protein Market: Information by Source (Soy, Wheat, Pea), Type (Isolates, Concentrate, Protein Flour), Application (Meat Alternatives, Protein Bars) and Region — Forecast Till 2027

Protein is an essential nutrient and a building block of body tissues. Chicken, beef, mutton, soya, tofu, and milk are some of the most common sources of protein. In recent times, plant-based protein has been gaining more attention compared to animal-based as it is considered healthier by consumers.

Soy, wheat, pea, chia seeds, beans, quinoa, nuts, seeds, oats, broccoli, and lentils are some of the common sources of plant-based protein. Food and beverage manufacturers are increasingly incorporating plant-based proteins in their products to meet the increasing demand for more wholesome foods rich in a plethora of nutrients. The key application of plant-based protein is dietary supplements and food products.

Plant-Based Protein Market: Product Lifecycle

Plant-based protein has been used in dietary supplements and nutraceuticals for a long time. But the inclusion of plant-based protein in beverages and foods and convenience foods such as protein bars has come in the picture in recent times, after the popularity of bodybuilding and fitness trends. The product is still between the introductory and growth phase in several regions. While plant-based protein is in the growth phase in North America and Europe, it remains in the introductory phase in Asian countries such as India and China.

Increasing Health Consciousness

Protein is the building block for muscles; it is an essential nutrient responsible for the growth, repair, and maintenance of the body. Rising health consciousness has seen people educating themselves about the nutritional value of different foods. And people are increasingly striving to consume balanced meals rich in all essential nutrients, which is driving the consumption of plant- and animal-based protein. But an increasing number of consumers are opting for plant-based proteins to reduce their carbon footprint.

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The rising incidence of food allergies is also positively influencing the growth of the plant-based protein market as plant-based foods are claimed to incite fewer allergic reactions when compared with animal products.

Growing Fitness Trend to Bolster the Market for Protein Supplements

The fitness trend has gained significant traction. It is particularly evident among millennials. Social media platforms such as Instagram and Facebook bolster this trend as influencers and celebrities often post about their fitness regimes, influencing followers to stay in shape.

Adequate protein consumption plays a crucial role in bodybuilding. Thus, consumers incorporate protein-rich food in their diet as well as take protein supplements. Moreover, consumers are conscious about what they’re eating. Millennials particularly seek the best quality products with the least side-effects. Plant-based proteins are a popular option for those who refrain from consuming animal products on ethical grounds and those seeking to reduce their carbon footprint.

The Growing Vegan Population — An Emerging Consumer Base for Plant-Based Proteins

The growing vegan population is demanding plant-based food products, which drive the growth of the plant-based protein market. Plant-based proteins are mainly targeted to the vegan population as they refrain from consuming animal- or dairy-based protein. The growing vegan population, mostly in western countries, is expected as a key consumer of plant-based protein. As per The Vegan Society, in 2017, around 6,000 products were registered with the vegan trademark and in the consecutive year, the range grew by 65% with a total of 9,590 products.

Europe — A Prominent Plant-Based Protein Market Due to its Sizeable Vegan Population

Europe has the largest vegan population in the world, and it is increasing very fast every year. As per a research by the Vegan Society in partnership with Vegan Life Magazine, the number of people who identify as vegans have increased by 350% over the past decade in the U.K. Hence, Europe is a key market for plant-based protein manufacturers. According to Google Trends, in 2019, the most popular country for veganism was the U.K. Hence, players engaged in the plant-based protein market should focus on the U.K. market.

Plant-Based Protein is Not a Complete Protein, Which Hinders Adoption to Some Extent

Protein is comprised of nine essential amino acids, and when all the nine amino acids are present in a protein source, it is said to be a complete protein. Normally, animal-sourced proteins are complete proteins; these include red meat, fish, and poultry. Plant sources of protein, excluding quinoa and soya, are incomplete proteins since they typically lack at least one of the ten essential amino acids. Consumers of plant-based protein, thus, must combine different plant-based proteins to ensure they gain the benefits of complete proteins.

Use of Plant-Based Proteins in Dietary Supplements

Plant-based protein is increasingly finding applications in industries such as food and beverage, nutraceutical, dietary supplement, pharmaceutical, and others. It is also used in convenience foods such as protein bars. But the demand for the product is relatively high from the dietary supplement manufacturers.

Plant-Based Protein Market: Regional Insights

The demand for plant-based protein is growing around the globe, with Europe and North America as the leading markets accounting for over three-fourths of the total value share. The populations in these regions are relatively more health-conscious, which drives the growth of these markets. The vegan population is a key consumer base for plant-based proteins, and Europe is home to a substantial share of the global vegan population, which further augments the region’s market.

Europe is a key market for bakery products, which is expected to foster market growth as plant-based protein is also used in baked foods. The current fitness trend is also bolstering market growth as those interested in bodybuilding consume protein supplements. This trend is particularly notable in Asia-Pacific.

What’s Next?

Growth in the meat alternative sector

Roquette Frères, a France-based company and global leader in specialty foods and nutritional ingredients, announced on December 2, 2019, that it plans to expand its range of premium plant-based proteins for the meat alternative sector
Addition of plant-based proteins in beverages

In December 2019, the famous Kerry Group launched a new plant-based protein ingredient that can be used in low-pH beverage applications such as energy drinks, juices, and waters
Plant-Based Protein Market: Key Players

A large number of players are offering plant-based protein, especially dietary supplement manufacturers and nutraceutical manufacturers.

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Cargill, Incorporated (The U.S.)
Archer Daniels Midland Company (The U.S.)
Glanbia, Plc (Ireland)
Kerry Group plc (Ireland)
DuPont de Nemours, Inc. (The U.S.)
Axiom Foods, Inc. (The U.S.)
Gemef Industries
Greenway Organics (Tianjin) Co. Ltd.
BENEO GmbH
Aminola
Royal Ingredients Group
Farbest Brands
The Green Labs LLC
Vestkorn Milling AS
Now Health Group Inc.
Prolupin GmbH
A&B Ingredients
Other players operating in the plant-based protein market are Tate & Lyle PLC (The U.K.), Ingredion Incorporated (The U.S.), Burcon NutraScience Corporation (Canada), Royal DSM N.V, (The Netherlands), Sotexpro S.A. (France), and The Scoular Company (U.S.). Manufacturers of plant-based protein are adopting differential strategies such as collaboration, business expansion, innovation, and acquisition to strengthen their foothold in the competitive market. A large number of manufacturers operate in North America and Europe.

Plant-Based Protein Market Segmentation

By Source

Soy
Wheat
Pea
Others (Beans, Nuts, Seeds, Oats, and Quinoa)
By Type

Isolates
Concentrate
Protein Flour
By Application

Protein Beverages
Meat Alternatives
Protein Bars
Nutrition Supplements
Processed Meat
Bakery Products
Sports Nutrition
Convenience Foods
Protean Bars
By Region

North America

The U.S.
Canada
Mexico
Europe

Germany
France
The U.K.
Italy
Spain
Russia
The Rest of Europe
Asia-Pacific

Japan
China
India
South Korea
ASEAN
The Rest of Asia-Pacific
Latin America

Argentina
Brazil
Columbia
The Rest of Latin America
The Middle East

Saudi Arabia
The UAE
Oman
Qatar
Bahrain
The Rest of ME
Africa

Nigeria
Tanzania
Ghana
The Rest of Africa

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This release was published on openPR.