Plant Based Protein Market Expected To Be Valued At $16.80 Billion With CAGR 6.7% By 2028

Market Overview:

Plant-based Protein Market size is projected to reach USD 16.80 Billion by 2028 from an estimated USD 10.67 Billion in 2021, growing at a CAGR of 6.7% globally.

Proteins are essential for the building blocks of muscles. The protein concentration in the plant-based protein ranges from 50%-85% and is flawless for vegan and vegetarian diet plans. Global demand for plant-based proteins is growing and major, occurring opportunities await key players that serve the plant-based alternatives for meat, dairy, and seafood consumers want. In addition, brands must surpass rivals with elastic supply chains to support constant development. For instance, the European meat substitute market approximately doubled in size between 2014 and 2019, As per the Euromonitor. By 2024, the market is estimated to be worth €2.4 billion ($2.8 billion). A similar story is playing out over the Atlantic. Additionally, the US market for plant-based food grew by 29% from 2017 to 2019.

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Market Dynamics:

Driver:
The growing health consciousness among the consumers, accompanied by the trend towards vegan, vegetarian, or flexitarian lifestyles, is rising the demand for products made from plant proteins instead of animal proteins. On a global basis, plant-based protein is of quite importance. There is increasing interest in its ability to meet the growing demand for protein from non-meat sources, as a high level of meat consumption is increasingly being criticized owing to ethical, environmental issues, and social reasons.

Market Trend:
Growing Incidences of Intolerance for Animal Protein
According to the National Institute of Allergy and Infectious Diseases, eggs, milk, fish, and red meat account for the vast majority of food allergies. Due to allergies to animal proteins, the majority of meat consumers prefer meat substitutes manufactured of vegan protein, which eventually boosts the demand for plant proteins. In Southern Europe, the allergen from chicken meat ranges from 0.5-5%, according to the reference list of allergen data collection.

Market Segmentation

Segmentation Analysis of Plant-Based Protein Market:
Based on the source, the soy segment is expected to register the maximum market share during the forecast period. Owing soybeans are a rich source of proteins and fat, and their high fiber content is beneficial to digestive health.

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Based on the type, the isolates segment is expected to dominate the plant-based protein market during the forecast period. The growing demand for processed food products is attributable to the increasing buying power of consumers over the globe.

Based on the form, the dry segment is anticipated to register a significant market share in the projected timeframe. Dry food products are easy to handle and convenient to cook.

Based on the nature, the organic segment is expected to dominate the plant-based protein market during the forecast period. Organic food has been observing significant growth in demand over the past few years over the globe. This is more major in markets in emerging economies.

Based on the application, the food and beverage segment is anticipated to account for the highest market share during the projected period. The food industry of the plant-based protein market is at the lead of the plant-based revolution.

By Source
• Soy
• Wheat
• Pea
• Rice
• Potato
• Corn
• Others

By Type
• Concentrates
• Isolates
• Textured

By Form
• Dry
• Liquid

By Application
• Food & Beverages
• Animal Feed
• Nutritional Supplements

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Regional Analysis of Plant-Based Protein Market:

North America region is expected to register the largest share in the plant-based protein market during the forecast period. The demand for plant-based protein is turned by the growing aging population in North America. Presently, there are more people in the U.S. over the age of 60 than under the age of 10. As this trend is expected to continue, maintaining a balanced, well-rounded diet has become a more essential issue. For example, the demand for soy protein is high since it is one of the rich sources of protein and contains lower amounts of cholesterol and saturated fat. Furthermore, with the development of novel technologies and innovative experiments in the food and beverage sector, the application of plant-based protein has been leading in the North American market, owing to the growth in vegan and flexitarian populations.

By Regional Outlook (Revenue, USD Billion, 2017 - 2028)
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

Key Industry Developments In Plant-Based Protein Market
In May 2021, Unilever has declared that it will collaborate with food-tech company ENOUGH (formerly 3F BIO) to produce new plant-based products to the market. ENOUGH's technology uses an innovative zero-waste fermentation process to generate a high-quality protein. Natural fungi are fed with renewable feedstock, such as wheat and corn. This creates ABUNDA® mycoprotein, a complete food ingredient holding all essential amino acids in addition rich in dietary fiber.
In April of 2021. ADM Energy has joined hands with OES Energy Services, Nigeria's largest swamp rig service supplier, and 4Mation Drilling Services, an energy sector solution provider. This collaboration is expected to grow the product in the region.

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Table of Content
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Source
 3.2 By Type
 3.3 By Form
 3.4 By Application

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Plant-Based Protein Market by Source
 5.1 Plant-Based Protein Market Overview Snapshot and Growth Engine
 5.2 Plant-Based Protein Market Overview
 5.3 Soy
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Soy: Grographic Segmentation
 5.4 Wheat
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Wheat: Grographic Segmentation
 5.5 Pea
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Pea: Grographic Segmentation
 5.6 Rice
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size (2016-2028F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Rice: Grographic Segmentation
 5.7 Potato
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size (2016-2028F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Potato: Grographic Segmentation
 5.8 Corn
  5.8.1 Introduction and Market Overview
  5.8.2 Historic and Forecasted Market Size (2016-2028F)
  5.8.3 Key Market Trends, Growth Factors and Opportunities
  5.8.4 Corn: Grographic Segmentation
 5.9 Others
  5.9.1 Introduction and Market Overview
  5.9.2 Historic and Forecasted Market Size (2016-2028F)
  5.9.3 Key Market Trends, Growth Factors and Opportunities
  5.9.4 Others: Grographic Segmentation

Chapter 6: Plant-Based Protein Market by Type
 6.1 Plant-Based Protein Market Overview Snapshot and Growth Engine
 6.2 Plant-Based Protein Market Overview
 6.3 Concentrates
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Concentrates: Grographic Segmentation
 6.4 Isolates
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Isolates: Grographic Segmentation
 6.5 Textured
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2016-2028F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Textured: Grographic Segmentation

Chapter 7: Plant-Based Protein Market by Form
To Be Continue..

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