Press release
Global Vegetable Protein Market Size To Grow At A CAGR Of 7.3% In The Forecast Period Of 2023-2028
Vegetable Protein Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 7.3%
The increasing adoption of vegan diets along with flexitarianism is the primary aspect driving the vegetable protein market growth across the globe. The changing lifestyles, rapid urbanisation, and increasing health consciousness among people are likely to push forward the market growth of vegetable proteins.
Vegan diets offer various benefits such as a reduction in the risk of suffering from cancer and other diseases, high nutrients, healthy body weight, prevention of type 2 diabetes, skin benefits, and reduced the pain of arthritis. However, people following vegan diets need to find suitable sources of proteins that they would otherwise have gained through meat consumption. This is likely to enhance the market demand for vegetable protein among consumers.
People are shifting preferences toward vegetable protein supplements to gain a suitable nutrition profile while abstaining from meat consumption. This is expected to fuel the demand for vegetable protein as it plays a vital role in the vegetarian diet.
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Based on type, the textured segment is expected to gain growth in the vegetable protein market share across the world on account of more people shifting from non-vegetarian to vegetarian diets. Further, the demand for food products that imitate animal-derived products is one of the key aspects driving the segment growth in the market.
The growing food and beverage industry is further expected to propel the segment growth as textured vegetable proteins have a huge base in this industry. Textured vegetable proteins are an integral part of meat substitutes and meat analogues which is likely to push forward the market growth.
Vegetable Protein Industry Definition and Major Segments
Vegetable proteins or plant proteins are a significant food source of protein that comes from plants. This further consists of tofu, pulses, soya, seitan, tempeh, nuts, certain grains, peas, and seeds. Pulses are an excellent source of protein and are a substantial group of plants, comprising of lentils, chickpeas, beans (like kidney, adzuki beans, and black), and split peas.
On the basis of source, the market is segmented into:
Soy
Hemp
Rice
Pea
Potato
Oat
Chickpea
Others
Based on type, the market can be divided into:
Concentrates
Textured
Isolates
By form, the market is segregated into:
Dry
Liquid
On the basis of end-use, the market is categorised into:
Food
Feed
Based on region, the market is divided into:
North America
Latin America
Asia Pacific
Europe
Middle East and Africa
Vegetable Protein Market Trends
The global vegetable protein market is expected to gain momentum over the upcoming years on account of an upsurge in technologies and innovations utilised for the processing of vegetable proteins. Manufacturers are aiming to adapt to the modern food culture and are focusing more on vegetable protein products due to the rising vegan population. This is likely to escalate the market growth of vegetable protein globally during the coming years.
Based on region, the North America is holding a substantial growth in the vegetable protein market due to the increasing preference against animal products and proteins along with the surging vegan population, and rising demand for nutritional and healthy products. Moreover, the increasing wellness and health trend, growing preference for meat substitutes, and well-established food and beverage industry are driving the market growth across the region.
Meanwhile, the Asia Pacific region is expected to register significant growth in the vegetable protein market share during the forecast period due to the growing availability of raw materials coupled with surging awareness regarding benefits of protein-rich diets. Going further, the rising health consciousness and rapid technological advancements in the food & beverages industry are expected to propel the market growth of vegetable protein over the upcoming years across the Asia Pacific region.
Key Market Players
The major players in the global vegetable protein market report are Archer Daniels Midland Company, DuPont de Nemours, Inc., Cargill, Incorporated, BENEO GmbH, Roquette Frères, and Coöperatie AVEBE U.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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