Innovation to Drive Plant-Based Protein Market by 2026
Plant is a one of the significant sources of protein component, other including animal-based protein and synthetic protein. Currently, consumers are preferring plant-based protein over animal-based protein since consumers are more preferring green natural ingredients. Some of the rich sources of plant-based protein are soy beans, chia seed, Lentil, triticale. Plant-based protein is majorly used in food and beverage industry as food supplement. It is also used in pharmaceutical industry since, plant-based proteins are safe and cos-effective to the pharmaceutical industry. Plant-based protein also used as skin care and hair care ingredients in the cosmetics and personal care industry. Currently, demand for low-carbohydrate, and high-protein functional ingredients are increasing, hence, plant-based protein market is expected grow in the near future.
On the basis of source plant-based protein market is segmented into nuts and seeds, beans, grains, vegetables, non-dairy milks, and others for instance, avocado, sapote, cherimoya, and durian.
Further nuts and seeds segment is sub-segmented into chia seed, hemp seed, flax seed, sunflower seed, almond, pumpkin seed, sesame seed, and others includes pistachios, brazil nut, hazel nut, and walnut. Chia seed sub-segments contains highest protein among all the sub-segments of nuts and seeds segments.
Beans segment is sub-segmented into lentil, adzuki, cranberry beans, cannellini beans, and other include navy beans, anasazi beans and black beans. Lentil sub-segments contains highest protein among all the sub-segments of beans segments. Grains segment is sub-segmented into triticale, millet, oat and bran, wild rice, rye berries and others including bulgar wheat, and buckwheat. Triticale sub-segments contains highest protein among all the sub-segments of grains segments.
Vegetables segment is sub-segmented into corn, potato, mushroom oyster, peas, broccoli and others includes fennel, and kale. Corn sub-segments contains highest protein among all the sub-segments of vegetable segments. Non-dairy milk segment is sub-segmented into soy milk and almond milk. Soy milk sub-segments contains highest protein among all the sub-segments of non-dairy milk segments.
On the basis of application plant-based protein market is segmented into food and beverage industry, feed industry, cosmetics and personal care industry and pharmaceutical industry. Food and beverage segment contributes highest revenue in the global plant-base protein market among all the application segments. Food and beverage segment can be sub-segmented into protein supplement, protein bars, sports drinks, and others. Protein supplement is a common and popular medium among the consumers to consume plant-based protein.
Growing awareness of the benefits of plant-based protein and its sources are one of the major growth drivers of global plant-based protein market; moreover, recently, health consciousness that spreading over the developing countries is another factor of that increases global plant-based protein market in terms of revenue. Increasing application of plant-based protein through fortification also helps to grow the global plant-based market in terms of value, for instance use of plant-based protein ingredients grow in fortified beverages.
Substitute sources of protein such as animal based protein and synthetic protein create restrains to global plant-based protein market to grow. For instance, presently, laboratory made amino acid synthesis and protein compensation are proffering in feed industry.
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Increasing demand for natural and organic products there is a high opportunity for plant-based protein in the world. Moreover, geographically Asia-pacific region for plant-based protein is anticipated grow at a significant rate in terms of value, hence there is a substantial opportunity to increase the revenue of plant-based market share by penetrating with its various applications.
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Some of the key players operating in the global plant-based protein market are Archer Daniels Midland Company, Cargill, Incorporated, E. I. du Pont de Nemours and Company, Fonterra Co-Operative Group, Kerry Group plc , Beyond Meat, Sun Brothers, LLC., Vega, AMCO Proteins, Hilmar Cheese Company, Inc., and Omega Protein Corporation.
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