According to a recent analysis by Reports and Data, the global Plant Protein Market size was USD 10.28 Billion in 2020 and is expected to reach USD 17.52 Billion in 2028, and register a revenue CAGR of 6.80% over the forecast period 2021–2028.
Increasing consumer focus on the source or origin of food and ingredients consumed and the tendency to avoid food products believed to be unnaturally grown or those containing ingredients that are unnatural or unhealthy is a key factor driving market revenue growth. Although meat has always been an ideal source of protein and fiber, a major shift towards more vegan-based diets and changing food preferences and reducing inclination toward meat and meat-based products and protein and ingredients has been more prominent among consumers in countries in Europe and North America. Demand for traditional plant protein has risen majorly once again in markets in both, developed and developing countries, after some period of time being dependent on protein from animals and other sources as a food ingredient.
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Changing consumer behavior, consumption patterns, and preferences, as well as interest in alternative-protein sources, has been changing partially due to personal health and environmental concerns and animal welfare and related concerns. Cleaner-greener eating trends, driven primarily by millennials, are resulting in higher preference for foods that are organic and healthy, ethically and naturally sourced, and involve less processing between source and table. Demand for plant-based protein has been high and continues to increase, driven by the above-mentioned trends.
Major Companies in the Market:
· Glanbia Plc
· Cargill Inc.
· Archer Daniels Midland Company
· Kerry Group
· Ingredion Incorporated
· Tate & Lyle
· Royal DSM
· Roquette Freres
· Axiom Foods
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Some major factors negatively impacting market growth include availability of non-plant protein sources, global climate change, unpredictable weather conditions, reducing arable land to cultivate crops, and rapidly increasing water scarcity. Whey protein is a very widely available and preferred protein type globally, and accounts for majority revenue share among the protein sources for the dietary supplements industry. Many protein producing companies are also exploring with consumer willingness to explore or experiment with newer food options and ingredients. Food companies are also leveraging opportunities and offering a variety of products and ingredients using different plant-based proteins (soy, pea), new animal sources (insects), and biotechnological innovations (cultured meat or fungal protein).
An increasing number of consumers globally have been opting to be flexitarians or vegan. This is a factor opening up lucrative opportunities for manufacturers to explore, innovate, and offer wider options in the plant protein segment. Increasing traction of new and more advanced agriculture techniques and methods such as hydroponics and vertical farming can aid in addressing issues related to judicial use of water and soil, and reduce “food miles” associated with distribution, thereby reducing carbon footprint as well.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/plant-protein-market
COVID-19 Impact Analysis
· The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
· COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
· Sudden and drastic downturn in economic activity caused a slowdown in manufacturing, production, agriculture, fisheries, dairy, and other sectors and also resulted in employment loss to a major extent.
· Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
· Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.
Soy continued to remain the most widely used and preferred source of plant protein globally. Soy accounted for majority revenue share, with soy protein isolates and soy protein concentrates accounting for significantly larger share than other forms and sources.
Pea segment accounted for second-largest revenue share, and growth of this segment is impacted primarily due to low production and availability of peas for protein extraction and sales. Fresh peas are highly preferred and most stock is depleted/consumed fresh and the production volumes fail to match demand enough to be able to extract protein.
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For the purpose of this report, Reports and Data has segmented the Plant protein market on the basis of type, source, form, distribution channel, application, and region:
Form (Revenue, USD Billion; 2016–2026, Volume, Kilo Tons; 2018-2028)
· Protein Isolates
o Wheat Protein Isolates
o Soy Protein Isolates
o Pea Protein Isolates
· Protein Concentrates
o Wheat Protein Concentrates
o Soy Protein Concentrates
o Pea Protein Concentrates
· Textured Proteins
o Textured Wheat Protein
o Textured Soy Protein
Source (Revenue, USD Billion; 2016–2026, Volume, Kilo Tons; 2018-2028)
· Wheat Protein
· Soy Protein
· Pea Protein
· Others (Canola Protein, Potato Protein, Rice Protein, Corn Protein, among others)
Type (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
Distribution Channel (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
· Specialty Stores
· Supermarkets & Hypermarkets
· Departmental Stores
Application (Revenue, USD Billion; Kilo Tons; 2018-2028)
· Food and Beverages
o Meat, Poultry, and Seafood
o Meat Analogue
o Dairy and Dairy Alternatives
o Cereals & Snacks
· Animal Feed
· Nutrition & Health Supplements
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Read Latest Press Release on Plant Protein Industry @ https://www.reportsanddata.com/press-release/global-plant-protein-market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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