The plant protein ingredients market is expected to garner a revenue of USD 14760.3 Million by 2027, with a CAGR of 7.05% during the forecast period of 2020-2027. The Plant Protein Ingredients Market is an actively growing market. The rising consciousness about the health benefits and ecological sustainability of food products is propelling its market growth.
People are bringing a change in their food habits owing to different concerns such as health and the environment. Plant proteins are a healthy substitute for animal protein and more eco-protective food.
The new innovative products on plant proteins have overturned the belief that plant proteins are inferior to animal protein. Witnessing high demands, the plant protein ingredients market is expected to rise sharply. The compound annual growth rate CAGR for this market is estimated to be around 7.2% during the forecast period.
Covid 19 Analysis of Plant Protein Ingredients Market
Along with other major industries, the plant protein ingredients industry also had to suffer the brunt of the pandemic. The estimated growth rates fell sharply with declining sales amidst restrictions.
The industries manufacturing the product were unable to function properly. Disruptions in the supply chain also had a negative impact on plant protein ingredients market growth. Offline distributors and retailers had to bear acute losses, meanwhile, there was a boom in demand through online sales.
The clampdown in sports and gumming activities and also restrictions on physical movement declined the overall demand. However, the market is seeing a sharp recovery in growth rate after loosening restrictions.
The need for protein-rich food is rising day by day and so is the need for plant protein ingredients market. The rise in health consciousness among people coupled with the bad effects of fat and carbohydrate-rich food is driving the growth rate. Moreover, people are preferring plant protein over animal protein, due to its immense health benefits. The rise in the vegan movement seeks to replace animal protein with plant protein as the latter is more environmentally friendly.
The hectic lifestyle of people in modern times is inviting many lifestyle diseases. Whereas our food is rich in fats and carbohydrates are generally deficient in proteins. Therefore, to overcome such problems demand for plant protein is expected to increase by many folds.
Nowadays, many industries and entrepreneurs are spending resources and time developing suitable plant protein products for consumers. Moreover, increasing health cost is forcing people to live a healthy life where protein-rich foods are a necessity. Therefore, the plant protein ingredients market will grow at a very high rate during the current forecast period.
The major restraint in the plant protein ingredients market is the presence of allergens in many products. Soybean is one of the major contributors to the plant protein industry. However, soybean contains phytic acid, a potential allergen for many people. In fact, Soybean comes under the top eight food allergens list. Moreover, other protein products such as wheat gluten are also potential allergens.
The other restraint for the plant protein ingredients market is the lack of consumer-friendly products. Such products often fail to suit the consumers' tastes. Moreover, the availability of raw materials to fulfill the growing demand of the industry is still an issue.
Plant protein ingredients are protein-rich food products sourced from plants. These ingredients are to fulfill the protein requirements of our body, available as dietary supplements, or food incorporations.
Most of the proteins which we derive from animal meat contain lots of fats & carbohydrates which are not so good for our Health. However, plant proteins are being visualized as a healthier substitute for animal proteins. Moreover, animal protein is a resource-intensive product causing huge environmental damage.
Protein-rich plants such as soybean, pea, wheat is the largest source of raw material for plant protein industries. Moreover, new findings such as spirulina (an alga that produces proteins in large amounts) are expected to fulfill the market demand.
This report aims to provide clear and complete knowledge about the plant protein ingredients market. The objectives of this report on a market analysis of plant protein ingredients are given below:
Segmentation of the Plant Protein Ingredients Market, on the basis of the source.
Among these different segments, soybean occupies the largest market share. As soybean is a protein-rich crop containing about 40% of protein. Moreover, it is also the fastest-growing segment. Furthermore, another sharply rising segment is the pea protein market. Pea protein has many advantages over other proteins as it is allergy-free and gluten-free.
Segmentation of Plant Protein Ingredients Market, based on Form.
Among dry and liquid forms, the dry segment holds the major market share. The dry form is easy to use, store & transport.
Division of Plant Protein Ingredients Market, on the basis of Application.
Food & Beverages
Pharmaceuticals & Nutraceuticals
Under the application segment, food and beverages account for the largest market share. This growth is mainly driven by rising consumer awareness about the benefits of plant products over animal meat. Moreover, increasing health concerns are also causing the demand for plant protein to surge rapidly. Thus, for a growing health concern, the wellness industry is expected to become the fastest-growing segment during the current forecast period.
The global fruit concentrate market is divided into four major regional segments.
Rest of the world (RoW)
North America is a strong market for plant protein ingredients and accounts for about 40% of the global market. This stronghold is mainly for its well-established food and beverage industry and literate population. Moreover, this region has seen a rise in the number of vegan people and growing demand for meat substitutes.
Asia - Pacific is the fastest-growing segment having the highest cagr rate. Owing to the rise in literacy rates and disposable income of the people of this region, it is showing a high growth rate. People of this region are insisting more upon a protein-rich diet.
The global plant protein ingredients market is dominated by many key players. The prominent players of the plant protein ingredients market are:
This report will be beneficial for every stakeholder of the plant protein ingredient market. It will be of great help to those directly connected with the industry such as :
This report provides complete details on the plant protein ingredient market in terms of current value and future forecast. We have also identified the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help to make decisions about investment in the product. Furthermore, this report contains a detailed analysis of every segment of the protein ingredient market. This report has also highlighted the key players and the current developments in the plant protein ingredients market.
|Market Size||USD 14760.3 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Source, By Form, By Application, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Archer Daniels Midland Company (US), Cargill Incorporated (US), Kerry Group PLC (Ireland), AMCO Proteins (US), The Scoular Company (US), A & B ingredients Inc (US), Jungbunzlauer Suisse AG (Switzerland), Glanbia Nutritionals Inc (US), Roquette Frères S.A. (France), Reliance Private Label Supplements (US)|
|Key Market Opportunities||Growing consumer preference for vegan diet|
|Key Market Drivers||Mounting growth of sports drinks and supplements|
Plant Protein Ingredients Market Size is Expected to Reach USD 14760.3 Million in 2027
Archer Daniels Midland Company (US), Cargill Incorporated (US), Kerry Group PLC (Ireland), AMCO Proteins (US), The Scoular Company (US), A & B ingredients Inc (US), Jungbunzlauer Suisse AG (Switzerland), Glanbia Nutritionals Inc (US), Roquette Frères S.A. (France), Reliance Private Label Supplements (US)
On the basis of applications, the global plant protein ingredients market is segmented as Food & Beverages Pharmaceuticals & Nutraceuticals Animal Feed Personal Care
The major driving factor behind the growth of the plant protein ingredients market is growing awareness about the health and environmental benefits of plant protein.