USD 9.6 billion
Report ID: SQSG30I2038 | Region: Global | Published Date: September, 2022 | Pages: 265 | Tables: 79 | Figures: 75
Plant Protein Market size was valued at USD 9.6 billion in 2021 and is poised to grow from USD 10.11 billion in 2022 to USD 14.36 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
Plant protein is simply a useful source of protein derived from plants. Pulses, tofu, soya, tempeh, seitan, nuts, seeds, some cereals, and even peas can be included in this category. Pulses are a broad category of plants that includes chickpeas, lentils, beans (including black, kidney, and adzuki beans), and split peas.
Plant-based proteins are regarded a more sustainable alternative to animal-sourced proteins in terms of both personal and environmental health. The considerable increase in demand for plant-based meals as a result of the rise in veganism and health concerns such as cardiovascular disease has led to the growth of this industry. Plant-based proteins are also gaining popularity among consumers due to the claimed health benefits of obesity control, which is also a global problem.
The covid pandemic and the rise in the vegan lifestyle are driving the demand for plant-based proteins. Plant-based proteins are healthier and contain less trans and saturated fats hence, the demand for various plant-based proteins is projected to increase over the forecast period. Major sources of plant-based protein are cereals in which corn holds the majority market followed by wheat and rice because these crops are easy to grow and are the most consumed agricultural crops across the world. Hence, corn, rice, and wheat is expected to hold the majority share. Apart from cereals, another trending category is legume-based proteins which are dominated by soybean, beans, and chickpeas.
US Plant Protein Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.6 billion
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The global Plant Protein market is segmented based on type, application and region. Plant Protein Market segmented into Cereal-based (Wheat, Rice, Maize/Corn, Oat, Barley, Rye, Pearl Millet, Sorghum, Quinoa), Legumes-based (Beans, Soybeans, Peas, Chickpeas, Others), Root-based, Nuts & Seeds-based, Ancient Grains. Based on application, Plant Protein Market is segmented into dietary nutrition, functional nutrients, sports nutrition, infant nutrition, others. Based on region, the Plant Protein market is categorized into North America, Europe, Asia-Pacific, and MEA.
Plant Protein Market Analysis by type
Cereal-based plant proteins dominated the market in 2021, with a revenue share of more than 8%. Wheat and maize/corn are the most popular segments in cereal-based plant protein market. Cereal-based plant proteins have a high nutritional value and are used in a variety of nutritional and functional foods. Another factor driving growth in this segment is that plant-based protein isolates are more digestible and commonly regarded as the safest type of plant-based protein, with major applications in infant meals.
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In 2022, North America is expected to register largest market share in the Plant Protein market, followed by Europe, Asia Pacific, and the Rest of the World. Changing lifestyles, a lack of balanced nutritional consumption, and enhanced R&D to develop new types of plant-protein enriched goods are contributing to the region’s growth. The United States continues to hold the greatest market share for plant protein, followed by Canada and Mexico. The desire for processed and low-cholesterol foods has opened the way for the region's plant-based protein sector. Nowadays, people all over the world are converting to alternative products such as green label food products, which, together with increased awareness of healthy and plant-based products, is propelling the market forward.
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Plant Protein Market Driver
According to 2019 research issued by the European Vegetarian Union, Europe's vegan population accounts for more than 6% of the total population. Furthermore, according to The Vegan Society, the vegan population in the UK surpassed 600,000 in 2019, representing a 300% growth over the vegan population in 2014. This was one of the primary motivations motivating food and beverage businesses to innovate and develop meat replacements, dairy alternatives, and protein nutritional beverages, as well as giving a boost to plant-based food and beverages. Archer Daniels Midland Company (US), DuPont (US), Roquette Frères (France), Kerry Group (Ireland), Ingredion (US), Beyond Meat (US), and Tyson Foods (US) have all prioritized the development of plant-based protein products and beverages.
Plant Protein Market Opportunity
The shift toward personalized nutrition has been swift as consumer health awareness has grown. In recent years, customers have become more mindful and specific about the food they consume and its consequences on the body. Aside from soy, wheat, and pea as primary sources of plant-based protein, aquatic plants offer a huge possibility to collect proteins and components that match the consumers' particular physiological and metabolic needs. The natural synthesis of plant-based protein is the outcome of a sequence of transformations in which many chemical constituents combine in a precise form, with energy provided by sunlight. The chlorophyll found in plants is the critical agent responsible for this unique mechanism. Over 70% of solar energy is directed toward the oceans and freshwater bodies including rivers, lakes, and wetlands. A largely untapped reservoir of aquatic proteins fit for human consumption exists in the world's water bodies and can be expanded through advanced aquaculture techniques.
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The global plant protein market is highly competitive due to the huge number of global and regional competitors participating in the market. Archer Daniels Midland Company, DuPont de Nemours Inc., Cargill Incorporated, Royal Avebe UA, and Kerry Group are among of the prominent participants. Companies are focused on new and creative items in order to enhance their market share. For example, in December 2019, DuPont Nutrition & Biosciences introduced Danisco Planit, a novel plant-based solution. It consists of a comprehensive array of plant proteins, cultures, probiotics, enzymes, and stabilizing solutions that provide all-around nutritional and functional advantages.
Plant Protein Market Top Players Company Profiles
Plant Protein Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the growing soy-free and gluten-free trend poses new obstacles to plant protein market growth. One of the fastest-growing trends in specialized foods is "free-from." The gluten-free and soy-free diets have swiftly become the most popular nutritional trends, thanks to their health and therapeutic benefits. The development in soy-free and gluten-free food products is mostly due to an increase in food sensitivities, regional dietary preferences, an increase in celiac disease diagnosis, and the concept of using food as medicine. The USFDA adopted a rule that defined gluten-free for food labeling purposes. The definition gave customers, particularly celiac disease sufferers, certainty that "gluten-free" claims on food goods would be uniform and reliable across the food sector. It provided them with a standardized instrument for controlling their health and diet. As a result, increased consumer desire for soy-free and gluten-free food products around the world poses certain difficulties to the soy protein and wheat protein markets.
|Market size value in 2021||USD 9.6 billion|
|Market size value in 2030||USD 10.11 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Plant Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Plant Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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