The plant protein market is expected to grow at a compound annual growth rate of 9.5% for the forecast period. Plant protein market growth is being fueled by rising consumer preference for vegan diets and a healthy, sustainable lifestyle. Plant protein is simply a useful source of protein derived from plants. Pulses, tofu, soy, tempeh, seitan, nuts, seeds, some cereals, and even peas fall into this category. Soy proteins help lower cholesterol levels, enhance metabolism and bone mineral density, and reduce the risk of cancer. Plant protein is also useful for weight loss in addition to providing the building blocks for healthy muscles and tissues. Plant-based proteins are lower in calories and fat than animal proteins. In 2016, only 0.5% of the US population was vegan, but the figure rose to 6% in 2019, according to a survey conducted by VeganBits. Vegan diets adhere to healthy eating rules and provide all of the nutrients required by the human body.
According to the National Institute of Allergy and Infectious Diseases, the great majority of food allergies are caused by eggs, milk, seafood, and red meat. Because of animal protein sensitivity, most meat consumers prefer vegan protein-based meat alternatives, which enhances the plant protein market. Plant proteins are gaining popularity as a result of consumer demand for a clean diet, ease of digestion, the requirement or desire to avoid allergens, compatibility with vegetarian and vegan diets, and general concerns about sustainability. Plant proteins, on the other hand, are insufficient and can cause a variety of dietary allergies. Soy, along with cow’s milk, eggs, peanuts, tree nuts, wheat, fish, and shellfish, is one of the “Big Eight” allergens responsible for 90% of all food allergies, according to the Cleveland Clinic. A soy allergy develops when the human immune system misidentifies the innocuous proteins found in soy as dangerous and generates antibodies to oppose them.
Based on regional segmentation, the plant protein market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, and the rest of the globe. North America led the plant protein market accounting for more than 37% of the total market share. The region’s two largest economies are the United States and Canada, which together account for a significant portion of the market. In North America, the demand for alternative protein types that are sustainable and clean, with less environmental impact during manufacturing, is increasing sales. Furthermore, rising awareness of vegan proteins, particularly among adults, is fueling regional market expansion. The Asia-Pacific area, on the other hand, is predicted to develop at the fastest rate throughout the forecast period. The rapid growth of this region is mostly due to increased awareness of the rich protein diet, an improvement in health awareness, rising technologies, and access to raw materials in the food and beverage industry.
Archer Daniels Midland Company, DuPont de Nemours Inc., Kerry Group, The Scoular Company, Roquette Freres, Royal Avebe UA, Pinnacle Foods, Cargill Incorporated, Puris, and Herblink Biotech Corporation are the major player in the plant protein market. Players have employed a range of marketing techniques to stay competitive in the worldwide plant protein market, including new product launches, growth, joint ventures, and acquisitions.
Key Market Movements
- Increased consumer preference for vegan diets and a sustainable lifestyle is the key factor driving the market.
- Soy and wheat protein allergies are a major concern.
- Soy, along with cow’s milk, eggs, peanuts, tree nuts, wheat, fish, and shellfish, is one of the “Big Eight” allergens.
- The food and beverage industry dominates the plant protein market.
- North America is the leading market, however, Asia Pacific is growing significantly.
- The key players include Archer Daniels Midland Company, DuPont de Nemours Inc., Kerry Group, The Scoular Company, Roquette Freres, Royal Avebe UA, Pinnacle Foods, Cargill Incorporated, and Puris and Herblink Biotech Corporation.
- The key strategy of these companies includes research and development, mergers, acquisition, and product launches.
The Plant Protein Market Segmentation
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*Detailed segments are available on the report page
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