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Key Growth Opportunities in the Plant-based Protein Market

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Key Growth Opportunities in the Plant-based Protein Market

December 10
22:46 2019
Key Growth Opportunities in the Plant-based Protein Market

MarketsandMarkets™
Plant-based proteins are highly versatile and can be used in applications such as meat analogs and meat extenders. According to research conducted by key players in the market and government surveys, it has been recorded that consumers are demanding meat alternatives to reduce their meat consumption.

The plant-based protein market is estimated to account for a value of USD 18.5 billion in 2019 and is projected to grow at CAGR of 14.0% from 2019, to reach a value of USD 40.6 billion by 2025. Plant-based protein products are derived from plant sources such as soy, wheat, and pea. Plant-based proteins are used in protein beverages, dairy alternatives, meat alternatives, proteins bars, nutrition supplements, processed meat, poultry & seafood, bakery, food, and sports nutrition products to enhance their nutritional and functional properties, such as texturing, emulsifying, solubility, stabilizing, and binding.

The major factors expected to drive the growth of the plant-based protein industry are the growing number of product launches, expansions, and investment by major players, consumers cutting down on meat consumption and adopting plant-based proteins, nutritional benefits offered by plant-based food, and increasing preference of consumers for the adoption of a vegan diet. Recently, ADM (US) expanded its geographic footprint in Brazil with the construction of a new soy protein production complex in Campo Grande, Mato Grosso do Sul, Brazil, at a value of USD 250 million. The complex will manufacture a range of functional protein concentrates and isolates for ADM’s current product line.

Plant-based Protein Market

Consumers are focused towards a better understanding of the provenance of their food and avoid products deemed unnatural or unhealthy. These “clean” eating trends, driven primarily by millennials, favor foods that are healthy, ethically and naturally sourced, and less processed. Increased plant-based protein product consumption is a direct consequence of this shift.

The pea segment is projected to be the fastest-growing in the plant-based protein market during the forecast period.

Pea protein is gaining popularity among plant-based protein manufacturers at a global level owing to its high protein content, and health benefits offered such as reduced cholesterol and lower blood pressure. Pea, as a source for plant-based protein products, is used in a wide range of food applications that include meat alternatives, beverages, snacks, bakery products, meat applications, and nutritional supplements. Pea offers characteristic advantages of emulsion, process & extrusion stability. It adds texture, taste, and mouthfeel to a variety of food applications, hence experiencing huge demand. Also, the market is driven by the rising demand for plant-based meat and healthy food products. A significant increase in the usage of pea as a key ingredient is being noticed in the plant-based meat industry.

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The nutrition supplements segment is projected to record the fastest growth during the forecast period.

Plant-based proteins are beneficial for weight loss, in addition to providing the building blocks for healthy muscles and tissues. The application of plant-based proteins as nutritional supplements is attributed to their high amino acid profile. Plant-based proteins tend to be lower in calories and fat than animal proteins but higher in fiber and essential nutrients. For instance, pea protein is allergen-free, provides iron, helps in muscle recovery, and helps to regulate blood sugar and insulin effect to prevent body fat storage potentially. Thus, pea protein is emerging as a key ingredient in manufacturing nutritional supplements and is growing at the highest CAGR.

The concentrates segment is projected to record the fastest growth during the forecast period.

Plant-based concentrates are dietary supplements that offer a combination of high-protein and low-calorific value when added to the end product. For instance, pea protein concentrate is obtained by separating the protein fraction of pea seeds from the starch and fiber fraction. Pea protein concentrates are less refined than pea protein isolates. They generally contain 70% to 85% of protein. Plant-based concentrates are used as ingredients to enhance the texture and volume of varied food products. Key market players such as DuPont (US) and Glanbia (Ireland) offer several protein concentrate products that are made up of various sources such as soy, flax, and chia. These products cater to different meat, fish, and various other food & beverage applications.

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The North American region is projected to account for the largest market share during the forecast period.

The North American market for plant-based proteins is the largest due to the increasing awareness for healthy food ingredients and the trend of weight management among consumers. Plant-based proteins are highly versatile and can be used in applications such as meat analogs and meat extenders. According to research conducted by key players in the market and government surveys, it has been recorded that consumers are demanding meat alternatives to reduce their meat consumption. This trend is expected to drive industry growth in the near future.

This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the plant-based protein market. It includes the profiles of leading companies such as ADM (US), DuPont Danisco (US), Ingredion Inc. (US), Burcon NutraScience Corp. (Canada), Axiom Foods (US), and The Scoular Company (US).

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