London, June 11, 2020 (GLOBE NEWSWIRE) -- Plant-based protein market is expected to reach $14.32 billion by 2025 with the rising preference for plant based proteins over animal proteins as a rich source of protein & immunity booster during the current global outbreak of COVID-19 as well as growing venture capital investments have created a new wave of interest in the plant based protein market.
Increasing health & wellness trend among consumers and rising awareness about the health concerns such as risk of cardiovascular diseases, liver diseases, and disorders of bone and calcium balance along with the increased risk of cancer associated with the long term use of animal protein have created a traction in the plant based protein market in terms of rising preference and increased investments. Moreover, COVID-19 is providing an unexpected boost to the plant based protein industry, globally. Medical studies show that coronavirus disease has an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. The plant protein-based diet can help reduce the effects of the virus on at-risk people owing to the presence of an abundance amount of macronutrients, micronutrients, and antioxidants.
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The COVID-19 pandemic has placed the spotlight on meat supply and food security globally, a driver behind meat reduction trends. The spotlight on meat supply has been evident in both developed and emerging markets amidst disruptions to supply chains and panic buying and stockpiling, following announcements of lockdowns and social distancing measures. The meat supply in the U.S. is expected to be hit hard by the COVID-19 outbreak, as major meat plants have been shut as factory workers have tested positive for the virus. It is estimated that meat plants responsible for 10% of all beef production in the U.S. and 25% of all pork production have closed as of April 2020, with this having the potential to disrupt meat supply chains and lead to shortages. This potential shortage of meat supply is already leading to an augmented consumer demand for plant-based meat alternatives in the U.S., with meat substitute sales reported to have jumped 200% in the country in the week ending 18th April, compared with the same week last year. Thus, the global crisis, in other words, is turning into a big opportunity for the plant-based protein sector.
COVID-19's association with animal sources will result in a large population shifting from animal-based proteins to plant based proteins due to various health and environmental concerns. Moreover, plant proteins are generated with less dependence on labor, making it less prone to staffing scarcity as opposed to red meat, which is relatively labor-intensive, encouraging the production of plant based proteins.
There has been a surge in investor confidence. Many key vendors across the globe have started investing into the plant based protein segment. With historical pressures on conventional meat production, experts predict that the large meat conglomerates are also expected to double down on their plant based protein investments. The market has generated the investment from several high-profile individuals, financial investors, and companies in the past few years. Some of the related investments are as below:
- In the late April 2020, Beyond Meat experienced a share jump by 49% that analysts attribute to rising widespread consumer interest in plant-based foods, meat supply shocks as a result of the Covid-19 crisis, and multiple high-profile partnerships, particularly its groundbreaking launch across all 3,300 Starbucks locations in China.
- In late March 2020, Impossible Foods raised $500 million in a new funding round, part of which, the nine-year-old company will use to develop new plant-based meat alternatives in categories, including lamb, goat, and fish. Moreover, the company has also been in talks with investors about raising more funds after receiving $500 million in funding.
- In May 2020, Singapore’s plant-based protein company, Growthwell, received US$8 million funding from Singapore’s sovereign fund Temasek, alongside a number of institutional investors. The company acquired a stake in Israeli food-tech ChickP to develop a new chickpea protein isolate for Asian-specific vegan products, a move that Growthwell believes is a “timely solution to tackle the food security issue” highlighted by the pandemic.
- In later April 2020, Israeli food-tech company InnovoPro has raised $15 million in a B round funding, led by Israeli VC firm Jerusalem Venture Partners (JVP), to boost the production of chickpea protein.
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Thus, the rising preference for plant based proteins over animal proteins as a rich source of protein & immunity booster during the current global outbreak of COVID-19 as well as growing venture capital investments have created a new wave of interest in the plant based protein market.
Meticulous Research® published a report titled, “Plant Based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein) and Application (Foods and Beverage, Animal Feed, Nutrition and Health Supplements, Pharmaceuticals) - Global Forecast to 2025”. According to this publication, the global plant-based protein market is expected to grow at a CAGR of 8.1% from 2019 to reach $14.32 billion by 2025.
Some of the key players operating in the global plant based protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Freres Le Romarin (France), Ingredion Inc. (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), NOW Foods (U.S.), Tate & Lyle Plc (U.K.), Axiom Foods Inc. (U.S.), AMCO Proteins (U.S.), Burcon Nutrascience Corporation (Canada), Beneo GmbH (Germany), Glico Nutrition Co., Ltd. (Japan), Glanbia plc. (Ireland), Corbion NV (the Netherland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Farbest Brands (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Wilmar International Ltd. (Singapore), and CHS Inc. (U.S.).
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Scope of the Report:
Plant Based Protein Market, by Type
- Soy Protein
- Soy Protein Concentrates
- Soy Protein Isolate
- Textured Soy Protein
- Soy Flour, Grits, Chunks
- Wheat Protein
- Vital Wheat Gluten
- Wheat Protein Isolate
- Hydrolyzed Wheat Protein
- Textured Wheat Protein
- Pea Protein
- Pea Protein Isolate
- Pea Protein Concentrate
- Others
- Canola Protein
- Potato Protein
- Rice Protein
- Corn Protein
- Others
Plant Based Protein Market, by Application
- Foods and Beverages
- Meat, Poultry, & Seafood
- Bakery
- Meat Analogue
- Dairy & Dairy Alternatives
- Cereals & Snacks
- Beverages
- Others
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Others
Plant Based Protein Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of APAC (RoAPAC)
- Rest of World
- Latin America
- Middle East and Africa
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