Pune, India., May 06, 2021 (GLOBE NEWSWIRE) -- Plant Protein Market: Key Insights
According to our new research study on “Plant Protein Market to 2027 – Global Analysis and Forecast – by Source and Application,” the Plant Protein Market Size was valued at US$ 17,222.9 million in 2019 and is projected to be worth US$ 27,965.9 million by 2027; it is expected to growing at a CAGR of 6.2% during the forecast period. Rising consumer inclination toward vegan diet and plant-based proteins is driving the market growth; however, volatility in the prices of plant protein sources impede the market growth.
Plant Protein Market: Competition Landscape and Key Developments
Archer Daniels Midland Company; Axiom Foods, Inc.; Burcon NutraScience Corporation; Cargill, Incorporated; E. I. Du Pont De Nemours and Company; Glanbia plc; Ingredion Incorporated; Kerry Group; Koninklijke DSM N.V.; and Roquette Frères are among the key companies in the plant protein market. The market leaders are continuously focusing on strategies such as product developments, and mergers and acquisitions to expand their footprint worldwide and fulfill the growing demand of the market.
In January 2020, Archer Daniels Midland (ADM) acquired Yerbalatina Phytoactives, a manufacturer of natural plant-based extracts and ingredients, to strengthen its position in the health and wellness market. Through this acquisition—which includes an alternative protein production facility of the later in Campo Grande as well as beverage extracts, bases, and compounds production facility in Manaus and Uberlândia—ADM aims to strengthen its business in Brazil.
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In December 2019, DuPont Nutrition & Biosciences launched a new plant-based solution portfolio to help food producers in addressing the rising demand for healthier, more sustainable food and beverages that are free of meat and dairy.
In 2019, North America accounted for the largest share of the global plant protein market. The US and Canada are the major economies in the region, and they, together, capture a major share of the market in this region. The sales for these proteins in North America are driven by a growing demand for alternative protein types that are sustainable and clean, creating less environmental impact during production. The use of plant proteins as dietary supplements and food ingredients is growing rapidly. This is mainly attributed to the fact that they have high nutritional value, and low cholesterol and saturated fat content, which appeals to health-conscious consumers in developed countries. Moreover, rising awareness about vegan proteins, especially among adults, in the US, Canada, in Mexico is bolstering the market growth in North America. Food and beverage manufacturers in the region are experimenting to use healthy ingredients in bakery products, meat alternatives, dairy alternatives, processed foodstuffs, confectioneries, drinks, juices, etc., to enhance their taste, flavor, appearance, and nutritional value.
A vegan diet includes consumption of only plant-based food such as grains, nuts, vegetables, and fruits. As a result, vegan populations do not consume dairy products, meat, and eggs, among others. These vegan population in the developed countries is constantly increasing since the past few years. According to a study conducted by VeganBits, only 0.5% of the US population was vegan in 2016; however, the percentage reached 6% in 2019. Vegan diets follow healthy eating guidelines and contain all the nutrients that the human body needs. The British Dietetic Association and the American Academy of Nutrition and Dietetics stated that this diet is suitable for people of any age. According to some research studies, vegan diets help in lowering the heart disease rates, and blood pressure level and cholesterol levels; further, they also help prevent the development of Type 2 diabetes and some types of cancer. These benefits are attracting people to follow a vegan diet in developed and developing countries. Vegan consumers are looking for alternative proteins that can meet the daily requirement of protein intake. Plant-based protein is the most effective alternative for animal-based protein. The increase in flexitarians willing to reduce, but not eliminate, their overall meat intake is also adding to the demand for plant proteins. Moreover, due to increasing incidences of allergies to animal proteins, most of the meat consumers are inclined toward meat substitutes made of vegan protein.
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Plant Protein Market: Segmental Overview
Based on the type, the plant protein market is segmented into isolates, concentrates, and protein flour. In 2019, the concentrate segment held the largest share of the market. Plant protein concentrates are produced by extracting protein from whole food using heat treatment and acid or enzymatic extraction processes. They typically supply 60–80% protein, with the remaining 20–40% composed of fat and carbs. The lower prices of concentrated plant proteins than plant protein isolates boost the demand for plant protein concentrates.
The plant protein market, based on source, has been segmented into soy, wheat, pea, and other sources. In 2019, the soy source segment accounted for the largest share in the plant protein market. Soy proteins help reduce the levels of cholesterol, bring improvements in metabolism and bone mineral density, and decrease the risk of cancer. Moreover, they provide essential amino acids for human nutrition. Soy proteins are used in various food products such as meat analogs, frozen desserts, soups, salads, non-dairy creamers, breakfast cereals, infant formula, cheese, whipped cream, pasta, bread, and pet foods. Therefore, health benefits and wide-range application of soy proteins boost the demand for the same.
By application, the global plant protein market is bifurcated into protein beverages, dairy alternatives, meat alternatives and meat extenders, protein bars, bakery, and others. The meat alternatives and meat extenders segment held the largest share in the market in 2019; the market growth of the segment is credited to growing health concerns among consumers and growing preference for vegan food. Further, rising obesity levels due to the consumption of meat and meat products have led to an increasing consumer preference for meat substitutes.
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Impact of COVID-19 Pandemic on Plant Protein Market
As of April 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the worst-affected countries by the COVID-19 pandemic. The -19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food & beverages is one of the major industries suffering serious disruptions such as supply chain breaks and office shutdowns amid this outbreak. For instance, the US is the significant manufacturer and consumer of plant-based protein products. However, the lockdown of various plants and factories in the country has affected the global supply chains, thereby hampering manufacturing, delivery schedules, and protein sales in other countries as well. Various companies have already announced possible delays in product deliveries and projected slump in their future sales. Global travel bans imposed by countries in Europe and Asia are affecting the business collaborations and partnership opportunities. These factors are hampering the food & beverages industry performance, thereby restraining the growth of various markets related to this industry, including the plant protein market.
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