Chicago, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Plant-based Protein Market by Source (Soy, Wheat & Pea), Type (Isolates, Concentrates, & Textured), Application (Food (Meat Alternatives, Dairy Alternatives, Performance Nutrition & others) and Feed), Form, Nature and Region - Global Forecast to 2027", published by MarketsandMarkets, the market is gaining momentum as a greater number of consumers look to shift away from conventional animal protein sources to plant-based foods and proteins. The global plant-based protein market size is expected to grow from USD 12.2 billion in 2022 to 17.4 billion by 2027, at a CAGR of 7.3% during the forecast period.
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By source, the soy segment occupies the highest market share during the forecast period
Based on source, the soy segment is estimated to account for the largest market share, in terms of value, during the forecasted period. Soy is one of the few sources of plant-based proteins, that provides a complete nutritional profile that contains all the essential nutrients. This characteristic property of soy makes it a highly beneficial source of plant-based protein for the vegan and vegetarian consumers around the world.
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By type, the concentrates segment is forecasted to account for the largest market share
Based on type, the concentrates segment accounts for the largest market share and it would dominate the market in terms of value during the forecast period. The plant-based protein concentrates offer desirable properties such as good water retention and emulsification properties. Plant-based protein concentrates also offer a cost-effective protein solution for number of food applications such as snacks, sauces, pasta, cereals, and other dairy and meat products.
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By application, the food segment is expected to retain its position as the dominant segment over the forecast period
Based on application, the food segment is expected to account for the largest and fastest-growing segment over the forecast period because of the large applicability of plant-based proteins across a variety of different food segments such as meat alternatives, dairy alternatives, convenience foods, bakery products, performance nutrition and other food applications.
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The Asia Pacific region is the fastest-growing market for the plant-based protein market during the forecast period
Asia Pacific region is expected to witness the highest growth rate during the forecasted period. The food preferences of this region is highly influenced by religious choices due to which many consumers prefer plant-based proteins over conventional animal sourced proteins. The region has also witnessed an alarming rate of heart diseases and cardiovascular diseases in recent years, which are making the consumers shift away from animal meat and protein. The plant-based protein industry will continue to grow significantly in the region, as the perceived health benefits of plant-based proteins continue to gain momentum.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as ADM (US), Cargill (US), DuPont (US), Wilmar International Ltd (Singapore), Roquette Frères (France), Glanbia plc (Ireland), Kerry Group PLC (Ireland), DSM (Netherlands), Ingredion (US), Emsland Group (Germany).
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Cultured Meat Market by Source (Poultry, Beef, Seafood, Pork, and Duck), End-Use (Nuggets, Burgers, Meatballs, Sausages, Hot Dogs), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2032
