Redding, California, Sept. 08, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Plant-based Protein Processing Equipment Market by Type (Dryers, Centrifuges, Filtration Systems, Mixers, Evaporators), Mode of Operation (Automatic), Production Capacity (SMEs, Large Scale), Application (Soy Protein, Pea Protein) - Forecast to 2029,’ the global plant-based protein processing equipment market is projected to reach $1.68 billion by 2029, at a CAGR of 4.2% from 2022 to 2029.
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The demand for protein is expected to grow substantially by 2050. A major factor contributing to this increase is the growing world population. According to the Department of Economic and Social Affairs of the United Nations, the world population reached 7.3 billion in 2015 and is projected to increase to 9.7 billion in 2050. Furthermore, according to the FAO/UN forecast, by 2050, protein consumption is projected to increase by almost 50% (FAO, 2015), for which protein supplies would be needed to increase to meet the food demand in 2050.
In addition to the growing population, food needs will rise due to urbanization and economic development. According to the World Health Organization (WHO), the urban population in 2020 accounted for around 56.2% of the total global population, an increase of 54% in 2014, and continues to grow further. Moreover, the changes in agricultural practice over the past 50 years have increased productivity, greater diversity of foods, and less seasonal dependence. These trends mean that market demand for alternative protein sources will continue to grow. Therefore, the significant demand for processing equipment to ensure food security contributes to the growth of the global plant-based protein processing equipment market.
Impact of COVID-19 on the Plant-based Protein Processing Equipment Market
The outbreak of COVID-19 has brought serious medical, social, and economic challenges. Consumers are opting for convenient, healthy, and hygienic food products. This has increased the preference for plant-based food products. During the pandemic, the focus of the plant-based protein processing equipment manufacturers was to offer a wide range of products to ensure hygienic and shelf-stable ingredients for the plant-based food & beverages.
Like other markets, the global plant-based protein processing market has also been impacted due to uncertain circumstances worldwide. In contrast to 2019, a clear upswing in the plant-based protein processing equipment market was observed during the COVID-19 pandemic that originated in China. The country is the hub for the supply of raw materials to companies in the global market. The pandemic impacted the whole supply chain for manufacturing companies. Moreover, according to the United Nations Conference on Trade and Development (UNCTAD), the global FDI is expected to decline by 5–15% due to a fall in manufacturing companies' operations caused by factory shutdowns. Thus, the outbreak of COVID-19 slowed down investments in the industries that manufacture protein processing equipment. This scenario lowered the demand for food processing equipment, especially in 2020.
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Key Findings in the Plant-based Protein Processing Equipment Market Study:
The global plant-based protein processing equipment market is segmented by type, mode of operation, production capacity, application, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on type, the global plant-based protein processing equipment market is segmented into dryers, centrifuges, filtration systems, mixing systems, evaporators, boilers, and other equipment. In 2022, the dryers segment is expected to account for the largest share of the plant-based protein processing equipment market. The dominant position of this segment is attributed to higher production throughput, improved process hygiene, increased customization, and replacement of traditional dryers. However, the filtration systems segment is projected to register the highest CAGR during the forecast period due to its benefits over conventional separation methods, the rising awareness about filtration processes, and the increasing demand for better quality products.
Based on mode of operation, the global plant-based protein processing equipment market is segmented into semi-automatic and automatic. In 2022, the semi-automatic segment is expected to account for the largest share of the global plant-based protein processing equipment market. The large market share of this segment is attributed to its benefits, such as greatly improved labor productivity, flexibility in production processes, and technical & economic feasibility. However, the automatic segment is projected to register the highest CAGR during the forecast period due to the increasing demand to meet the needs of the plant-based protein industry, such as carefully monitored production, reduced labor costs, automatic tracking of individual loads, no human errors, effective cleaning, and no cross-contamination.
Based on the production capacity, the global plant-based protein processing equipment market is mainly segmented into small & medium scale and large scale. In 2022, the small & medium scale segment is expected to account for the largest share of the global plant-based protein processing equipment market. The large market share of this market is attributed to increased government support for developing small-scale processing enterprises, low financing needs, and increased productivity. This segment is also projected to register the highest CAGR during the forecast period due to the increasing need for flexibility and innovation in the plant-based protein processing sector.
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Based on application, the global plant-based protein processing equipment market is segmented into soy protein, wheat protein, pea protein, and other plant-based protein. In 2022, the soy protein segment is expected to account for the largest share of the plant-based protein processing equipment market. The leading position of this segment is attributed to the huge availability of raw materials, increased demand for soy protein from plant-based food manufacturers, and higher consumer acceptance level. However, the pea protein segment is projected to register the highest CAGR during the forecast period due to the increasing soy-free and gluten-free trend and the growing investment in pea protein manufacturing.
Based on geography, the plant-based protein processing equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, the North America market is expected to account for the major share of the global plant-based protein processing equipment market. The leading position of this regional market is primarily attributed to the high presence of key plant-protein manufacturers, the growing awareness level regarding vegan products, a well-established economy, and increased investment in R&D for food processing equipment.
However, Asia-Pacific plant-based protein processing equipment market is developing and expanding significantly. Among other regional markets, this region is demonstrating signs of strong growth in the near future. The rapid growth of this regional market is attributed to the increasing government support for small and medium-scale enterprises, the growing technological advancements in the food industry, the increasing raw material availability, and the growing investment in the plant-protein sector.
Some of the key players operating in the global plant-based protein processing equipment market are Alfa Laval AB (Sweden), Bühler AG (Switzerland), GEA Group Aktiengesellschaft (Germany), Flottweg SE (Germany), SPX Flow Inc. (U.S.), Coperion GmbH (Germany), Hosokawa Micron B.V. (Netherlands), Netzsch-Feinmahltechnik GmbH (Germany), SiccaDania (Denmark), Koch Separation Solutions (U.S.), Bepex International LLC (U.S.), and Clextral (France).
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Scope of the report
Plant-based Protein Processing Equipment Market, by Type
- Dryers
- Centrifuges
- Filtration Systems
- Mixing Systems
- Evaporators
- Boilers
- Other Equipment
Plant-based Protein Processing Equipment Market, by Mode of Operation
- Semi-automatic
- Automatic
Plant-based Protein Processing Equipment Market, by Production Capacity
- Small & Medium Scale
- Large Scale
Plant-based Protein Processing Equipment Market, by Application
- Soy Protein
- Wheat Protein
- Pea Protein
- Other Plant-based Protein
Plant-based Protein Processing Equipment 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
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
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