New York, United States, April 03, 2023 (GLOBE NEWSWIRE) -- The Global Plant Based Protein Market Size to grow from USD 13.26 billion in 2022 to USD 21.13 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period. The plant-based protein market is expected to grow significantly over the forecast period, owing to a growing interest among health-conscious consumers in finding alternatives to animal-based foods, which is driving demand for plant-based proteins. Product manufacturers are working to increase the production of plant-based proteins.
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Proteins are the most essential nutrients for the human body because they contain all of the essential amino acids. Plant-based proteins come from protein-rich plant and vegetable sources like soy, wheat, and peas. Including plant-based protein in your health and nutrition routine is a great way to introduce a variety of phytonutrients quickly. Plant elements that promote health and wellness are known as phytonutrients. Plant-based proteins are widely available through various access points and eCommerce stores, making it easier for consumers to obtain them based on their needs. Vegans and vegetarians benefit most from plant-based proteins. Furthermore, rising veganism, emerging economies such as Southeast Asia, Latin America, the Middle East, and Africa, as well as increasing intolerance for animal proteins, all present significant growth opportunities for plant-based protein manufacturers. Due to the rising demand for plant protein in these countries, the plant-based protein market in East Asia, particularly in China, South Korea, and Japan, is expected to grow rapidly during the projected period. Plant-based foods and beverages offer functional health benefits and essential nutrients; however, humans have been allergic to them in a number of cases, and the anti-nutritional properties found in soy may cause allergies.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Plant Based Protein Market Size, Share, and COVID-19 Impact Analysis, by Source (Soy, Wheat & Pea), by Type (Isolates, Concentrates, & Textured), by Application (Nutritional Products, Bakery, Snacks & Cereals, Dairy, Confectionary and Dessert, Convenience Food, Beverages, Animal Feed), by Nature (Organic, Conventional), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here: Get Detailed Report Description Here:
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During the forecast period, the pea is expected to be the fastest growing segment.
Based on the source, the global plant-based protein market is segmented into soy, wheat & pea. Among these, the pea is expected to be the fastest growing segment during the projected period. In recent years, pea protein has grown in popularity as a sustainable and healthy source of protein. In comparison to other plant-based protein sources such as soy and wheat, which are considered allergens due to soy and wheat-gluten allergies, pea is not a major allergen and has a high nutritional profile.
The isolates segment is expected to account for the fastest growing segment.
Based on the type, the global plant-based protein market is segmented into isolates, concentrates, & textured. The isolates segment is the largest contributor to the market and is expected to expand at a significant CAGR over the predicted period. Plant-based protein isolates are nutrient-dense and are used in a wide range of nutritional and functional foods. Another factor driving growth in this segment is that plant-based protein isolates are more digestible and widely regarded as the safest type of plant-based protein, with major applications in infant foods.
The nutritional products segment is expected to witness the highest growth during the forecast period.
On the basis of application, the global plant-based protein market is differentiated into nutritional products, bakery, snacks & cereals, dairy, confectionary and dessert, convenience food, beverages, and animal feed. Among these, the nutritional products segment is expected to grow the fastest because of the segment's rapid growth can be attributed primarily to changing lifestyles, rising health and wellness trends, increased demand for post-workout protein shakes, and the increasing prevalence of fitness influencers.
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The organic segment is expected to grow with a higher CAGR during the forecast period.
On the basis of nature, the global plant-based protein market is differentiated into organic, and conventional. During the forecast period, the organic segment is expected to grow at the fastest rate. An increase in the number of eco-friendly and health-conscious consumers worldwide is contributing to the growth of this segment.
North America holds the largest market share during the forecast period.
Plant-based proteins are the most popular in North America. Demand for plant-based protein is being driven by North America's growing population, rising consumer preferences for plant-based foods, and the robust growth of the plant-based protein foods market in countries such as the United States. The increased protein consumption in gyms and health clubs, rising health concerns due to obesity, the desire to get fitter, and the growing number of vegans in developed North American countries all contribute to the higher share. Due to the growing popularity of veganism, Asia-Pacific is expected to experience the fastest rate of growth in the plant-based protein market. Furthermore, the region's ageing population and growing interest in dietary supplements to improve overall health are expected to propel the plant-based protein market forward in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Plant Based Protein Market include A&B Ingredients (US), Roquette Freres, Tate & Lyle, Titan Biotech Ltd., The Scoular Company, Wilmar International Ltd., Archer Daniels Midland Company, AGT Food & Ingredients, Burcon, Cargill Incorporated, CHS Inc., Cosucra, DuPont, Glanbia Plc, Gushen Biotechnology Group Co. Ltd., Ingredion, Kansas Protein Foods LLC, DuPont, Fuji Oil Holdings Inc., Kerry Group Plc, BENEO GmbH (Germany), SOTEXPRO (France), Marico Limited.
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