The global plant-based protein market is estimated to be valued at USD 18.5 billion in 2019 and is likely to reach USD 40.6 billion by 2025, growing at a CAGR of 14.0% during the forecast period. Plant-based protein plays a significant role by providing vital nutritional benefits through its applications in food, beverages, dairy alternatives, meat alternatives, protein bars & snacks, nutritional supplements, processed meat, poultry, and seafood, and sports nutrition. The market is experiencing positive growth worldwide. In the North American region, high growth is expected due to increase in population, with improving economic conditions, and growth in concerns toward health has led to a rise in the demand for nutritional food and healthy diets in the region. Owing to these factors, the market in the North American region is projected to grow at a significant rate.
The key players in the global plant-based protein market include Cargill Inc. (US), ADM (US), DuPont Danisco (US), Glanbia (Ireland), Kerry Group (Ireland), Tate & Lyle (UK), Ingredion Inc. (US), Burcon NutraScience Corporation (Canada), Royal DSM N.V. (Netherlands), Sotexpro S.A (France), Axiom Foods (US), and The Scoular Company (US).
The soy segment in plant-based protein market is estimated to account for the largest share in 2019.
Based on the source, the soy segment is estimated to account for the largest share in the plant-based protein market in 2019.This segment is driven by the increasing popularity and rising demand for a high-protein diet among individuals.
Soy protein helps to reduce the cholesterol level, improve metabolism, bone mineral density, and also reduce the risk of cancer. Soy protein isolates are used in applications such as nutritional bars, meat alternatives, bakery products, sports nutrition products, and beverages.
The isolates segment in the plant-based protein market is estimated to account for the largest share in 2019.
Based on type, protein isolates contain a higher amount of protein along with greater digestibility.Isolates are demanded widely in protein and nutrition-oriented applications such as sports nutrition, protein beverages, and nutrition supplements.
In recent years, they have been required more from athletes, bodybuilders, vegetarians, and have gained wide application in various beverages and dairy products, due to their different functional properties.
The protein beverage segment in the plant-based protein market is estimated to account for the largest share in 2019.
Consumers are continually demanding beverages that provide sensory taste as well as nutritional benefits.The rise in the adoption of plant-based protein food & beverages owing to the awareness among consumers about the benefits offered by a plant-based diet is one of the major factors spurring the demand of plant-based protein beverages across the world.
Moreover, in response to this trend, leading plant protein producers are introducing new and high-protein sources in the global market. For instance, DuPont Nutrition & Health expanded its plant-based protein product range with a new pea protein for beverages called TRUPRO 2000 Pea Protein in October 2018.
The North American plant-based protein market is projected to witness significant growth.
The presence of leading plant-based protein companies in North America, along with the availability of a variety of plant-based protein products that are made of different sources such as soy, wheat, pea, canola, and rice, is a key factor driving the North America plant-based protein market. According to the news website, “South China Morning Post,” the number of new US food and beverage products that mentioned “plant-based” grew by 268% between 2012 and 2018, which drove the demand for plant-based protein products in the region.
Furthermore, consumers in the region are incorporating plant-based protein products in their daily routine diets, owing to the health concerns related to the consumption of animal protein products.
Source: Globe Newswire
