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“Innovations & Developments in plant-based protein augmenting the vegan trend, which in turn driving the market for plant-based protein.”
The global plant-based protein market size is projected to grow from USD 10.3 billion in 2020 to USD 14.5 billion by 2025, in terms of value, recording a compound annual growth rate (CAGR) of 7.1% during the forecast period. Some of the major factors driving the growth of the plant-based protein market include growing demand in the food industry, increasing demand for pea-based protein, and the opportunity to expand in the high growth potential markets.
“The food segment is projected to dominate the plant-based protein market throughout the forecast period.”
The food segment is projected to dominate the plant-based protein market, by application, in terms of value, due to their extensive use in human nutrition. Plant-based protein is incorporated in food to add nutritional value to various food products. Different product sources are developed into types such as isolates, concentrates, and even textured proteins, which can be utilized in different types of plant-based foods, including dairy and meat alternatives, ready meals, confectionery, and other food types.
“The liquid segment is projected to grow at the highest growth rate during the forecast period.”
The liquid segment is projected to grow at the highest growth rate due to its major use in plant-based dairy, food & beverages, and nutritional supplements such as shakes and other healthy beverages. Wet/liquid form of processing is a mainstream technology used for producing plant-derived protein isolates. This form of processing involves the consumption of copious amounts of water and energy. During the extraction of the protein, the source crop is dispersed in water so that other components, such as carbohydrates, are also extracted through ultrafiltration or iso-electric precipitation. With the growing demand for plant-based protein in the food and feed segments, the demand for plant-based protein that is obtained through wet processing is projected to remain high during the forecast period.
“Asia Pacific is projected to record the highest growth during the forecast period.”
The Asia Pacific region is projected to record the highest growth during the forecast period. The rising vegan food consumption has led to an increased demand for plant-based food. The feed sector is also growing in countries such as China, India, and Japan, which aids the growth of the plant-based market in the region. Some of the leading players operating in the region include Herblink Biotech Corporation (China) and ET Chem (China). Apart from regional manufacturers, major foreign players such as Cargill (US), DSM (The Netherlands), and ADM (US) have established their production and research & development facilities in countries in the Asia Pacific region.
In-depth interviews were conducted with CXOs, managers, and key executives from various key organizations operating in the plant-based protein market.
The break-up of Primaries:
- By Company Type: Tier 1 – 40.0%, Tier 2 – 30.0%, and Tier 3 – 30.0%
- By Designation: Managers – 40.0%, CXOs – 25.0%, and Executives – 35.0%
- By Region/Country: Europe – 50.0%, Asia Pacific – 30.0%, North America – 10.0%, and ROW* – 10.0%
*RoW includes South America and the Middle East & Africa.
The plant-based protein market comprises major players, which include DSM (Netherlands), ADM (US), DuPont (US), Kerry Group (Ireland), Cargill (US), Glanbia (Ireland), Wilmar International (Singapore), Emsland Group (Germany), Puris (US), Cosucra Group (Belgium), Batory Foods (US), Roquette Freres (France), Ingredion (US), Burcon Nutracience (Canada), Sotexpro (France), AGT Food & Ingredients (Canada), Beneo (Germany), Prolupin Gmbh (Germany), Aminola (Netherlands), Herblink Biotech Corporation (China), ET Chem (China), Shandong Jianyuan Group (China), The Greenlans LLC (US), and Parabel (US)
The study covers the plant-based protein market across various segments. It aims at estimating the market size and its growth potential across different segments based on type, application, source, form, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall plant-based protein market segments and subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.