Plant-Based Protein Market Size, Definition, Opportunities with Strategic Growth and Top Key Players Analysis and Forecasts to 2027

 Research report presented by UnivDatos, Emphasis on Source (Soy, Wheat, Pea); Type (Isolates, Concentrates, Textured); Form (Dry, Liquid); Application [Food (Dairy Alternatives, Meat Alternatives, Performance Nutrition), Feed] and Geographical analysis (key regions and countries).

As per the research report, The Plant-Based Protein Market is expected to reach the market valuation of USD XX Billion by 2027 expanding at a reasonable CAGR of ~10% during the forecast period (2021-2027) from USD XX Billion in 2020. Plant-Based Proteins Market is expected to grow significantly over the forecast period with a CAGR of ~10%. The market is driven by growing demand from health freaks and concerns over animal-based food products and the environment. Protein concentration in the plant-based proteins ranges from 50-85%, making them suitable for vegan and vegetarian diets. As per United Nations estimates the world population in 2021 is 7.9 billion and as of January 2021, the total number of vegans in the world is approx 79 million. Besides, obesity and the rising prevalence of diseases as a result of changing lifestyles will continue to drive demand for healthier food.  As per WHO study, nearly 39% of adults (18 years and older) worldwide were overweight as of 2019. In obese people, several studies found that the quality and quantity of dietary protein from a plant-based vegan diet is linked to changes in body composition, weight, and insulin resistance.

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Consumers' buying habits for plant-based food products are shifting. The efficacy and environmentally sustainable properties of plant-based proteins are the most important factors driving the demand for plant-based proteins. Food allergies are on the rise in developed markets around the world, and food intolerance is shaping consumer preferences. Since childhood, about 65% of the human population has a decreased capacity to absorb lactose. Adult lactose intolerance is most common among people of East Asian origin, with 70-100% of people in these groups suffering from the condition. Lactose intolerance limits protein consumption. Plant-based proteins are gaining popularity as dairy protein substitutes due to their uniqueness and high nutritional value. As a result, demand for these non-GMO plant-based proteins is expected to increase in the allergen-free markets over the forecasted period.

The demand for plant-based foods and beverages shows no signs of slowing. According to the Plant-Based Foods Association (PBFA), plant-based food retail sales in the United States increased by 11.4% in 2019. As per a consumer survey done in 2019, customers in the United States prefer plant-based protein over animal protein. During the study, 53% of respondents reported that they prefer plant protein to animal protein for taste reasons.

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The Plant-Based protein market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are Archer Daniels Midland Company, Cargill, Dupont, Wilmar International, Roquette Freres, Glanbia, Kerry Group, DSM. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst source, Soy segment holds the major share”

Based on the source, the market is fragmented into soy, wheat, and pea. The soy dominated the market with a share of almost 67% in 2020 and is expected to maintain its dominance during the forecast period owing to the significant rising consumption of plant-based proteins market for benefit of health.

“Amongst type, isolates are anticipated to dominate the market during the analyzed period”

Furthermore, the plant-based protein market is mainly bifurcated into isolates, concentrates, and textured. In 2020, isolates sub-segment accounted for a maximum market revenue share of nearly 40% and is expected to remain dominant during the analyzed period owing to the increasing demand for processed food products is attributable to the rising purchasing power of consumers across the world.

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“Amongst form, dry segment dominated the market during the forecast period”

Based on form, the market is mainly fragmented into dry and liquid. In 2020, the dry segment accounted for a maximum market revenue share of ~60% and is expected to remain dominant during the analyzed period.

“Amongst application, food segment holds the major share”

Based on application, the market is bifurcated into food and feed. Further, the food segment has been segmented into dairy alternatives, meat alternatives, and performance nutrition. In 2020, the food segment accounted for the maximum market share and accounted for more than 80% and is expected to be the leading segment of the plant-based protein market during the forecast period due to the rising awareness of health-conscious people. 

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“North America represents one of the largest markets of Plant-Based Protein market”

For a better understanding of the market dynamics of the plant-based protein market, a detailed analysis was conducted for different regions across the globe including North America (The United States, Canada, Mexico, and the Rest of North America), Europe (France, United Kingdom, Germany, Spain, Netherland, Italy, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, and Rest of APAC), South America (Brazil, Argentina, Rest of South America), and Rest of World (the Middle East and Africa). North America dominated the market and is expected to maintain its dominance over the forecast period owing to the increasing demand for processed and low cholesterol foods in the region.

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